# Royal Mail Defined Benefit Pension Plan

Royal Mail Defined Benefit Pension Plan is a Pension Fund based in London, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** rmpensionplan.org.uk

## Regulatory record

- **Reports private funds:** No

## About

The Royal Mail Defined Benefit Pension Plan (RMPP) was established in 2012 when the UK government carved the historic Royal Mail Pension Plan out of the newly privatized Royal Mail Group. The government assumed the plan's legacy assets and liabilities, transferring them to a new statutory scheme, while RMPP remained as a separate ongoing fund for benefits accrued after the restructuring. Joanna Matthews has led the Trustee Board since inception, overseeing the governance of a fund that still serves as a cornerstone of retirement security for the UK's postal workforce. The plan's investment strategy spans a diversified portfolio including public equities, fixed income, and a significant allocation to private markets. RMPP has built direct real estate exposure through holdings such as a UK residential investment via Wayhome and a broader mixed-use UK real estate portfolio. The fund also holds energy and natural resources exposures and actively pursues early-stage venture capital strategies, reflecting a long-duration approach that seeks illiquidity premia to support its mature liability profile. Geographic focus remains predominantly domestic, though the plan's asset mix implies secondary exposure across European and global markets through fund commitments. In September 2024, RMPP appointed Michael Airey as Chief Executive Officer, succeeding Richard Law-Deeks who had held the role since 2018. The plan operates with a lean executive team supporting the Trustee Board, and while total staff numbers are not publicly disclosed, its governance structure is characterized by employer-nominated and member-nominated trustees. RMPP is a signatory to the UN Principles for Responsible Investment and the UK Stewardship Code, and participates in Climate Action 100+ and the Transition Pathways Initiative, positioning stewardship as a core function within its investment governance framework. The fund's structural distinction lies in its sponsoring covenant. RMPP is not a standalone sovereign entity but a regulated UK occupational pension scheme with two statutory sponsors, International Distributions Services and Post Office Limited. This dual-employer structure creates a complex negotiating environment, made more acute when EP Group acquired IDS in 2024. The Trustee secured legally binding governance undertakings from Daniel Křetínský's EP Group as a condition of the acquisition, reinforcing the plan's ability to protect member benefits against sponsor-level corporate activity — a governance posture uncommon among even the largest UK pension funds.

## Sectors

- Real Estate
- Energy Transition & Renewables
- Venture Capital

## People

- Joanna Matthews — Chair of the Trustee Board
- Michael Airey — Chief Executive Officer

## Questions

### Who runs investment decisions at RMPP?

Investment decisions are overseen by the Trustee Board, chaired by Joanna Matthews since 2012. Day-to-day execution is led by the Chief Executive Officer, a role held by Michael Airey since September 2024. The plan delegates portfolio management to external fund managers across asset classes including public equities, fixed income, real estate, and venture capital.

### How does RMPP's sponsor covenant work?

RMPP has two statutory sponsoring employers: International Distributions Services (formerly Royal Mail Group) and Post Office Limited. This dual-sponsor structure means the plan's funding health depends on the financial strength of both entities. In 2024, when EP Group acquired IDS, the Trustee secured legally binding governance undertakings from Daniel Křetínský's vehicle to protect the plan's position.

### How is RMPP related to the government's Royal Mail Statutory Pension Scheme?

When Royal Mail was privatized in 2012, the government carved out the legacy pension liabilities into a new statutory scheme, taking on responsibility for benefits accrued before the restructuring date. RMPP remained as the ongoing funded plan for benefits accrued after 2012, making it a separate legal entity from the government-backed legacy scheme.

### What is RMPP's approach to responsible investment?

RMPP is a signatory to the UN Principles for Responsible Investment (since 2021), the UK Stewardship Code, and Climate Action 100+. The plan also participates in the Transition Pathways Initiative, signaling a stewardship approach that engages portfolio companies on climate transition rather than relying on blanket exclusions.

## Related profiles

- [Royal London](https://altss.com/profile/royal-london)
- [Royal Oak Financial Group](https://altss.com/profile/royal-oak-financial-group)

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Last updated: 2026-06-03T20:00:00.000Z

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