Royal Mail Pension Plan – Changes
The Royal Mail Pension Plan is a ‘defined benefit’ (DB) pension scheme with around 90,000 members. It is a scheme that closed to new members in April 2008 - due to employer affordability - with any new employees, from April 2008 onwards, joining the Royal Mail defined contribution (DC) pension plan.
With no “guaranteed” pension income, in retirement, for DC scheme members, this type of scheme is less expensive (than a DB scheme) for an employer to run.Read more
Universities Superannuation Scheme – How potential changes could affect you
The Universities Superannuation Scheme (USS) is mainly a defined benefit (or final salary scheme) and one of the largest private pension schemes in the UK. The USS is the main scheme for academic staff in UK universities and other higher education and research institutions. There are over 350 employers, across the country, that actively participate in it.
The USS is also one of the more generous UK schemes to its’ members with employers contributing 18% of salary and members 8% of salary.Read more