GSP 04-25 An Post Superannuation Schemes
03/June/2025
Description
You will be aware from GSP Circular No. 01/25, issued on the 13thFebruary 2025, that the consumer price index (CPI) for 2024 was 1.4% and An Post applied this to revised pay scales for employees effective from the 1st January 2025.
I am pleased to confirm, as per the attached correspondence from An Post, that the increase to pensions has received Ministerial approval. While the increase of 1.4% is small, it reflects the very same increase as applied to employees, which is in compliance with Union/Company agreements. Nonetheless, it will be welcomed by retired members and following our representations to the Taoiseach, it was approved in a somewhat shorter timeframe.
That said, it is very disappointing Ministerial approval of two outstanding items that we have agreed with the company in respect of superannuation on health grounds and actuarial reductions, has not been forthcoming, notwithstanding an application was made by An Post in October 2023.
Separately, the Group of Unions will shortly commence discussions with An Post on the outcome of the triennial review of the Scheme, by the actuary, Mercers. Although the Tariff announcements by President Trump have brought about economic uncertainty, with the long-term impact being unclear, the fund is financially healthy.
The CWU strategy unanimously endorsed at our Biennial Delegate Conference, will be to focus on reducing the gap between pensionable and non-pensionable pay for employees. I recently advised that An Post is applying the agreed final phase payment of 1% effective from the 1st June 2025 to pay scales. Essentially, this has resulted in a gap of up to 7% for most staff and circa 6% for managerial grades comprehended by performance pay. The reality is the success of the pay agreement, and the performance of the fund will enable us to secure additional pensionable increases.
My objective is, for what would be a first, to achieve 100% pensionable pay restoration to apply retrospectively and on doing so, secure the same increases for retired colleagues as we previously achieved with the assistance of the Labour Court. My expectation is the company will most likely seek a reduction in its contribution.
It should be possible to progress the discussions in a shorter time than previously, as unlike NewERA, there should be no requirement to go through the same process to establish the same answers.
However, we will not conclude agreement without implementation of the two outstanding issues identified above from the existing agreement.
I will revert to you further with progress on these and the outcome of our discussions.