PCS members have voted overwhelmingly to accept the recent revised offer from Historic Royal Palaces over the closure of the defined benefits pension scheme.
After members working at Tower of London, Kensington Palace and Hampton Court Palace took 2 days of industrial action in defence of their pension provisions, their employer agreed to reopen negotiations. The independent charity listened to the PCS negotiators’ opinion of what it would take to end the dispute which has been ongoing since December 2017 and agreed the following offer:
- DB pension to close at end of March 2019
- DB members to receive a compensation of either 17.5% of pensionable pay in April 2019 or a second option to receive 25% of pensionable pay in 2024 to be paid into the new DC scheme
- 14% employer contributions from day one for a minimum employee contribution of 1.5%
The offer was put to a ballot of the affected members, the results were:
Question: Do you accept the latest pensions offer made by the employer?
Spoilt papers 0
The members and the employer have been informed and members will now be approached to indicate which transitional package they wish to take.
The results of this ballot and the actions that members have taken are a testament to what can be achieved when PCS members stand together united in their purpose and go forward with one voice.