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SCHEDULE 1The Royal Mail Statutory Pension Scheme Rules

PART IXOVERRIDING FINANCE ACT PROVISIONS

3.  Subject to Clause 15(6) (Prevention of discrimination on grounds of age), the Secretary of State shall only make payments from the RMSPS which are authorised payments (as that term is used for the purposes of the Finance Act 2004) except that—

(a)if the Rules contain a provision which would require the Secretary of State to make a payment which would be an unauthorised payment, then the effect of Regulation 3 of the Registered Pension Schemes (Modification of the Rules of Existing Schemes) Regulations 2006 but without the limitation to the transitional period (as adopted in relation to the RMPP by clause 1(a) of the Interim Amending Deed for the RMPP dated 3 April 2006), applies to the RMSPS as if it were an “existing scheme” to which those regulations apply under Regulation 2 of those regulations, and the Secretary of State therefore has a discretion whether or not to make the payment, by virtue of that regulation; and

(b)the Secretary of State may, if he thinks fit in any particular circumstance, make a payment from the Scheme notwithstanding that it is or may be an unauthorised payment. The Secretary of State will where reasonably practicable obtain the consent of the Member or beneficiary (where applicable) before making any such payment. No person will, however, have any entitlement to such a payment.