LTB 282-24 – ROYAL MAIL: RMCPP – THE COLLECTIVE PLAN
No: 282/24
23rd August 2024
Dear Colleagues,
ROYAL MAIL: RMCPP – THE COLLECTIVE PLAN
Further to LTB 241/24 dated 12th July.
Regular discussions continue with Royal Mail in regard to raising awareness of the benefits of The Collective Plan. In this regard, Royal Mail has helpfully produced a brief video that answers the following questions:
- How do I save extra into The Collective Plan?
- What happens with my benefits if I retire earlier than 67?
- I’m nearing retirement – is it worth me joining The Collective Plan?
- Can I transfer my savings from other pension pots into The Collective Plan?
- What are the death-in-service benefits and how can I make sure they go to my loved ones?
Guaranteed Lump Sum Booster – 1% Matched by Royal Mail – We are pleased that over 17,000 people have already registered to activate the guaranteed Lump Sum Booster of 1% which is matched by Royal Mail.
Additional Voluntary Contributions (AVCs) – There has also been a good take-up of AVCs, with over 3,300 people opting to add to their 6% contributions.
Both of the above attributes of the scheme are worth considering and can be activated very easily via the People App. Branches are encouraged to bring these benefits to the attention of our members. It should also be noted that to ensure that either or both the guaranteed Lump Sum Booster and AVCs commence from the launch of The Collective Plan on 7th October, applications should be registered by Friday 13th September to ensure payment is made via payroll from October. Applications can be made after this date but will be activated after 7th October.
More information on The Collective Plan can be found at: www.myroyalmail.com/collective-plan.
Yours sincerely,
Martin Walsh – Deputy General Secretary (P)
Andy Furey – Assistant Secretary