MRM.COM:Changes to pension laws

[POSTMAN]

How it may affect you

https://www.myroyalmail.com/news/nation ... east-so-15" onclick="window.open(this.href);return false;

Don’t forget that automatic pension enrolment starts from 1st February.

The Government is changing workplace pension laws to help more people save for their retirement.

If you’re not in a Royal Mail Group pension plan you will have received information in October and November to your home address.

Does this affect me?

On 1st February you will start to pay pension contributions to the Royal Mail Defined Contribution Plan if you’re:
•aged 22 and over and under your State Pension Age
•earning more than £156 per week with Royal Mail Group (including all taxable elements of pay and before deductions)

This still affects you even if you’re already drawing a pension from another Royal Mail pension plan or you have other outside pensions.

Benefits of membership

Douglas Hamilton, head of Royal Mail pensions strategy, says: ‘Royal Mail’s Defined Contribution Plan provides a tax efficient way for you to save for your retirement with the help of Royal Mail Group, who will also contribute to the plan on your behalf.

‘It also provides additional death in service benefits at no cost to you. And, your contributions receive tax relief so they will cost you less than you might think.’

What if I don’t want to contribute?

Douglas adds: ‘Enrolment is automatic. We’re responsible for working out whether you meet the criteria or not – so there is nothing you need to do to start contributing.’

‘However, if you do not wish to contribute, by law you can’t opt out of automatic enrolment until after 1st February. Full plan information will be sent to you in early February (or after your enrolment date if later) and you can’t opt out until you have received this information.’

If you have any questions about automatic enrolment contact the Zurich Royal Mail Service Team on 0800 092 8263 or royalmailserviceteam@uk.zurich.com