Pension Surplus.... CWU this doesn't read well

[RHONE]

Pension Surplus- The EP agreement says we will get a share of the pension surplus when the Trustees are satisfied. There are two pension surpluses , the first is from the Care Scheme and the other. Is from the Cash balance which is smaller.

When we get a share it will go into the employee benefit scheme which will also generate 10% of any profit made by the company in future pay rises.

This surplus was at risk of going exclusively to EP. At the appropriate point the union and our democratic process including our conference with decide how we use it

[Gary55]

From one f**k up to another. Remind me who pays the unions pension

[TheTrolleyMan]

I see the CWU leadership have their own old school pension scheme

[RobertT]

I see the CWU leadership have their own old school pension scheme

Which was in deficit the last time I heard.

[Sean06]

I see the CWU leadership have their own old school pension scheme

Which was in deficit the last time I heard.

Just aswell hes clued up lol

[Mr Rush]

I see the CWU leadership have their own old school pension scheme

Which was in deficit the last time I heard.

From the CWU Consolidated Accounts 2024:

Pension Reserve
The CWU has three pension schemes which were independently valued by the scheme trustees and actuary, in accordance with FRS 102. The valuation can be volatile year on year depending on economic and financial factors during the period. The outcome of these valuations resulted in an obligation of £11.40m (2023 £14.93m).

[RobertT]

I've come across this: https://assets.publishing.service.gov.u ... 1_2024.pdf

25. Provision for employers pension costs.
The current triennial valuations for the CWU 2000 and UCW 2001 schemes are prepared to 31 December 2023 and the NCU SSS is prepared to the 31 December 2023. Based on these valuations the schemes reported a combined total pension deficit of £34.34 million.

[Mr Rush]

[...] CWU 2000 and UCW 2001 schemes are prepared to 31 December 2023 and the NCU SSS [...]

Ah, of course the CWU would have inherited the schemes of its predecessors on merger in 1995.