Eligible employees will shortly start taking part in pension salary exchange (PSE). Monthly-paid employees will be enrolled on 1 August, and weekly-paid employees on 3 August.
You will have been automatically enrolled in PSE if you’re a member of a Royal Mail pension plan and did not opt out before the 15 July 2015 deadline.
PSE on your payslip
Under PSE, the left-hand column of your payslip will show ‘PSE adj’ and the name of the Royal Mail pension plan of which you are a member. . You will stop making a personal contribution to your pension. Instead, Royal Mail pays an amount into your pension equal to the contribution you would have paid. This change enables you to make National Insurance contribution (NICs) savings. By making this change, your take-home pay will increase, if you pay NICs.
PSE has no effect on the overall level of contributions made to your pension, your pensionable pay, pensions benefits or other Royal Mail benefits you receive.
You can see examples of how your payslip may appear after PSE by clicking here. http://www.myroyalmail.com/node/6795" onclick="window.open(this.href);return false;
If you have any queries please contact your.news@royalmail.com