Since the possible offer for IDS Plc (IDS) by EP Corporate Group (EP Group) announced on 17 April 2024, the Trustee has been actively engaging with IDS and EP group to understand the potential implications for the company and the Royal Mail Pension Plan (the Plan). In these discussions the Trustee is seeking, among other things, a legally binding commitment to preserve the current governance arrangement of the Plan. This would give the Trustee, and members, confidence that the necessary stability, expertise and independence remain in place for the Plan. Discussions with EP Group are ongoing, and the Trustee continues to seek to achieve a satisfactory long-term governance agreement within the offer period. Please be assured that there is no change to your benefits and there is no action that you need to take.