The Communication Workers Union has announced that its members have overwhelmingly voted in favour of a deal with Royal Mail over pensions and pay.
CWU members voted for the agreement by a margin of nine to one. The agreement includes the closure of the Royal Mail Pension Plan – a defined benefit scheme – to accrual on March 31 this year.
The employer and the union are working to introduce a collective defined contribution scheme, with a DB cash balance scheme alongside it.
Appearing before the Work and Pensions Committee this month, pensions and financial inclusion minister Guy Opperman said the government was "tempted" by Royal Mail’s CDC proposals.
