Royal Mail Group appoints Zurich - EXCLUSIVE

[Geezer]

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Andrew Sheen

Trustees of the new Royal Mail defined contribution plan have appointed Zurich to provide the scheme with investment and administration services.

The scheme - which has been open to employees joining Royal Mail from April 2008 and will begin to accept contributions from April this year - expects to have around 9000 entrants each year, making it one of the largest DC schemes in the UK.

Zurich will be responsible for providing a bundled package of investment, administration and communications services - including "white label" investment funds and tailored administration services with dedicated Royal Mail service teams and helplines.

All member communication will be specifically designed and targeted at the Royal Mail workforce.

Royal Mail Group human resources director and chairman of the scheme's board of trustees Jon Millidge said: "Zurich clearly demonstrated not only market leading service, people and robust business controls, but also a strong desire to partner Royal Mail Group and to deliver our members a scheme that we can all be proud of."

Zurich Corporate Pensions distribution director Stephen Lefley added: "We are confident that by engaging with potential members through effective communications, we can encourage active scheme participation from Royal Mail employees."

Royal Mail closed its defined benefit scheme to new members on March 31 last year. It said new employees would qualify for a DC plan once they had completed one year of service.

[POSTMAN]

9000 entrants each year!! Is that right?