Collective Plan launches
The Royal Mail Collective Pension Plan and its benefits launch today.
After a lot of hard work and collaboration between Royal Mail, Communications Workers Union (CWU) and Unite CMA, we’re excited to launch the new Collective Plan today, 7 October 2024.
As of today, we have one plan for everyone, with every employee with at least a year’s service being eligible to join.
The Collective Plan is managed by an board of Trustee Directors, independent of Royal Mail. They have set everything up ready to run the Collective Plan and will be writing to you shortly to welcome you to the Collective Plan, and to let you know how to sign up to the “self service” portal. You can visit the Collective Plan website for more information on the plan and how it’s run.
Will I see a difference on my payslip?
How much you contribute is based on your Pensionable Pay. Pensionable Pay in the Collective Plan is different from Pensionable Pay in previous Royal Mail pension schemes, so you most people will see a small difference in the amount you pay into your pension (and therefore to your take-home pay) from 7th October. Click here for a guide.
You also need to be aware of how the transition between your old pension to the Collective Plan will appear on your payslips.
If you are paid monthly: As the launch date of the new schemes is part way through October, during October you will pay contributions to both your old and new schemes. To your previous scheme from 1 to 6 October, and to the Collective Plan from 7 to 31 October. Therefore, you will see contributions to both on your payslip. This is correct.
If you are paid weekly: You will generally see contributions to only one scheme in your payslip. In the week from 30 September to 6 October, you will contribute to your old pension scheme. From the week of the 7 to 13 October, you will contribute to the Collective Plan.
If you have had a backdated change: If you have a backdated change that affects your Pensionable Pay prior to 7 October or you receive payment for pensionable overtime, this may generate contributions to your old scheme alongside contributions for your new scheme. Therefore, you will see both on your payslip. This is correct.
Where can I find out more about the Collective Plan and other Royal Mail pensions?
You can find information on the Collective Plan and all the other Royal Mail pension arrangements at our Pensions hub: Your Pension | myroyalmail
You will also find information on the Collective Plan on the Collective Plan website, set up by the Trustee: https://rmcollectiveplan.com/
