Collective Plan launching

How much you contribute to your pension is based on your Pensionable Pay. Pensionable Pay in the Collective Plan is different from Pensionable Pay in previous Royal Mail pension schemes, so from 7 October you may see a slight difference in the amount you pay into your pension (and therefore to your take-home pay). Click here for a guide on how this change will look to you.

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 scheme is part way through October, this month you will pay contributions to both your old and new schemes. From 1 to 6 October to your previous scheme, 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.

For more resources to understand Royal Mail pensions visit Your Pension | myroyalmail. You can also follow #understandingpensions to see the latest tools.

You can also visit the Pensions Helpdesk for 1 on 1 support.