However it may have a bit more life to it than that. You probably received this letter which is from the Trustees explaining their position. It looks like they are open to reasonable debate about the pension and that the decision to implement any plans ultimately rests with them.
I believe it worthwhile expressing your reasoned views about the proposed plans and specify how you would like to focus efforts to rectify the problem. For example,
I admit it may be clutching at straws but the letter we received does indicate there is a 50/50 split between RM members and CWU members on the board with an 'impartial' 9th person. Perhaps if enough people take action the trustees for the CWU can make a stronger argument.I believe the problem is largely caused by an increasingly part time/reduced hour workforce and the end of new entrants into the DC pension plan. With the use of overtime for normal operations the savings are massive to Royal Mail at the employee's cost. Overtime has a lower rate of pay, non-paid breaks and is non-pensionable and effectively costs Royal Mail around 30% less.
Should the pension really not be affordable I would like to see some of the overtime profit worked for by the employee put back into the pension fund from all employees with overtime being made pensionable.
Send your views to my.pension@royalmail.com referencing the official consultation regarding pensions so they don't 'confuse' the issue.
