What will the Bill do in respect of Royal Mail pensions?
In order to enable Royal Mail to modernise through a partnership agreement, Government proposes to take responsibility for the historic pension liabilities within the RMPP relating to benefits earned by members prior to December 2008. The responsibility for future service entitlements after December 2008 will remain with Royal Mail and Post Office Ltd. The proposals in the Bill will ensure that Royal Mail is left with a scheme that is more manageable for the company. The Government will legislate to ensure that members’ past service entitlements that are transferred to Government are protected in primary legislation. A new pension scheme will be established to pay out the benefits that are the responsibility of Government. The new scheme will be comparable to public service schemes such as the NHS or Teachers’ schemes. The Government will work closely with the Royal Mail Pension Plan Trustees and Royal Mail on the planned changes, so they are confident that members’ interests will be p
