WTW has been appointed to be the Scheme Actuary to the Royal Mail Collective Pension Plan, which features Collective Defined Contribution (CDC) and Defined Benefit Cash Balance sections.
The scheme, the first of its kind in the UK, has been developed by Royal Mail to provide over 100,000 employees with both an income for life in retirement and a lump sum, making it easier to manage their money in retirement.
WTW was a leading adviser in the design and implementation of Royal Mail’s Collective Pension Plan and now takes on the role of Scheme Actuary with responsibility for both sections of the new scheme.
Emma Weston-Green, Plan Head of the Executive, said: “The launch of the Collective Plan is a very exciting moment for Royal Mail and their people. The team at WTW have been at the centre of the design of Collective Defined Contribution schemes for the UK from the beginning, and together with their extensive Defined Benefit experience, are ideally placed to provide Scheme Actuary services to the Plan.”
Simon Eagle, WTW’s Scheme Actuary to the Royal Mail Collective Pension Plan, said: “We are thrilled to have been appointed Scheme Actuary to The Royal Mail Collective Pension Plan. It is a truly innovative development in the pensions industry, changing decades of design practices, which needed a lot of effort to bring to fruition. We look forward to working with the Trustees to enable security in retirement for the Plan’s members.”
