PFSL Pension Arrangements

All PFSL employees are invited to join the Plan at any time which is administered by Legal and General. 

The contributions payable depend on which contribution tier (detailed below) you choose when you join:

Contributions are based on Pensionable Pay. For this Plan, Pensionable Pay is defined as:

• Your basic salary or wage (excluding overtime, bonuses or any other items) if you are employed on a full-time contract, or;
• Your basic salary or wage for your contractual hours if you are contracted to work less than full-time. Earnings for hours of work that are in excess of your contractual hours are not counted for the purpose of Pensionable Pay. Bonuses and any other items are also excluded. 

For eligible employees, pension contributions are automatically made via Pension Salary Exchange (PSE), which is an efficient way of making pension contributions. For further information on PSE, Please visit https://www.myroyalmail.com/pensions. Pensionable Pay is based on your pre-PSE salary or wages.

Details of the plan can be found at www.legalandgeneral.com/groupstakeholder-ae and by visiting the FAQ document below.

Information on the Plan is sent to you when you become a member. You and PFSL contribute to the Plan. The contributions paid each pay period are invested by Legal & General into the default fund choice called the ‘Legal & General Multi-Asset Lifestyle fund’ under your personal pension account. When you retire, the value of your personal pension account is then used to provide pension benefits for you.

Opting in

To opt into the Plan, please complete the form below and return by post (as indicated on the form) or by email to: hrsc.optants.in.and.out@royalmail.com.

Click here for the PFSL L&G Opt-In Form.

You will become a member from your next available payroll date after receipt of your application form and you would then be sent a Plan welcome pack by the administrator, Legal and General.

Additional Voluntary Contributions (AVCs)

You can make Additional Voluntary Contributions (AVCs) to your personal pension account directly to Legal and General either by bank transfer or cheque. To do this, please follow the instructions below:

Bank Transfer

Step 1: Complete online bank transfer

The bank details:

• Account Number: 40820199
• Sort Code: 20-19-90
• Account Name: Legal & General Assurance Society Cardiff MI SH
• Bank: Barclays

Payment reference: - Policy number and as much of the members’ surname as the space allows. (Example: 2xxxxxxxx1BLOGGS)

Step 2: Send confirmation email

Once you have completed the bank transfer, please send the following information by email to mysinglepremium@landg.com (the L&G Finance Team), to confirm the payment details:

1. Policy Number
2. How much money has been paid in
3. Who is making the payment (i.e. the member, employer or family) - So we know if tax relief needs to be added.
4. Investment fund to apply the contribution

Please make sure this is sent on the same day as the payment.

Cheque Payment

Cheque payable to Legal and General Assurance Society Ltd

Please include your plan number or national insurance number on the back of the cheque and post to:

DC Pensions

Legal & General

Po Box 1560

Peterborough

PE1 9AP

End of tax year deadlines for payments are as follows:

If you require any further information, you can call or email Legal and General on the details below:

• Email: Employerdedicatedteam@landg.com
• Tel: 0345 070 8686

Opting Out

To opt out, please contact Royal Mail HR Services at hrsc.optants.in.and.out@royalmail.com or 0345 6060 603.

NEST is PFSL’s auto-enrolment pension arrangement, however all PFSL employees are invited to join NEST at any time. 

You pay 5% of your NEST Pensionable Pay and the Company pays 4% your NEST Pensionable Pay.  NEST Pensionable Pay is basic pay for full timers and basic pay plus overtime (up to full time equivalent hours) for part timers. 

For eligible employees, pension contributions are automatically made via Pension Salary Exchange (PSE), which is an efficient way of making pension contributions.  Please visit https://www.myroyalmail.com/pensions for further information on PSE.  Pensionable Pay is based on your pre-PSE salary or wages.

Further details about NEST can be found at https://www.nestpensions.org.uk and by visiting the FAQ document below.

Auto-enrolment

If you have not joined one of PFSL’s pension arrangement after you have completed three months’ service, you will become subject to the Government’s automatic enrolment regulations.  You may be automatically enrolled into NEST at 3 months’ service if you meet the eligibility criteria below:   

• Earn over £10,000 a year (before deductions) – that’s £833 a month or £192 a week (for the 2024/2025 tax year);
• Are at least age 22 years and below your State pension age, and;
• Are working or usually work in Great Britain.

Opting in

You can choose to opt into NEST at any time.  To opt in, please complete the form below and return it to the postal address specified on it.

Click here for the PFSL NEST Opt-In Form.

Additional Voluntary Contributions (AVCs)

AVCs will need to be set up and managed through NEST.  You can set up a regular AVC via direct debit or make a one-off payment via your bank card or direct debit.  Please visit How to make an additional contribution | Nest pensions for step-by-step instructions on how to do this.

Opting out

To opt out, please complete the form below and return it to the postal address specified on it.

Click here for the PFSL NEST Opt-Out Form.

Please click here for FAQs relating to the Plan and PFSL NEST.