The Postal Services Act 2011 (Transfer of Assets) Order 2012
This Order implements sections 21 and 22 of the Postal Services Act 2011 (c. 5) (“the Act”). It transfers assets from the Royal Mail Pension Plan (“RMPP”) to a Fund established by the Secretary of State for Business, Innovation and Skills (the Business Innovation and Skills Fund Limited, “the Fund”) and prescribes how the assets and liabilities of the RMPP must be valued for the purposes of the transfer. This Order will come into force at the same time as the Postal Services Act 2011 (Transfer of Accrued Pension Rights) Order 2012 (SI No. 2012/687) (“the Benefits Order”), which transfers all the historic liabilities of the RMPP to a new public scheme.