Royal Mail Pension Plan (PO-18064)

Ombudsman’s Determination

Outcome

I do not uphold Mr Y’s complaint and no further action is required by the Trustee.

My reasons for reaching this decision are explained in more detail below.

Complaint summary

Mr Y’s complaint concerns him being contracted-out of the additional State Pension. He believes he will be financially worse off, at State Pension Age (SPA), because he was contracted-out.

Mr Y also believes that his guaranteed minimum pension (GMP), has been incorrectly calculated, because his GMP is lower than the estimated contracted-out pension equivalent (COPE), that will be deducted from his additional State Pension.