Royal Mail Pension Plan

The Royal Mail Pension Plan (RMPP), which manages £10bn of assets on behalf of more than 120,000 members across the UK, has appointed Richard Law-Deeks as chief executive.

Postal workers have voted strongly in favour of a deal that includes plans to set up the UK's first collective defined contribution (CDC) pensions scheme, during a Communication Workers Union (CWU) ballot on 28 March.

Talks on Monday to discuss the collective defined contribution (CDC) proposals for Royal Mail were "very productive", according to the pensions and financial inclusion minister.

Post Office has agreed a £450m bulk annuity for its section of the Royal Mail Pension Plan, insuring all 5,700 members with Rothesay Life.

In this week's Pensions Buzz we want to know if you think Frank Field, chairman of the Work and Pensions Committee, is a good thing for pensions.

The industry has been calling for some sort of alternative to defined benefit (DB) schemes for as long as I can remember - saying such arrangements could provide a third way between DB and defined contribution (DC) schemes.

Collective defined contribution (CDC) arrangements could be set up without needing full CDC legislation, which would speed up and make the process easier, the Communication Workers Union (CWU) has claimed.

The Communication Workers Union (CWU) and Royal Mail Group are very close to securing an agreement on a collective defined contribution (CDC) plan for all members.

Douglas Hamilton, the head of pensions strategy at Royal Mail, says its proposals are fair and about affordability not cost-cutting.

Royal Mail workers have overwhelmingly voted for strike action in response to the company's planned closure of its defined benefit (DB) scheme.