10 Feb 2019, 22:42
10 Feb 2019, 23:46
comeracing wrote:couple of lads in our office recently got payed off iknow one was ill health just wondered how much they would have been entitle too,would they have got a lump sum and a weeks wages for every year worked,anybody got any info or figures on this matter kind regards
11 Feb 2019, 00:58
11 Feb 2019, 05:31
11 Feb 2019, 17:02
11 Feb 2019, 17:34
11 Feb 2019, 21:57
RobertT wrote:Technically EVR still is a possibility for the over 55's as far as I know.
But the terms were changed a few years ago(2015?) meaning that if the total cost to the business is more than 104 weeks pay, then it wouldn't be offered, and normal VR terms would apply instead.
I think EVR will disappear altogether when the RMPP/DBCBS is replaced by the proposed CDC pension.
Presumably both VR & IHR will remain in some form going forward, but whether the current generous terms will continue long term is questionable in my opinion.
25 Feb 2019, 05:40
25 Feb 2019, 14:25
stodgy88 wrote:According to the ready reckoner,if between 55 and 64.5 ,you would receive 26 weeks pay and enhanced pension,enhanced by what percentage ,anyone know
Further to LTB 350/2015 discussions with Royal Mail on the MTSF review have now concluded.
Attached is the review agreement which has been endorsed by the Postal Executive, together with “Additional guidance on ETE cases” which is a Royal Mail policy document which has been amended in consultation with CWU but does not constitute a formal agreement.
Two elements of the MTSF section of the Business Transformation Agreement of 2010 were “time limited” and subject to review. These were:
The suspension of a “cap” of two years pensionable pay on cost to the business of redundancy (which had the effect of enabling members of the Royal Mail Pension Plan aged over 55 to take a package including immediate payment of an enhanced pension).
An additional two years support and an increase in the cap on Excess Travel Expenses from £1,500 to £20,000 for those in the former Letters business whose travel costs exceeded £1,250 per year following redeployment.
These terms were originally due to cease on 31st March 2013 but were extended a number of times, most recently by the “Joint Statement: Balanced approach to growth, efficiency and incentives” which deferred the review until May 2015.
In addition to this, during 2014 HMRC changed its policy on taxability of buy down of hours payments, to make them reckonable for tax and National Insurance (NI). As part of the Joint Statement Royal Mail agreed to pay 50% of the cost of tax and NI, or provide the option of payment of buy down lump sum into pension, again reviewable in May 2015.
Voluntary Redundancy Cap
It has not been possible to persuade the business to further extend the suspension of the cap. With effect from 1st October 2015 the suspension will be lifted. This does not affect redundancy terms based on the multiplier but will limit the ability of members of the Royal Mail Pension Plan (RMPP) to receive immediate payment of enhanced pension to circumstances in which the total cost to the business does not exceed the equivalent of two year’s pensionable pay.
Where the combined redundancy and pension cost would exceed the equivalent of two years pensionable pay, cash compensation of 104 weeks pensionable pay will be offered instead.
If a redundancy exercise is already in progress and some employees have a last day of service before 1st October and some after, the current terms will apply throughout.
stodgy88 wrote:P.S I am already taking my defined contribution pension,and have recently been re-enrolled in the latest royal mail pension thanks.