Postal Services Act 2011

Postal Services Act 2011

2011 CHAPTER 5

Commentary on Sections

Part 2: Royal Mail Pension Plan

Powers exercisable

Section 21: Transfer of assets of the Royal Mail Pension Plan (“RMPP

111. This section enables the Secretary of State to provide by order for the transfer of assets from the Royal Mail Pension Plan (“RMPP to the Secretary of State, or the Treasury, or a fund established by the Secretary of State to hold the assets before they are disposed of and the proceeds paid into the Consolidated Fund.

112. Subsection (2) provides that this power can only be exercised where there has been an order under section 17 (transferring accrued rights to a new scheme) or such an order is being made.

113. Subsection (3) allows the Secretary of State to delegate the management and administration of the fund referred to in subsection (1) and to make arrangements for the payment of investment income from assets or the proceeds of sales of assets into the Consolidated Fund.