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The Postal Services Act 2011 (Transfer of Accrued Pension Rights) Order 2012

Consolidated Text Cited authorities 134 Cited in Amendments 39 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2012/687
Year2012

2012 No. 687

Postal Services

The Postal Services Act 2011 (Transfer of Accrued Pension Rights) Order 2012

Made 8th March 2012

Laid before Parliament 9th March 2012

Coming into force in accordance with article 1(2) to (4)

The Secretary of State makes the following Order in exercise of the powers conferred by section 17, 18, 19, 20(6), 25, 26 and 89(2) of the Postal Services Act 20111. The Secretary of State has consulted the parties required by section 25(1), obtained consent of the Treasury in accordance with section 25(2), and makes this Order in compliance with section 20(2) of the Postal Services Act 2011.

Citation and commencement
S-1 Citation and commencement

Citation and commencement

1.—(1) This Order may be cited as the Postal Services Act 2011 (Transfer of Accrued Pension Rights) Order 2012.

(2) This Article will come into force on 31 March 2012.

(3) Articles 2 to 12 will come into force on a day to be specified by Order made under section 25(4) and (5) of the Act.

(4) Articles 13 and 14 will come into force immediately after articles 2 to 12 have come into force.

Interpretation
S-2 Interpretation

Interpretation

2. In this Order—

“the Act” means the Postal Services Act 2011;

“Assets Order” means the Postal Services Act 2011 (Transfer of Assets) Order 20122;

“POL” means Post Office Limited (registered number 02154540);

“qualifying member of the RMPP” has the meaning given in the RMSPS Rules;

“the qualifying time”3means the time immediately before 1 April 2012;

“RMPP Amendments” means the amendments made by article 11 to the trust deed and rules of the RMPP4, as set out in the Statement of Amendments;

“RMPP Rules” has the meaning given in the RMSPS Rules;

“RMSPS” means the Royal Mail Statutory Pension Scheme;

“RMSPS Rules” means the rules governing the RMSPS (as set out at Schedule 1);

“Statement of Amendments” means the document entitled “Statement of Amendments to the Royal Mail Pension Plan to be effected by the Postal Services Act 2011 (Transfer of Accrued Pension Rights) Order 2012 ( S.I. 2012/687)”, authored by Slaughter and May dated 9 March 2012 and placed in the Libraries of the House of Commons and the House of Lords.

Establishment of the RMSPS

Establishment of the RMSPS

S-3 The RMSPS is established and the RMSPS Rules are contained in...

3. The RMSPS is established and the RMSPS Rules are contained in Schedule 1.

S-4 Amendments to the RMSPS are subject to the restrictions set out...

4. Amendments to the RMSPS are subject to the restrictions set out in Schedule 2.

Transfer of qualifying accrued rights from RMPP to RMSPS

Transfer of qualifying accrued rights from RMPP to RMSPS

S-5 The following are transferred from the RMPP to the RMSPS— all...

5. The following are transferred from the RMPP to the RMSPS—

(a) all the qualifying accrued rights5; and

(b) the additional rights or entitlements to or in respect of benefits or future benefits which are removed from the RMPP by the RMPP Amendments.

S-6 Schedule 3 makes provision for the transfer to the RMSPS of...

6. Schedule 3 makes provision for the transfer to the RMSPS of obligations and liabilities under the RMPP relating to pension sharing orders, pension attachment orders, attachment of earnings orders, deductions from earnings orders, earnings arrestment schedules and voluntary deduction from earnings arrangements.

Discharge of Trustee

Discharge of Trustee

S-7 The Trustee of the RMPP is discharged from any liability in...

7. The Trustee of the RMPP is discharged from any liability in respect of the following for or in respect of a qualifying member of the RMPP—

(a) all the qualifying accrued rights; and

(b) the additional rights or entitlements to or in respect of benefits or future benefits which are removed from the RMPP by the RMPP Amendments.

S-8 For the purposes of article 7, the “Trustee of the RMPP”...

8. For the purposes of article 7, the “Trustee of the RMPP” includes—

(a) the trustee of the RMPP at the qualifying time;

(b) a former or future trustee of the RMPP;

(c) where any such trustee is or was a corporate trustee, its past, present and future directors and officers; and

(d) any past, present and future agents, delegates, employees or staff of the Trustee.

Application of occupational pensions legislation to RMSPS

Application of occupational pensions legislation to RMSPS

S-9 The RMSPS is to be treated as an occupational pension scheme...

9. The RMSPS is to be treated as an occupational pension scheme for the purposes of the statutory provisions described in Part 1 of Schedule 4.

S-10 The RMSPS is to be treated as a salary-related contracted out...

10. The RMSPS is to be treated as a salary-related contracted out scheme for the purposes of Part III of the Pension Schemes Act 19936, as modified by Part II of Schedule 4.

