"He said a "gap" between pensionable pay, which is used to calculate the value of pensions, and non-pensionable pay has been eliminated. Talks followed a review by actuaries of the An Post Pension scheme up to December 31 last year, which found the fund was in surplus. Pensioners will get a 7pc increase this year. A total of 6pc of this will be backdated from January 1 this year, and the other 1pc from June 1."
"CWU general secretary Seán McDonagh said the union had succeeded in fully eliminating a gap between pensionable and non-pensionable pay. He said this means the full amount of pay rises secured for staff over the last three and a half years will be fully reflected as pensionable pay for An Post workers. "We have secured an accumulated 22pc increase in pensionable pay, resulting in An Post pensioners seeing an additional 7pc increase to pensions in 2025," he said."
""At the time these increases were agreed, we informed the company and the trustees of the scheme that we would be seeking to close the gap that had emerged between pensionable and non-pensionable pay, and secure increases in pensions paid to An Post pensioners," he said. "We agreed to wait until the outcome of the latest actuarial review of the An Post Pension Scheme as the long-term sustainability of the scheme for the benefit of its members is critical. ""
An agreement between the Group of Unions and An Post eliminates the gap between pensionable and non-pensionable pay. An actuarial review of the An Post Pension Scheme up to December 31 found the fund in surplus. Pensioners will receive a 7pc increase in 2025, with 6pc backdated to January 1 and 1pc from June 1. The union reports a 22pc accumulated increase in pensionable pay over just over three years. Negotiations delivered 8pc increases between January 1 last year and December 31 this year. The union sought the actuarial outcome to protect the long-term sustainability of the scheme. An Post declined to comment.
Read at Irish Independent
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