THE NEW ZURICH AVC PLATFORM
We have added a link to the Zurich 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. Between 25 June and 2 July, you will not be able to switch funds - this is related to the completion of the acquisition of Zurich's Corporate Savings business by Scottish Widows.
Richard Law-Deeks appointed CEO at RMPP
Richard Law-Deeks has been appointed as Chief Executive Officer of the Royal Mail Pension Plan (RMPP); he takes up the role with immediate effect.
With more than a decade of experience working in the pensions market, in both the public and private sector, Richard has led the RMPP as interim CEO since February 2018. Prior to this, Richard was Head of Finance.
Before joining the RMPP in 2015, Richard worked at Marsh & McLennan Companies, specialising in corporate finance and investments. He also worked in public sector accounting roles within several different Local Government Pension Schemes.
Richard will build upon the work of the RMPP's previous leadership, which will include the further development of best-in-practice governance and risk management systems.
Commenting on Richard's appointment, Joanna Matthews Chair, Royal Mail Pensions Trustees Limited, said "Richard understands the demands and challenges that the Plan faces and, during the first half of this year, showed great leadership as we began to implement new changes. He has a clear vision for the Plan that is aligned with the thoughts of both trustees and the sponsor. I look forward to working with him in 2018 and beyond."
On his permanent appointment as CEO, Richard remarked "It is a real privilege to lead the Plan, helping to ensure the financial well-being of our members in retirement. I look forward to delivering best-in-class services and innovation, working closely with Joanna, the trustees, and the sponsor. I am also delighted to be leading such a great team of colleagues, who are some of the most talented in the business."
Change in administration of pre 2012 benefits, from 1 October 2018
An important decision has been taken by the Cabinet Office that affects the administration of some of your pension benefits. The administration of your benefits in the Royal Mail Statutory Pension Scheme will move from the Pensions Service Centre (PSC) to Capita with effect from 1 October 2018. A letter from the Chair of the RMPP, together with a Q&A, has been added to the Library. These documents will be mailed to all members in the next couple of weeks.
GDPR update for Post Office section members
This letter was sent to members of the RMPP in the Post Office section.
Important changes to the law regarding data privacy come into effect from 25 May 2018. The General Data Protection Regulation (GDPR) is the biggest shake up privacy laws for 20 years and is designed to protect all European Union citizens from privacy and data breaches. We recently wrote to Post Office section employee members explaining what information the Trustee and the administrator hold about you, and how these changes will affect you. You can view the letter here.
New benefits from 1 April 2018 & GDPR update for RMG section members
This letter was sent to members of the RMPP in the RMG section.
Royal Mail wrote to employee members of the RMPP at the end of February 2018 advising of changes to benefits, which came into effect on 1 April 2018. The new scheme within the RMPP is called the ‘Defined Benefit Cash Balance Scheme (DBCBS)’.
Employee members can choose to remain in the RMPP or join the Royal Mail Defined Contribution Plan. The Trustee has been working with its independent advisers to understand the provisions of the DBCBS and has agreed the Rule amendments with Royal Mail. The attached letter from the Chair of the Trustee explains the changes to benefits, as well as important changes to data privacy and how they affect you.