Royal Mail Pensions: Another Parliamentary step forward for CDC
Postal February 20 2020‘Look what we can achieve together when the company works with us rather than against us’ – Terry Pullinger
New collective defined contribution (CDC) pensions giving everyone in Royal Mail retirement security has moved another step closer, with the House of Lords completing its Second Reading of the Pension Schemes Bill.
Having already cleared the key House of Commons stages before last December’s general election, there had been some concerns that the political process could be delayed – but consensus and all-party unanimity on this issue at least remains unaffected.
Lords Committee Stages will follow, after which the Bill returns just once more to the Commons before proceeding to Royal Assent and full passage into law – which is expected by the 2020 Summer Recess.
CWU deputy general secretary Terry Pullinger commented: “It’s truly gratifying to see and hear the unity of purpose right across the usual political divide with regard to this matter.
“Work and Pensions Under-secretary Baroness Stedman-Scott, for example, went out of her way to praise this union and Royal Mail during her speech formally moving the Pension Schemes Bill, noting in particular ‘employers and unions working together to bring about such a positive outcome’, and those sentiments which were also echoed by Lord Hain and Baroness Drake during the debate,” Terry pointed out.
“A fair pensions solution for all was the first of the Four Pillars and it’s great that the business has kept to its word over this Pillar.
“But when you see what we can achieve together when the company works with us, what a tragedy that they’re now actively working against us on the other three Pillars – operational pipeline, shorter working week and the integrity of Royal Mail Group.
“If only the leadership of Royal Mail Group would see sense and get back to the spirit and intention of the whole of the Four Pillars agreement.
“Then we could work together to protect this company as the fantastic national institution that it is and grow and develop it further into the future.”
- Further details of the Pension Schemes Bill and its progress here