ALERT: Pensions questions for Post Office membersPostal, Post Office (PO) January 14 2020
Were you employed by the Post Office before April 2008? Did you join the Royal Mail Pension Plan (RMPP)?
If your answer to both of these questions is ‘Yes’ then look out for some important correspondence being mailed out to you this week by the RMPP Trustee.
CWU assistant secretary Andy Furey explains that the Trustees of the RMPP have decided on an administrative change to member benefits built up.
“Full details will be set out in the individual letters that members will be receiving,” said Andy, but the overall intention of this change is to protect – to effectively ‘ring-fence’ – a financial surplus of considerable value.”
This surplus has been estimated at £28 million and the CWU – along with representatives of the Unite union – have been in discussions with the company and the Trustee on the question of how these monies are to be distributed to members.
“We’ve already had some initial conversations with the Post Office and Trustee – and further talks are planned,” Andy continued, adding that “there is already a formal agreement between the Post Office and the Trustee that ‘any surplus available must be used for the benefit of scheme members’.
“In the meantime, I’d ask all Post Office members who were employed before April 2008 and who joined the RMPP to please watch out for your letter which should be with you at some point later this week, please read the details carefully, and if you have questions, there is a helpline number to which you will be directed.
“The decision of the Trustee needs to be viewed from the perspective this will help to unlock the surplus for the benefit of scheme members – and please be assured that the CWU will, as always, act in your best interests.”
* For further information, please see LTB 019/20