Royal Mail conducted a formal consultation about changes to the RMPP – with the unions and with employees – between 21 September and 21 November 2021.
We understand that Royal Mail:
- have considered consultation feedback from the unions and from employees, which was mainly supportive of the proposed changes,
- wish to press ahead with the proposed changes, including the implementation of the Royal Mail Collective Pension Plan (“the Collective Plan”) as previously specified, as soon as possible (subject to the government making some changes to the law that are needed to make the Collective Plan possible), and
- aspire to send an application to The Pensions Regulator (“TPR”) in the summer when TPR will commence their processes for reviewing and authorising pension plans of this nature.
There remains some uncertainty about how long it will take TPR to grant ‘authorisation’ of the Collective Plan. So, Royal Mail are not yet able to confirm the date that the new Collective Plan will start, and contributions into the RMPP will cease. They hope it will be towards the end of this year or early next year. In the meantime, we confirm that we’re satisfied that Royal Mail fulfilled its obligations regarding consulting on changes to the RMPP.
