Pension update: Union ‘delighted’ that Pension Bill receives Royal Assent
Friday 12th February 2021
Pension update: Union ‘delighted’ that Pension Bill receives Royal Assent
The Communications Workers Union and Royal Mail Group are delighted that the Pensions Bill, which will enable the introduction of our new first of its kind ‘Wage in Retirement’ pension scheme for all Royal Mail employees, received Royal Assent today (11th February 2021).
Royal assent means that the Queen has formally approved an act of legislature that can introduce the regulations to permit a CDC type scheme to be introduced. The CWU have been pressing for this historical moment since 2018, and consider this to be a massive step in enabling the introduction of our new scheme under British law.
Commenting on the bill receiving Royal Assent, CWU Deputy General Secretary Postal Terry Pullinger said: “We are keen to launch Royal Mail’s Collective Pension Plan in the second half of the next financial year and the next steps towards that are working with Government on the passage of the necessary secondary legislation and securing authorisation from The Pensions Regulator on our new scheme.
“The CWU would like to thank our members and everyone else who have supported, believed and helped us reach this historical point.
“In excess of 140,000 people will go immediately into this new scheme and will enjoy dignity and security in retirement as a consequence, and we hope others will follow, because current provision of working people outside of a Defined Benefit scheme is either inadequate or non-existent”.
ENDS
For more information, contact CWU press officer Marcus Barnett at mbarnett@cwu.org or 07812590450.