Post Office pension scheme members – building a bigger pension
Postal May 24 2021
Image credit: Richard M Lee / Shutterstock.com
“Members can maximise their retirement money pot by taking advantage of the new 8:12 contributions formula,” said CWU assistant secretary Andy Furey this morning, as he reminded branches of one of the key benefits agreed with the company in the 2020 national agreement.
“This was agreed in April and, just a couple of months later, hundreds of scheme members have opted into this enhancement mechanism, by which increasing their contributions to 8 per cent automatically triggers an employer contribution of 12 per cent.
“It’s great to see so many hard-working Post Office employees taking up this opportunity.”
In other pensions news, annual statements will be landing on doormats from next week, setting out each individual’s contributions, savings pot value and projected benefits.
“And members can access this information online as well, by logging onto their secure individual Money4Life Scottish Widows account,” adds Andy.
Next month, all scheme members will receive their latest pensions newsletter and this is another positive aspect of the new governance principles that Andy, the CWU and Scottish Widows, working with the Post Office, have instituted as part of the new ‘Transparency Agenda’.
“We all committed to raising the profile of pensions and the scheme members’ knowledge as our guiding principles – and this is happening in practice,” he explained.
“It’s vitally important that our hard-working members get a decent standard of living while at work and decency and dignity in retirement too and that’s why we will be pushing for further improvements to the pension scheme.
“And this union will always be on our members’ side.”
For further details, please see LTB 211/21