18 Division of the RMPP into different sections
(1) The Secretary of State may by order make provision for—
(a) the division of the RMPP into different sections,Postal Services Act 2011 (c. 5)
Part 2 — Royal Mail Pension Plan
11
(b) the participation of different companies in the different sections, and
(c) the allocation of assets, rights, liabilities or obligations between the
different sections.
(2) Provision made by an order under this section may have retrospective effect.
19 Amendments of the RMPP
(1) The Secretary of State may by order make such amendments of the RMPP as
the Secretary of State considers appropriate in connection with any order made
under section 17 or 18.
(2) The provision that may be made by an order under this section includes
provision authorising or requiring the amount of pensions or other benefits
payable to or in respect of qualifying members of the RMPP to be determined
in particular circumstances by reference to pensionable service under the
RMPP before and after the qualifying time.
(3) Provision made by an order under this section may have retrospective effect.
20 Protection against adverse treatment
(1) Subsection (2) applies to the exercise by the Secretary of State of—
(a) the power to make an order under section 17 in a case where the order
contains provision establishing a new public scheme or transferring
qualifying accrued rights to a new public scheme, and
(b) the power to make an order under section 18 or 19.
(2) In exercising the power the Secretary of State must ensure that the relevant
pensions provision in respect of each person who is or has been a member of
the RMPP is, in all material respects, at least as good immediately after the
exercise of the power as it is immediately before the exercise of the power.
(3) “The relevant pensions provision” means the provision for the payment of
pensions or other benefits which is contained in the RMPP or in a new public
scheme.
(4) Subsections (1) to (3) do not require provision to be included in a new public
scheme if the Secretary of State is of the opinion that the provision would be
incompatible with any enactment or EU obligation (including any enactment
applying as a result of any provision made under this Part).
(5) Nothing in subsections (1) to (3) is to be read as—
(a) requiring particular provisions of the RMPP or a new public scheme to
take the same or similar form,
(b) requiring a new public scheme to be established in a particular way,
(c) requiring any power or duty conferred or imposed by the RMPP or a
new public scheme to be exercised or performed in a particular way, or
(d) affecting any power of any person to amend the RMPP or a new public
scheme.
(6) The power of the Secretary of State to amend a new public scheme may not be
exercised in any manner which would or might adversely affect any provision
of the scheme made in respect of qualifying accrued rights unless—
(a) the consent requirements are satisfied in respect of the exercise of the
power in that manner, orPostal Services Act 2011 (c. 5)
Part 2 — Royal Mail Pension Plan
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(b) the scheme is amended in the prescribed manner.
(7) The consent requirements are those prescribed for the purpose of obtaining the
consent of members of the scheme to its amendment.
21 Transfer of assets of the RMPP
(1) The Secretary of State may by order make provision for the transfer of assets of
the RMPP to—
(a) the Secretary of State,
(b) a nominee of the Treasury, or
(c) a fund established by the Secretary of State for the purpose of holding
the assets pending their disposal.
(2) An order under this section may be made only if an order under section 17 is
being, or has been, made.
(3) An order under this section may include provision for—
(a) the delegation to any person of the administration and management of
any fund within subsection (1)(c), and
(b) the making of payments into the Consolidated Fund.
(4) This section needs to be read with section 22 (which contains restrictions on the
exercise of the power to make a transfer under this section).
22 Restriction on power to transfer assets
(1) The power of the Secretary of State to make an order under section 21 (a
“transfer order”) must be exercised so as to secure that the ratio of assets to
liabilities of the RMPP immediately after the relevant time is at least equal to
the ratio of the assets to liabilities of the RMPP immediately before that time.
(2) “The relevant time” is the time at which the order under section 17 in
consequence of which the transfer order is made has effect.
(3) For the purposes of this section any reference to the assets or liabilities of the
RMPP is to their amount or value determined, calculated and verified by a
prescribed person and in the prescribed manner.
(4) In calculating the value of any liabilities for those purposes, a provision of the
RMPP that limits the amount of its liabilities by reference to the amount of its
assets is to be disregarded.
