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Pensions 2008 - Glossary

Pensions

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Royal Mail Group has put in place two key pension arrangements for its employees.

 

The Royal Mail Defined Contribution Plan is open to eligible new employees of Royal Mail Group and those eligible employees who are not members of any other Royal Mail Group pension arrangement.

The Royal Mail Pension Plan closed to new entrants with effect from 1 April 2008 (except for some employees who worked for the company and were under age 18 on 31 March 2008). 

October 2012

Auto-enrolment - an important change in the pension law:

  • The law about workplace pensions has changed because the Government wants to help more people save for their retirement.
  • These changes will be relevant to employees who are not contributing to a Royal Mail pension plan (even if they are receiving a Royal Mail pension)
  •  Employees who are not contributing to a Royal Mail pension plan were sent letters in October and November 2012 giving further information on auto-enrolment:

The letters sent during October and November 2012 are shown below and depend on the date of joining Royal Mail Group service: 

October 2012 (Introductory letter)
PDF Letter to employees (PDF 82KB) with less than 12 months service currently in the Waiting Period for the Royal Mail Defined Contribution Plan.
PDF Letter to employees (PDF 261KB) who are not members of any Royal Mail pension plan.

November 2012 ("Postponement Notice")
PDF Letter to employees (PDF 41KB) who joined service before 31st October 2011.
PDF Letter to employees (PDF 44KB) who joined service between 1st November 2011 and 31st January 2012.
PDF Letter to employees (PDF 43KB) who joined service after 1st February 2012.

In accordance with the Government's automatic enrolment legislation, eligible employees will be enrolled into the Royal Mail Defined Contribution Plan from 1st February 2013 onwards.   

April 2012

On Sunday 1 April 2012, a new Pension Solution came into effect which addresses the Royal Mail Pension Plan’s historic pension deficit. The Government has taken responsibility for the majority of the liabilities that have built up in the Royal Mail Pension Plan over the years until the end of 31 March 2012.

Prior to April 2012

Changes were made to the Royal Mail Pension Plan in April 2010 in relation to Minimum Pension Age and Normal Retirement Age and the introduction of Flexible Retirement.

Previous changes were made to the Royal Mail Pension Plan in April 2008.

Please be aware that all of the web content connected to the changes in 2008 and 2010 is only available for reference and will not be updated.