Cwu pension proposal

[TheTrolleyMan]

I though the CWU would by now realise that it's delivery members are already burnt out at 65 never mind doing another 2 years until 67

[stephen500]

I though the CWU would by now realise that it's delivery members are already burnt out at 65 never mind doing another 2 years until 67

Or who knows what age in the future, 101?

[Martin Walsh]

Your final salary which you built up prior to 2008 would be available at 60. The CARE scheme which replace final salary scheme from 2008 you would be able to take from 65.

The CWU proposal on the new scheme would only apply to from any service from April 2018. Remember Royal Mail's proposed DC scheme is designed to make you work longer in any case. The CWU's proposal does state you will take it from the state age of retirement but with the same option of 5% reduction for every year you take it before the state age of retirement.

Talks are on-going but without any threat of the ballot Royal Mail have already offered an improvement on their contributions to the DC scheme at every level and an acceptance of a guaranteed lump sum at the state age of retirement.

Nowhere near accepted as the CWU want Royal Mail to agree to the union scheme but you can see the power of a union and Royal Mail have been shocked that 16 thousand postmen and women responded to the pension consultation.

However in the world of pensions if anyone can think up a pension scheme which will pay better than a DC scheme and you can have it at 60 or 65 than you have missed your calling in life.

The CWU scheme is credible and a workable pension scheme but it can only be that if it safeguards Royal Mail's position and that is the reason that's any pension built up after April 2018 will be based on the state age of retirement. Pension built up before April 2018 will be taken in full at 60 for final salary and 65 for the care scheme.

Royal Mail arguments again the CWU proposal are that they want to reduce the money they currently pay into pensions from 400 million to 325 million. They believe the union's scheme would only last 20 years and that it would be a nightmare to administer.

All of these are weak and if we stand together we can get the union scheme which is united scheme over the line.

Let's be clear the union's proposed scheme smashes Royal Mail's DC scheme every day of the year.

[jetblack]

Royal Mail arguments ... They believe the union's scheme would only last 20 years

Why - what's going to happen in 20 years time ?

[rambo1]

So from 2018 all pension accrued will be tied to state pension age.
A friend of mine in his early forties with half his pension in the pre 2018 & half in the new Winrs scheme. He wishes to retire at 65, but can only take the pre 2018 ( and is not wanting to take any NRA's earlier than necessary) until 65..
How does he manage on half pension for 2 years ?
Are the CWU really asking us all to work to state retirement age?
How can this be a progressive scheme when this one idea gets worse the longer time goes on.

He saves an extra £15 a week til he becomes 65 then he'll have the money to plug the gap between 65 and 67. It's not much and not rocket science. Better than taking a 10% cut in your pension for the rest of yer days.