As part of the 2011 Act, Postcomm was merged into the communications regulator Ofcom on 1 October 2011, with Ofcom introducing a new simplified set of regulations for postal services on 27 March 2012. On 31 March 2012, the Government took over the historic assets and liabilities of the Royal Mail pension scheme, relieving Royal Mail of its huge pensions deficit. On 1 April 2012, Post Office Ltd became independent of Royal Mail Group, and was reorganised to become a subsidiary of Royal Mail Holdings, with a separate management and board of directors. A 10-year inter-business agreement was signed between the two companies to allow Post Offices to continue issuing stamps and handling letters and parcels for Royal Mail. The Act also contained the option for Post Office Ltd to become a mutual organisation in the future.