LTB 097/24 - Royal Mail Collective Pension Plan (RMCPP)
No 097/24
Dear Colleague
ROYAL MAIL COLLECTIVE PENSION PLAN (RMCPP)
We wish to provide Branches and members with an update in respect of the Royal Mail Collective Pension Plan (RMCPP) also known as the Collective Defined Contribution or CDC scheme.
The news is relatively positive with good progress having been made in recent months to ensure the legal framework is in place to launch the scheme later this year.
This work has included engaging with the Pensions Minister at the DWP along with HMRC. Regular meetings are also held with Royal Mail to ensure that everything possible is being undertaken to make the scheme a reality. Following our most recent meeting we agreed with Royal Mail that an update should be provided on their internal pensions page and this is as follows:
Update on the Royal Mail Collective Pension Plan
It has been a while since we last updated you on the progress towards the Royal Mail Collective Pension Plan (the Collective Plan for short). Lots of work has been going on in the background and we have made good progress on the changes to legislation that we need to make the plan possible.
We are aiming to launch this year. As we’ve always said, we and our unions believe this is the right pension scheme for our people and we are looking forward to it becoming a reality.
If you want to find out more about the Collective Plan, please go to myroyalmail.com/collective-plan
Obviously, it has taken a long time to get to this stage; however, we are more optimistic than ever before that the scheme will come into being this year. This can be seen from the above statement whereby Royal Mail is in the process of building up an administration team within the Pensions Service Centre to facilitate and support the introduction of the scheme.
Essentially, everything is being put in place to ensure the scheme can go live this year. In respect of further developments, these will be reported as events occur.
Any enquiries regarding Pensions should be directed to Andy Furey Assistant Secretary by emailing snicholas@cwu.org.
Yours sincerely
Martin Walsh
Deputy General Secretary (Postal)
Andy Furey
Assistant Secretary