UK - Unite union, which represents 12,000 Royal Mail managers, has warned Royal Mail it could face strike action over pensions.
In a letter to Royal Mail, the union's senior representatives described one of the possible proposals the company said it was close to tabling as “the great mail robbery".
It has been estimated that one of the expected proposals, to 'bank" the current benefits, could cost the members of theRoyal Mail pension scheme up to £1.5bn.
Paul Reuter, Unite national officer, said: "We call upon Royal Mail to honour their commitment to preserve the past service benefits that have been built up and paid for by our members. We also call upon Adam Crozier to honour his commitment given on 7 February 2007 to safeguard the final salary schemes going forward."
The union said it believed the proposals could include; closing the scheme to new employees and raising the normal retirement age from 60 to 65 in 2010.
It is also expected Royal Mail would replace the current final salary pension schemes with career average schemes from 1 April 2008 and “bank" current benefits (past service benefits) and index them to RPI or 5%.
A Royal Mail spokesman said: "No decisions have yet been taken as we've been clear that we'll be consulting our people on proposals with the clear objective of protecting our existing people's pensions in a way that is both affordable and exposes no one to unacceptable risk going forward."
Unite is set to meet with Royal Mail today to discuss the company's proposals to change the scheme. The union anticipated Royal Mail would inform employees of the changes to their pension scheme next week.
Here it is... The video of all the highlights from last night's UK Pensions Awards.
Here they are...all the pictures from the UK Pensions Awards 2019.
This week's top stories included The Pensions Regulator criticising Sir Philip Green's latest plans for the Arcadia pension schemes.
The trustees of the beleaguered industry-wide Plumbing and Mechanical Services (UK) Industry Pension Scheme have confirmed it will close to accrual in June.