Take a look at the news feed below to stay up to date with the latest pension updates and information.
Cash Balance increase announced
Benefits building up in the RMPP after 1 April 2018 are normally increased each year in accordance with a policy set by Royal Mail Group. This is based on market conditions from time to time, but the aim is to provide an above inflation increase. We’re pleased to advise that the benefits built up in the Cash Balance fund as at 31 March 2020 for current employees (and those who left since 1 April 2018 - not just those who left since April 2019 as indicated in the printed version of Pensions News) were increased on 1 April 2021 by 1.7%.
If you're a contributing member of Section A/B or Section C of the Plan you will be receiving your annual benefit illustration during the first two weeks of October. For more information, select when you joined above and watch the video 'How to find the most important information in your benefit illustration', under 'Planning your future'.
If you're a contributing member of Section F of the Plan you will be receiving your annual benefit illustration during the first two weeks of October.
If you are no longer contributing (so are a deferred member), your annual current value letter will be sent out in mid-October.
Coronavirus Update No.2
We gave an update at the start of April on how we are ensuring that the RMPP continues to operate during the current virus outbreak. At the moment, our staff in the Pensions Service Centre are continuing to work from home; and we still do not anticipate any disruption to services and payment of pensions will continue as normal. The Pensions Helpline is continuing to take calls and from Monday 1 June will increase its opening hours to 9.00am -5.00pm from the slightly reduced hours that have been operating so far during the current situation. Please be patient and we will answer all calls as soon as possible. If you have a non-urgent question then you can email the team at firstname.lastname@example.org as our phone lines may be busy.
We have added a short update about how we are managing the current situation to ensure pensions carry on being paid and those approaching retirement get their benefits on time. Also, details of our Helpline hours and how to contact us by email. Read the update here.
The new Scottish Widows [Formerly Zurich] AVC Platform
We have added a link to the Scottish Widows website; here, in the text in the Library (and also in the Topping up your pension benefits page, in the Planning your future section). AVC funds built up on the old platform have now been transferred to the new platform.