15 December 2019
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New joiners from July 2015

If you joined Royal Mail after July 2015, you will be enrolled into PSE when you become a contributing member of the Royal Mail Defined Contribution Plan, unless you choose to opt out.

What is PSE?

  • PSE is a way for eligible employees who pay National Insurance contributions (NICs) to increase the amount of money they take home each week or month, without changing their pensionable pay, the overall level of contributions made to their pension or the Royal Mail benefits they receive.
  • By changing the way pension contributions are made, eligible employees – who are enrolled into PSE – can make a saving on their NICs.
  • You should receive an increase in take-home pay (also known as your net pay) equal to the NICs that you would otherwise have made on your pension contribution.
  • As a result of launching PSE we, Royal Mail, will also pay lower NICs.

Full details about PSE can be found in Your guide to Royal Mail pension salary exchange, which was produced when the business introduced PSE in the summer of 2015.

Opting out

As a new joiner, you are able to opt out of PSE if you wish to do so during a 30-day period from the date you become a contributing member of the Royal Mail Defined Contribution Plan.

To opt out, you need to complete, sign, date and return a PSE opt-out form within the 30-day period referred to above. To request a form, you need to email advicecentrePAY@royalmail.com or call HR Services on 0845 60 60 603. Lines are open Monday to Friday, 8.30am to 5pm.

If you miss the 30-day opt-out period, you can opt out of PSE once a year during a specific period.

Note: Employees of Royal Mail Courier Services and Storefeeder are not currently eligible to participate in PSE.