By

Plans by the UK’s Royal Mail to replace its defined benefit pension plan is being met with strike action by workers, reports Chief Investment Officer (CIO).
Workers who voted, 73 per cent, voted 89.1 per cent in favour of strike action, says the Communications Workers Union (CWU),  “which last month called on more than 100,000 of its Royal Mail-employed members to take industrial action,” reports CIO.
Royal Mail announced in May that it would close its DB plan to “future accrual” at the end of March 2018, replacing it with a defined contribution plan.
” The CWU said the  change would cost pensioners, on average, up to one-third of their future benefits,” reports CIO.
More: Royal Mail pushes for agreement.

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapensions.ca

About the Author

Hi. I am an experienced writer, editor, blogger and communications strategist, providing online and print content solutions