MRM.COM: Collective Plan launching 7 October

[POSTMAN]

https://www.myroyalmail.com/news/2024/1 ... -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).

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 https://www.myroyalmail.com/pensions
You can also follow #understandingpensions to see the latest tools.



Clean link...https://www.cwu.org/wp-content/uploads/ ... le-Pay.pdf

[POSTMAN]

https://www.cwu.org/ltb/ltb-324-24-roya ... h-october/

LTB 324/24 – Royal Mail: Pensions – Launch of the Collective Plan – Monday 7th October
No: 324/24

3rd October 2024

Dear Colleagues,

Royal Mail: Pensions – Launch of the Collective Plan – Monday 7th October

Branches are reminded that the new Collective Plan will launch on Monday 7th October. This brings to a conclusion a long journey since the concept and key principles were endorsed as an integral part of the Four Pillars Agreement. The Collective Plan is the first of its kind across the UK and it is possible that this positive development will be picked up by the press and media.

Since the publication of LTB 304 dated 11th September, the number of members who have signed up for either the Lump Sum Booster (LSB) or the AVC have significantly increased as follows:

• LSB 28,724

• AVC 5,268

In addition, 983 people who were not going to join automatically have opted into the Collective Plan which is also encouraging.

We have agreed with Royal Mail there will be a message on both weekly and monthly payslips alerting members to the possibility they may see a change in pension contributions and take home pay as pensionable pay may have changed. Although it is considered that if there is any change it will be small for most people.

Branches are urged to remind members who are not in a pension scheme and have at least 12 months’ service that they can still opt in to the Collective Plan, though it will not take effect from day one of the Collective Plan. Furthermore, members are still able to apply via the People App for the LSB or AVC even after the Collective Plan launches. Please ask members to visit the Royal Mail Collective Plan website for further information: www.myroyalmail.com/collective-plan

In closing, the Collective Plan has been a long time coming and we are pleased our members will be able to take advantage of a pension for life and a guaranteed lump sum at retirement as these are important benefits for our members’ futures.

Yours sincerely,

Martin Walsh

Deputy General Secretary (Postal)

Andy Furey

Assistant Secretary

[POSTMAN]

https://www.cwu.org/ltb/ltb-329-24-roya ... -launched/

LTB 329/24 – Royal Mail: Pensions – The Collective Plan Successfully Launched
No: 329/24

9th October 2024

Dear Colleagues,

Royal Mail: Pensions – The Collective Plan Successfully Launched

Further to LTB 324/24 dated 3rd October. The Collective Plan was successfully launched on Monday 7th October and all payroll processes are in place to reflect the 6% employee contribution.

Branches and Representatives are advised that pensionable pay is different in the Collective Plan to the previous schemes. This will have a relatively minor impact on the amount of money associated with pension contributions and in turn this will have a small impact on take-home pay for most people.

In the Collective Plan, more elements of pay are pensionable, so most members in some circumstances will see an increase in their Pensionable Pay. This means members impacted will see a small increase in their contributions, and a small decrease in their take-home pay after tax relief. However, crucially, Royal Mail’s contribution and the benefit members receive from the Collective Plan are also based on this new, higher, Pensionable Pay. This is explained further in the attached slides produced by Royal Mail. Branches are urged to refer to these slides when receiving enquiries from members about changes to their take-home pay.

• those who joined Royal Mail after 2008 and were in the RMDCP

• those who joined Royal Mail before 1987, were in Section B of RMPP and contributed to DBCB

• those who joined Royal Mail between 1987 – 2008, were in Section C of RMPP and contributed to DBCB

• those who joined Royal Mail between 2008 – 2024, were in Section F of RMPP and contributed to DBCB

Branches and Representatives may also receive enquires from members as to why their AVCs have not been taken from payroll this week. The explanation for this is that the member hasn’t instructed Royal Mail to start a fresh AVC as part of the Collective Plan, which is the requirement of the Trustees. Essentially, as previously advised, AVCs linked to former schemes have now ceased and new AVCs will have to be set up (this can be done via the People App).

Please ask members to visit the Royal Mail Collective Plan website for further information and FAQs: www.myroyalmail.com/collective-plan

Yours sincerely,

Martin Walsh

Deputy General Secretary (Postal)

Andy Furey

Assistant Secretary

Clean link...https://www.cwu.org/wp-content/uploads/ ... le-Pay.pdf

[gimba]

What happens to the Scottish widow money? just stays there, or moves into this new 7th october plan?

[RobertT]

What happens to the Scottish widow money? just stays there, or moves into this new 7th october plan?

In the RMDCP?

You can either keep it with SW or transfer it to your own personal pension.