An Post welcomes positive outcome for ground-breaking pension agreement
11 September 2023
An Post, the An Post Unions and the Trustees of An Post Pension Schemes are together delighted to announce the introduction of positive changes to the Company Pension Scheme.
Changes to the Scheme, which have received Ministerial approval, will see an increase in pensions of 6% payable in two payments to pensioners (5% from 1 January 2022 and 1% from 1 July 2023). This represents acknowledgement of the support shown by members in the period when the Pension was in deficit. In addition, a 2% pensionable pay increase has been approved for pensioners from 1 January 2023. There will also be a restoration of the 6% to the calculation of pensionable pay for current active employees.
The Company will also benefit by having the annual obligation for contribution the Scheme reduced and the resources used in the business transformation.
The Pension Scheme has moved from a deficit €0.5bn in 2015 to a surplus €0.7bn in 2022. The An Post Pension Plan has been responsibly managed over the years (at the Year End December 2022 the Financial Statements recorded a surplus of €666m).
Eleanor Nash, Chief People Officer at An Post, said: “Implementing these changes, which are positive for pensioners, employees and company alike, reflect the Company’s emphasis on Decent Work as a core value. We acknowledge the work of the Trustees to the Scheme and the An Post Group of Unions and the forbearance of the members of the Scheme through earlier years when there was a deficit. These changes are a combined effort that have resulted in this outcome.”