Part 2Royal Mail Pension Plan

Introduction

I1C116Introduction

1

In this Part—

  • “the RMPP” means the Royal Mail Pension Plan,

  • “qualifying member of the RMPP” means a person who is or has been a member of the RMPP of a prescribed description,

  • “the qualifying time” means the time immediately before such date as may be prescribed (which may be before the passing of this Act),

  • “qualifying accrued rights” means—

    1. a

      any right which, at the qualifying time, has accrued to or in respect of a qualifying member of the RMPP to future benefits under the RMPP,

    2. b

      any entitlement under the RMPP to the present payment of a pension or other benefit which a qualifying member of the RMPP has at the qualifying time, or

    3. c

      any entitlement to benefits, or rights to future benefits, under the RMPP which a person who has survived a qualifying member of the RMPP has at the qualifying time in respect of the member.

2

For the purposes of the definition of “qualifying accrued rights”—

a

references to pensions or other benefits (including future benefits) do not include money purchase benefits but, subject to that, do include benefits attributable to additional voluntary contributions, and

b

references to a right include a pension credit right.

3

In the event that qualifying members of the RMPP include any person (“P”) who is in pensionable service under the RMPP after the qualifying time—

a

the qualifying accrued rights in respect of P, and

b

the amounts payable in respect of those rights,

are to be determined for the purposes of this Part on the assumption that P had opted, immediately before the qualifying time, to terminate that service.