colleague share scheme

[goldi2k9]

if i accept ill health retirement without immediate pension will i get the colleague share thing paid as well at the same time as my lump sum ?


thanks again folks

[tailfly12]

Don't count on the colleague share scheme the way this business is going we will be getting nothing.

[Poshpost]

The colleague share guide states on page 7 "If, however, you are made redundant, retire or take ill health retirement, or if your business is transferred out of the Company then, provided you have had the ColleagueShares for at least one year we will buy them from you at their current valuation. So, we would look back at the most recent valuation and buy them back from you at that price." The most recent valuation was £1,279.80 dated 1st October 2008. So it would appear that if you don't leave until after the next valuation, which is not that far away, the amount could be even more, remember all divisions of Royal Mail made a profit for the first time in something like 30 years.

[baldrick]

The colleague share guide states on page 7 "If, however, you are made redundant, retire or take ill health retirement, or if your business is transferred out of the Company then, provided you have had the ColleagueShares for at least one year we will buy them from you at their current valuation. So, we would look back at the most recent valuation and buy them back from you at that price." The most recent valuation was £1,279.80 dated 1st October 2008. So it would appear that if you don't leave until after the next valuation, which is not that far away, the amount could be even more, remember all divisions of Royal Mail made a profit for the first time in something like 30 years.

Afraid not. The so-called 'Colleague Shares' have gone down in value.

[Howard]

Didnt the colleague shares get written off in the last "pay agreement " ?
Our DO was led to believe so.

[POSTMAN]

Didnt the colleague shares get written off in the last "pay agreement " ?
Our DO was led to believe so.

No,you recieved the £400 divi (pro rata) early as blood money for voting yes for the agreement.Shares are still there.

[fishtank]

Didnt the colleague shares get written off in the last "pay agreement " ?
Our DO was led to believe so.

No,you recieved the £400 divi (pro rata) early as blood money for voting yes for the agreement.Shares are still there.

The money from the final issue of shares was used for the transformation lump sums,the next blood money....all that's left is what was in it up to 2008 which is just over a grand i think.

[Howard]

Theres definately some confusion in our DO then.We havent had a rep for some time but now a lad is doing it(we usually had to rely on the area rep) and hes doing ok.I`ll ask him to have a look into it tomorrow,cause as far as any of us are concerned the last pay agreement included writing the imaginary shares off.
Will see what he comes up with.

[fishtank]

Theres definately some confusion in our DO then.We havent had a rep for some time but now a lad is doing it(we usually had to rely on the area rep) and hes doing ok.I`ll ask him to have a look into it tomorrow,cause as far as any of us are concerned the last pay agreement included writing the imaginary shares off.
Will see what he comes up with.

This is what the agreement says.....

The 2010 dividend payment linked to business results due to be announced in June has been brought forward and the dividend will now be paid on ratification of the agreement.

......Had it £400

The final instalment of ColleagueShares will be replaced for employees covered by this agreement, by lump sum payments including additional monies bringing the total to £1000 (pro rata for part time employees). These will be known as Transformation Lump Sums and payment is linked directly to key transformation milestones.

.....get it with the revisions.

Additionally both parties recognise that ColleagueShares operates in a way that replaces our traditional approach to productivity and that only by reaching this agreement and working together to deliver transformation will the value of ColleagueShares be higher. The current value is £1.51 per share. They will be bought back by the company in two equal parts in 2011 and 2012.

.....Two equal amounts approx £550 each.

[POSTMAN]

Ok confused here Fish,we know the £400 bit,but what about the shares we have left,how many is there in total left and are you saying we loose some for part of the £1000 bribe.

[fishtank]

Ok confused here Fish,we know the £400 bit,but what about the shares we have left,how many is there in total left and are you saying we loose some for part of the £1000 bribe.

It is very confusing POSTMAN and to be honest i'm not sure how legal it all is.
How about we find out from the source?

colleagueshares@royalmail.com

Just emailed them with this...

Dear Sir/Madam

I am a full-time OPG with Royal Mail and was at the time of the original issue of colleague shares and i was wondering if you could provide me with the following information.
How many shares i currently hold and their value?
How much has been paid out to me in dividends?
What the final instalment would have been had it not been incorporated into the transformation lump sums?
What were the actual instalment dates and their value?

I would be grateful if you could help me with this matter.

Will see if we get a reply.

[Big Daz]

I have the answers to amount of shares held will look it up.

[Big Daz]

Ok confused here Fish,we know the £400 bit,but what about the shares we have left,how many is there in total left and are you saying we loose some for part of the £1000 bribe.

Yes the third allocation had not taken place when talks started so CWU were able to persuade RML to do something different. I recall legal barriers prevented doing something different with allocation 1 and 2 as they had already been made.

Based on how many shares currently held for a OPG who was FT at both allocations and the current share value then the £1000 is superior in monetary terms at this moment in time. The value of RM will have to increase somewhat to make the £1000 a inferior sum money.

Time will tell.

[Big Daz]

2007 (Issue 1) was 408 shares

2008 (Issue 2) was 303 shares

The above figures are for FT established staff and sub postmasters.

That gives 711 shares curently valued at £1.51 which is £1073.61

You will get £1000 in three stages when revisons are deployed.

It is pro rata for PT and new joiners.

I was 40 hours at issue 1 and 30 hours at issue 2

My total shares are 636 which is £960.36

I get £750 in replacement of a third share allocation which comes in three stages once revsions are deployed in my D.O

[Big Daz]

Theres definately some confusion in our DO then.We havent had a rep for some time but now a lad is doing it(we usually had to rely on the area rep) and hes doing ok.I`ll ask him to have a look into it tomorrow,cause as far as any of us are concerned the last pay agreement included writing the imaginary shares off.
Will see what he comes up with.

As fishtank says it was the third allocation that were written off, except they werent as they were never actually issued in the first place.