Royal Mail has launched a consultation on the Royal Mail Collective Pension Plan, seeking views from CWU, Unite, employees of Royal Mail Group and employees of RM Property and Facilities Solutions Limited currently in the Royal Mail Pension Plan (RMPP). Under the proposals, those who have been with Royal Mail …
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There is “real potential” for collective defined contribution (CDC) schemes to take off in the UK through master trusts, according to Willis Towers Watson (WTW) director and senior consulting actuary, Shriti Jadav. Speaking at the Trades Union Conference (TUC) Pensions Conference, Jadav commented that while CDC schemes were likely to …
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The Royal Mail Defined Benefit Cash Balance Scheme (DBCBS) deficit has grown to £177m as at 31 March 2020, up from £72m at 31 March 2019. The scheme, which has been in place since 1 April 2018, is a transitional arrangement until Royal Mail’s proposed collective defined contribution (CDC) scheme …
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The Pensions Ombudsman (TPO) has upheld a complaint against the Royal Mail Statutory Pension Scheme (RMSPS) over a refusal to pay complaint. ‘Mr Y’ complained that the scheme had refused to pay a full deferred pension to him upon retirement, stating that the RMSPS management team (RMSPS MT) was only …
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The Pensions Ombudsman (TPO) has upheld a complaint against Thales UK Pension Scheme over concerns relating to the index used to calculate annual increases on scheme benefits. The scheme announced on 29 September 2016 that it intended to increase scheme benefits annually based on the consumer prices index (CPI), rather …
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The fastest pension provider service times for both defined contribution (DC) and defined benefit (DB) schemes have “stalled” over the last few years, according to Portafina. It said that the lack of technological adaption is limiting improvements in speed. The firm stipulated that “until schemes move with the times and …
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The trustees of the Post Office section of the Royal Mail Pension Plan (RMPP) are planning on converting their buy-in policy with Rothesay Life into a buyout policy. In a letter, Communication Workers Union (CWU) assistant secretary, Andy Furley, detailed the trustees’ plan to move from a group insurance policy …
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Ten of the largest pension schemes in the UK have written a joint letter announcing their support for the Cost Transparency Initiative (CTI). The schemes endorsing the strategy, which includes the Royal Mail Pension Plan, Nest and the Universities Superannuation Scheme, represent over 19 million members who have more than …
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Collective defined contribution (CDC) pension schemes are “the most intergenerationally fair” type of pension if buffers are not used, Royal Mail has said. Speaking at the Westminster Business Forum, Royal Mail chief risk and governance officer, Jon Millidge, stated that he felt the firm’s CDC plan had been miscommunicated to …
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