Pensions presentation

Postal May 2 2019

CWU and Royal Mail leaders, and pensions experts gave a detailed presentation this morning on the progress of the collective defined pension (CDC) scheme, which was agreed under the Four Pillars.

And while hundreds of delegates heard the speeches, questions and answers, thousands of members around the country were able to listen in via video livestream.

After an update and some introductions by deputy general secretary Terry Pullinger, delegates heard detailed speeches from Royal Mail’s head of pensions strategy Douglas Hamilton and the company’s chief of governance Jon Millidge.

Douglas gave an historical perspective on Royal Mail and Post Office pensions, going back over the various changes of the past 50 years.

And Jon explained some of the structure of the new CDC scheme, as well as telling the audience about the robust modelling and testing that it has undergone.

Questions from the floor followed, on various issues, including the timetable of the scheme’s introduction and legislatice progress, rules on transfers of sums from previous plans, and even the potential effects of Brexit.

And panelists Paul Kennedy and Ray Ellis from the CWU, and actuaries Simon Eagle and Derek Benstead, from First Actuarial and Willis Towers Watson respectively, answered the queries in turn.

Concluding the session, CWU president Jane Loftus and DGSP Terry Pullinger again thanked the guests and panelists.

And Terry told conference that, even if the expected Queen’s Speech this year is delayed for political reasons, this will not necessarily delay the legislation necessary for CDC.