This content is from the former Pension Consultation Website, which was in use from May 2007 to April 2008. This page and sub-pages are for reference purposes only and are not updated.
On 21 February 2008 Royal Mail Group communicated its decision on changes to the pension plan, following a formal Consultation from November to January 2008. After the Trustee had signed off the deeds and rules, the first two changes have now been officially implemented.
To recap, the changes to the Royal Mail Pension Plan are:
- Closing the Plan to new members and re-joiners from 31 March 2008
- Changing the Plan to a Career Salary basis from 1 April 2008
- Increasing Normal Retirement Age (NRA) to 65 from 1 April 2010, but benefits built up before 1 April 2010 can still be taken at 60 without reduction.
The Company's Decision is explained under the respective category in the navigation column on the left hand side.
The Consultation Forum, made up of representatives of the Company, the trade unions and senior managers, met from April to July 2007 and November to February 2008. Detailed discussions were held in September and October with individual groups, leading to agreements on pay, modernisation and pensions.
Starting on 14 November 2007, there was also a formal Consultation Period, for all employees to ask questions and share their views on the proposed changes. By the time the Consultation Period closed on 16 January 2008, over 35,000 contacts had been logged by the Pension Consultation channels.
The Company then considered the feedback, and reached its decision.
Remember that no employee of Royal Mail is allowed to give you financial advice. If you are in any doubt on what is the best course of action for your circumstances we recommend that you consult an independent financial adviser. We particularly recommend that you take advice if you are considering leaving the Royal Mail Pension Plan for any reason.
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