Socialist Party

 | 20 September 2021 | 

Archive article from The Socialist Issue 386


Print this articlePrint this article

Seach this siteGoogle search the site

Home   |   The Socialist 2 April 2005   |   Join the Socialist Party

Subscribe   |   Donate   |   Bookshop

Pensions:

Postal workers must show solidarity

MANY ROYAL Mail employees have a final salary pension scheme, the Royal Mail Pension Plan, similar to that of civil service. Staff may retire at 60, and their pension is based on their salary during their last three years' employment.

A Royal Mail worker and CWU member

However, the pension on offer to staff who joined after 1987 pays out a poorer final pension than to those employed before 1987. In 2000 the Royal Mail Retirement Savings Plan was introduced, for employees not eligible for a final salary scheme, with no guarantees as to the level of benefit at retirement.

Royal Mail, like many other companies, took a pensions contributions holiday in the early 1990s. The Royal Mail fund now has a £2.5 billion deficit (£4.4 billion under new accounting rules). So Royal Mail chairman Allan Leighton is considering whether to increase contributions from £450 million to as much as £800 million.

This would make a significant dent in Royal Mail's profits for this year. Royal Mail bosses have cut costs to try to boost profits in many ways, including 30,000 job losses and other cutbacks, closures and outsourcing. No doubt Leighton and Co. will look with interest at government plans to ditch final salary schemes and raise public sector workers' retirement age to 65.

If civil service, local government and other public-sector workers lose that battle, Post Office and BT workers could well be next. CWU members must show solidarity with fellow workers in the PCS, UNISON, NUT and other unions, in the campaign to defend our pensions.


Delegates' pensions pressure

Save Peugeot jobs

Postal workers' solidarity

Housing Corporation cuts

lecturers fight for pay deal

National Executive Council elections


 

Home   |   The Socialist 2 April 2005  |   Join the Socialist Party

Subscribe   |   Donate   |   Bookshop

In this issue

Liar Blair must go!

No PFI or hospital closures in Bristol!

General election - main parties offer no solutions

Stop these deportations

Asylum and immigration - what we're thinking

Judge backs false imprisonment of May Day protesters

Can we save the planet?

Peter Taaffe's Asian tour

Kyrgyzstan and the ‘Tulip revolution’

Delegates vote to keep up pressure over pensions

Coventry: Save Peugeot jobs

Pensions: postal workers must show solidarity

Fighting cuts at the Housing Corporation

College lecturers fight for pay deal

UNISON National Executive Council elections


 


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: [email protected]

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 079 8202 1969

East Mids: 077 3797 8057

London: 075 4018 9052

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 077 7221 5281

West Mids: 024 7655 5620

Yorkshire: 078 0983 9793

ABOUT US

ARCHIVE

Alphabetical listing


September 2021

August 2021

July 2021

June 2021

May 2021

April 2021

March 2021

February 2021

January 2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999