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Royal Mail Words are Voting on Pension Scheme Proposal in 2017

PWS Dubai has advise that Royal Mail workers are due to vote on new proposals regarding their pension scheme in the very near future. The proposals regarding the reform of the pension scheme is to reduce the risk of a possible strike which has been on the cards in recent months.

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Royal Mail Words are Voting on Pension Scheme Proposal in 2017

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  1. PWS Dubai - Royal Mail Words are Voting on Pension Scheme Proposal in 2017 PWS Dubai has advise that Royal Mail workers are due to vote on new proposals regarding their pension scheme in the very near future. The proposals regarding the reform of the pension scheme is to reduce the risk of a possible strike which has been on the cards in recent months. This is all a result of the group deciding to close it's defined benefit pension scheme in 2018. This has result in anger from the Communication Workers Union and Unite, but Royal Mail has derided that after numerous talks about the pension scheme with the said unions they will be holding a ballot to identify its pension scheme future. United has already advised that they will hold a ballot which all members must vote on regarding the new proposals for pension schemes offered by Royal Mail in the future to ensure that they secure the best available deal and they believe that this is an improvement on the proposals offered earlier. The good news for all Royal Mail workers is that this is one of a very few companies that has decided to offer to replace a defined benefit scheme with another defined benefit scheme. The new offer sees Royal Mail having to choose between a defined benefit cash balance scheme or a defined contribution scheme for their over ninety thousand members. This has also been offered to the Communication Workers Union members as well. Currently Royal Mail spends over £400 million per year into their pension fund and this could be as much as £1 billion by next year under the current scheme and terms. The current terms guarantees members a pension which is based on their average salary. Royal Mail did advise that the new proposal could be funded with the current £400 million contribution, which could reduce the risk of the group moving forward.

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