18 November 2019
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Your Pension

Future retirement benefits following our 2018 Pension Review.

The Government has formally announced in the Queen’s Speech on 14 October 2019 its intention to introduce a Collective Defined Contribution (CDC) pension scheme into UK law. The CDC is a key part of the new pension plan agreed between the CWU and Royal Mail.

The Bill has to have readings in both the House of Lords and House of Commons before it can become UK law. If passed, the Bill will make CDC pensions available in the UK for the first time.

Royal Mail’s Collective Pension Plan is a single scheme for employees that will provide a tax-free lump sum when you reach retirement and a monthly income during it. It is made up of a Defined Benefit Lump Sum (DBLS) and the CDC pension.

What happens next?

There are many stages of the Bill to progress through Parliament. We will keep you updated on the passage of this important legislation through our usual channels.

While we seek a CDC scheme, from 1 April 2018 members are building up retirement benefits under our transitional arrangements. They will continue to provide good quality retirement benefits for RMPP and Royal Mail Defined Contribution Plan (RMDCP) members.


If you have questions on our pension arrangements, please have a look at the Q&A here.

Our current pension arrangements

Royal Mail Group has in place the following key pension and life assurance arrangements for its employees:

The Royal Mail Defined Contribution Plan is open to eligible new employees of Royal Mail Group and those eligible employees who are not members of any other Royal Mail Group pension arrangement.

The Royal Mail Pension Plan (Sections B and C closed to new entrants with effect from 1 April 2008).

The Royal Mail Group Life Assurance Scheme provides death in service cover for Royal Mail employees who are not members of a Royal Mail Group pension arrangement. Frequently asked questions on this scheme can be found here

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