HRP staff agree pensions offer which sees DB scheme close

Staff working at the Historic Royal Palaces (HRP) have accepted a pensions offer which will see their defined benefit scheme close.

GMB Union, responsible for negotiating the deal, said that it has managed to secure “significant improvements” to the firm’s defined contribution scheme for both current and future members.

Strike action was suspended at the end of last month to review the new offer, which will see HRP’s final salary pension scheme close on 1 April 2019. The scheme closed to new members in 2002.

GMB regional organiser, Michael Ainsley, said: "We are disappointed not to have prevented the closure of the defined benefit pension scheme, however our members have voted to accept this new offer which is considerably better than what was originally on the table.

"Our members can be proud that they stood up and fought hard, they maintained all along that they were prepared to talk and would have preferred that HRP had talked to them before deciding unilaterally to take their pension from them."

The dispute, which has been ongoing since November, saw some of the staff strike for the first time in 55 years.

Pensions Age has contacted HRP for comment.

    Share Story:

Recent Stories


A changing DC market
In our latest Pensions Age video interview, Aon DC senior partner and head of DC consulting, Ben Roe, speaks to Laura Blows about the latest changes and challenges within the DC sector

Being retirement ready
Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. How are we feeling about retirement?’

Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

Advertisement Advertisement