MRM.COM : Consultation on a new Royal Mail pension plan : It's time to consult about proposed changes to your pension.

[POSTMAN]

https://www.myroyalmail.com/collective- ... ky0c-VMFuE

In 2018, Royal Mail and the Communication Workers Union (CWU) agreed that people working for Royal Mail Group Limited (including Parcelforce) should have a pension plan that gives them two things: a cash lump sum and a wage in retirement.

Together, we’ve designed a pension plan that would do this. We call it the Royal Mail Collective Pension Plan – or ‘the Collective Plan’, for short. It would be the first of its kind in the UK.

If the Plan launches, people who have been with Royal Mail for more than 1 year would stop building up benefits in the Royal Mail Pension Plan (RMPP) and the Royal Mail Defined Contribution Plan (RMDCP) and start building them up in the Collective Plan instead. Benefits they have already built up in RMPP or RMDCP would be there for them when they retire.

This website answers the 6 most important questions people have

What would the Plan give me?
How much would it cost me?
When could I take my benefits?
What would happen to benefits I’ve already built up?
Who would join the Plan?
Why change things?

It also explains what happens next and how you can ask questions and send feedback.

The website is based on the booklet we sent to people, but it gives you a bit more information and some frequently asked questions.

We’re consulting formally with the CWU and Unite

We’re also consulting with employees of Royal Mail Group Limited (except those employed on Casuals Terms of Engagement) and employees of RM Property and Facilities Solutions Limited currently in RMPP, but not other RM Property and Facilities Solutions Limited employees or employees of other Royal Mail Group companies.

The consultation closes on 21 November 2021.

We produced this website just for the consultation. It explains the benefits that the Collective Plan intends to offer, but it does not give anyone a right to those benefits. The benefits that Royal Mail pension plans offer are subject to the rules of those plans and those rules can change. Royal Mail has the right to change, suspend or withdraw any part of its pension arrangements at any time.

‘Together, we have worked hard over the last few years to design an exciting new pension plan for our people and, with consultation underway, we are pleased to see the Royal Mail Collective Pension Plan take a step closer to launch. We all believe that you will be best served by this Plan which would provide a lump sum and a wage in retirement in a way that is sustainable and affordable for the business and members.’

Mick Jeavons, Royal Mail Group Chief Financial Officer

Terry Pullinger, CWU Deputy General Secretary (Postal)

Gary Sassoon-Hales, Unite CMA National Representative

Read more at the link.