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On this page you’ll find answers to frequently asked questions. We hope you find this useful. If you’ve got another question you’d like us to answer, please get in touch with the Pensions Service Centre.
With effect from 6 October 2024 the RMPP will be closed and no further contributions by members or the Company are payable. Before closure, the Company contributed 15.6% of DBCBS pensionable pay to the scheme. Of this, 13.6% goes towards the member’s guaranteed lump sum. The remaining 2% of the Company‘s contributions will go to other member benefits including death in service and ill-health benefits. The member’s contributions of 6% of DBCBS pensionable pay will also go towards the lump sum.
At 65, normal retirement age, members will receive a lump sum of at least the 19.6% of DBCBS pensionable pay that has been paid on their behalf each year.
The DBCBS will also target to provide increases to the lump sum up to or above inflation. This is dependent upon the scheme’s investment performance each year.
After you have reached age 55, your employer may allow you to choose early retirement. If you do retire early, the Cash Balance benefit will be reduced to reflect its early payment on terms set by Royal Mail. With effect from 6 April 2028, the government is increasing the minimum age for taking pension benefits early to 57.
For payment unreduced, benefits have to be taken at age 65.
Yes. Our original Plan closed to new members on 31 March 2008. So, if you started paying into a pension after this point, you will have joined the Royal Mail Defined Contribution Plan (RMDCP) instead. On 1 April 2018 the RMPP reopened. It was only open to members of the RMDCP who had more than four years of pensionable service at the standard rate.
We hope you find these answers useful. If you’ve got another question you’d like us to answer you can ask the Chatbot by clicking on ‘Chat with us!’ below or for indiviual queries, please contact the Pensions Service Centre.
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