Amendments to the RMPP

Amendments to the RMPP

S-11 The trust deed and rules of the RMPP are amended in accordance...

11. The trust deed and rules of the RMPP are amended in accordance with the Statement of Amendments so that—

(a) the provisions that are crossed out in the Statement of Amendments (other than those in italics) are omitted; and

(b) the provisions that are underlined in the Statement of Amendments (other than those in italics) are inserted.

The provisions that are either crossed out or underlined but are also in italics are dealt with by article 13.

S-12 The Security Agreements, as defined in Schedule 5, which relate...

12. The Security Agreements, as defined in Schedule 5, which relate to the provision of financial support in relation to the RMPP, are amended by that Schedule.

Participation of POL in the RMPP and division of the RMPP into different sections

Participation of POL in the RMPP and division of the RMPP into different sections

S-13 The trust deed and rules of the RMPP (as amended by article 11)...

13. The trust deed and rules of the RMPP (as amended by article 11) are further amended in accordance with the Statement of Amendments so that—

(a) the provisions that are in italics and are crossed out in the Statement of Amendments are omitted, and

(b) the provisions that are in italics and are underlined in the Statement of Amendments are inserted.

S-14 POL is admitted to participation in the RMPP as an employer on...

14. POL is admitted to participation in the RMPP as an employer on the terms set out in the trust deed and rules of the RMPP, as amended by article 11 and article 13, and as from time to time in force thereafter.

Norman Lamb

Parliamentary Under Secretary of State for Employment Relations, Consumer and Postal Affairs

Department for Business, Innovation and Skills

7th March 2012

Michael Fabricant

James Duddridge

Department for HM Treasury

8th March 2012

SCHEDULE 1

Article 3

The Royal Mail Statutory Pension Scheme Rules

1 CLAUSES

PART I

CLAUSES

SCH-1.1

1. Purpose, definitions and interpretation

(1) The Royal Mail Statutory Pension Scheme has been established by the Secretary of State under section 17 of the Postal Services Act 20117for the purpose of securing pensions and other benefits for or in respect of qualifying members of the Royal Mail Pension Plan, for and in respect of whom a transfer was made to the Scheme under the provisions of that Act with effect from the Commencement Date.

(2) In these Rules the following expressions have the following meanings—

“Actuary” means the Government Actuary or any Fellow of the Institute and Faculty of Actuaries or a firm the majority of whose partners are Fellows of the Institute and Faculty of Actuaries, as may be appointed by the Secretary of State to be the Actuary for the purpose of these Rules;

“Benefits Order” means the Postal Services Act 2011 (Transfer of Accrued Pension Rights) Order 20128;

“Clause” means one of the clauses in Part I of the Rules;

“Commencement Date” means the date on which this RMSPS commenced, being 1 April 2012;

“Contracting-out Laws” means the contracting-out laws of the Pension Schemes Act 19939(including anti-franking) to the extent that they apply to the RMSPS with any modifications under the Benefits Order;

“Cut-Off Date” means 31 March 2012, being the date on which the qualifying time falls;

“Cut-Off Date Active” has the meaning given in Clause 4 (Benefits payable in respect of Cut-Off Date Actives);

“Cut-Off Date Non-Active” means a person referred to in Clause 3(1)(a) and/or (b) (Benefits payable in respect of Wholly Transferred Beneficiaries);

“Employer” means at any time (which may be a time before, on or after the Cut-Off Date) an “Employer” for the purposes of the RMPP as defined in the RMPP Rules;

“Family Benefits” means pensions or benefits paid under Section A or Section B to or in respect of the widow, widower or children of a Section A Active or a Section B Active (as the case may be);

“Former RMPP Section A Member” means a Cut-Off Date Non-Active who, before the end of the Cut-Off Date, was subject to the Section A Rules of the RMPP;

“Former RMPP Section B Member” means a Cut-Off Date Non-Active who, before the end of the Cut-Off Date, was subject to the Section B Rules of the RMPP;

“Former RMPP Section C Member” means a Cut-Off Date Non-Active who, before the end of the Cut-Off Date, was subject to the Section C Rules of the RMPP;

“Fund” means all monies from time to time held (whether before, on or after the Cut-Off Date) for the purposes of the RMPP by or on account of the RMPP Trustees in pursuance of the RMPP Rules and the investments and securities from time to time representing the same;

“General Rules” means—

(a) the general rules of the RMSPS set out in Part II (The General Rules of the Scheme) of this Schedule, and a reference to a “General Rule” is a reference to one of the General Rules; or

(b) if stated, the general rules of the contributory part of the RMPP, and in that case a reference to a “General Rule” is a reference to one of those General Rules;

“GMP” means guaranteed minimum pension as that term is used for the purposes of...

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