(5) For the purposes of this section as it applies in relation to the transfer of assets
after the relevant time by virtue of a transfer order—
(a) treat the assets as if they had been transferred at the relevant time, but
(b) disregard so much of the assets as were transferred to reflect the fact
that the assets were not actually transferred at the relevant time.
Supplementary provisions
23 Taxation
(1) The Treasury may by regulations make provision for varying the way in which
any relevant tax would, apart from the regulations, have effect in relation to—Postal Services Act 2011 (c. 5)
Part 2 — Royal Mail Pension Plan
13
(a) a new public scheme,
(b) members of a new public scheme, or
(c) a fund within section 21(1)(c).
(2) Regulations under subsection (1) may include provision for treating a new
public scheme as a registered pension scheme.
(3) The Treasury may by regulations make provision for varying the way in which
any relevant tax would, apart from the regulations, have effect in relation to, or
in connection with, anything done in relation to—
(a) the RMPP, or
(b) any members of the RMPP,
by or under, or in consequence of, an order made under this Part.
(4) Regulations under subsection (1) or (3) may include provision for any of the
following—
(a) a tax provision not to apply or to apply with modifications,
(b) anything done to have or not to have a specified consequence for the
purposes of a tax provision, and
(c) the withdrawal of relief and the charging of a relevant tax.
(5) Provision made by regulations under subsection (1) or (3), other than provision
withdrawing a relief or charging a relevant tax, may have retrospective effect.
(6) The Treasury may by regulations make provision, in relation to qualifying
accounting periods, for extinguishing such losses made in a trade as they
consider are attributable to deductions made for, or in connection with,
contributions in respect of qualifying members of the RMPP.
(7) A “qualifying” accounting period is one beginning on or after the date (“the
trigger date”) on which an order under section 17 is made establishing a new
public scheme or transferring qualifying accrued rights to a new public
scheme.
(8) Regulations under subsection (6) have effect only if the company whose losses
are extinguished is wholly owned by the Crown (within the meaning of Part 1)
on the day before the trigger date.
(9) In this section—
“relevant tax” means—
(a) income tax,
(b) capital gains tax,
(c) corporation tax,
(d) inheritance tax,
(e) stamp duty and stamp duty reserve tax, and
(f) stamp duty land tax,
“registered pension scheme” has the same meaning as in Part 4 of the
Finance Act 2004,
“tax provision” means any provision made by or under an enactment
relating to a relevant tax.Postal Services Act 2011 (c. 5)
Part 2 — Royal Mail Pension Plan
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24 Information
(1) The Secretary of State may by order make provision for requiring any
prescribed person to disclose any information (whether in the form of a
document or otherwise) to the Secretary of State for any purpose of this Part.
(2) Information that—
(a) relates to pensions or other benefits under the RMPP or a new public
scheme, or
(b) relates to the administration of the RMPP or a new public scheme in
respect of those pensions or other benefits,
may be shared among relevant persons for the purpose of facilitating the
administration of the RMPP or new public scheme.
(3) “Relevant persons” means—
(a) the Secretary of State,
(b) any person who administers, or exercises functions under, a new public
scheme,
(c) the trustee of the RMPP,
(d) any person who exercises functions on behalf of the trustee of the
RMPP, or
(e) any person who is or has been an employer of a qualifying member of
the RMPP.
(4) In the event that a section of the RMPP is constituted as a separate pension
scheme the members of which consist of or include persons who are qualifying
members of the RMPP—
(a) any reference in subsection (2) to the RMPP includes that separate
pension scheme, and
(b) any reference in subsection (3) to the trustee of the RMPP includes the
trustees or managers of that separate pension scheme.
25 Orders and regulations
(1) Before making—
(a) an order under section 17 that contains provision establishing a new
public scheme or transferring qualifying accrued rights to a new public
scheme, or
(b) any order under any other provision of this Part,
the Secretary of State must consult the trustee of the RMPP and a Royal Mail
company (within the meaning of Part 1).
(2) The Secretary of State may not make an order under any provision of this Part
(apart from section 24) unless the Treasury have consented to its making.
(3) Any order under this Part is subject to negative resolution procedure.
(4) Any order under this Part may provide for it (or any of its provisions) to come
into force on a specified day.
(5) A “specified day” means a day specified in an order made by the Secretary of
State under this subse