SRC Wealth Management | a Chartered Financial Planning company that provides specialist advice on defined benefit pension transfers

Royal Mail Pension Scheme set to close


Although the scheme is in surplus by around £1.8 billion, Royal Mail management are set to close the final salary pension scheme. As pay outs begin to rise Royal Mail says it will have to start making contributions in the region of £1 billion a year.  Unions have calculated that the closure could see staff lose between a third and a half of their pensions.  Royal Mail is just another of the growing list of companies looking to reduce future pension commitments.  Last month BMW staff in the UK voted to strike over the company's plans to close its final salary scheme.