28 May 2020
myroyalmail is updated daily

Pension changes from 1 June 2014 for RMDCP members

Changes from 1 June 2014 for RMDCP members

The changes that came into effect on 1 June 2014 for members of the Royal Mail Defined Contribution Plan are outlined below.

The Company’s consultation on the Royal Mail Defined Contribution Plan (RMDCP) ended on 2 May 2014 and the Company made its decision on the changes.

The Company’s decision

In February 2014, a consultation started with all members and prospective members of the RMDCP about the Company’s proposal to make changes to the level of contributions that members and the Company pay to the RMDCP.

When the consultation closed the overwhelming majority of responses were in favour of the proposed changes. The proposed changes to the RMDCP were also agreed with the trade unions.

The changes took effect on 1 June 2014.

Details of the changes are set out in the Decision letter.

Building up a pension is a key way of saving for your retirement, and the Company is keen to support you in doing that. Although the pension that you ultimately receive from the RMDCP will depend on a number of factors, a major one is the amount contributed by both you and the Company. The Company hopes that its decision will encourage members of the Plan to save more and to make adequate provision for retirement. If you have completed 12 months’ service and now wish to increase your pension contributions, please get in touch with the Zurich Royal Mail Service Team using the contact details below:

By phone: 0800 092 8263 (Monday to Friday, 8.00 a.m. – 5.30 p.m.)

By email: royalmailserviceteam@uk.zurich.com

By post: Zurich Royal Mail Service Team PO Box 1073 Cheltenham Gloucestershire GL50 9NN