The Postal Services Act 2011 (Taxation) Regulations 2012
The Postal Services Act 2011 (c. 5) (“the Act”) makes provision for the transfer of the historic deficit of the Royal Mail Pension Plan (the “RMPP”) to the government. Part 2 of the Act provides powers for the Secretary of State to establish a new statutory pension scheme (“the new public scheme”), transfer rights from the RMPP to the new public scheme, remove liabilities from the RMPP and transfer assets from the RMPP to the government. These Regulations make provision in relation to the taxation consequences of the restructuring of the RMPP and the new public scheme in relation to accrued rights of members of the RMPP and the transfer of assets of the RMPP.