COLLEAGUE SHARE PAYMENTS FOR VR

[skint123]

I took VR last summer. Part of the deal was that my colleague shares would be bought back within six weeks.
This was detailed within the VR contract i signed. There has been no payment for these shares and the royal mail board has suspended payments until further notice.
I have been to ACAS and now am going to an employment tribunal requesting re-employment. the date is set for March. If royal mail lose the case they may well have to offer re-employment to all those who took VR and who have not been paid money owed for colleague shares. I am puzzled though, the CWU have offered no assistance to myself or any others I know who are in the same boat.
This is a national issue, with major consequences if royal mail lose. Employment tribunal rulings are legally binding. I know Royal Mail say payment is imminent on colleague shares, but they told ACAS in the beginning of October that payment would be made within days.
Has anyone got any news or views?

[POSTMAN]

CS booklet here which may answer some of your questions...
http://www.royalmailgroup.com/portal/rm ... d=79700739" onclick="window.open(this.href);return false;

[skint123]

Thanks for your help but the link posted doesn't work

[POSTMAN]

Try again,and see the brochure link in the link.

[skint123]

Part of the VR agreement was that the shares would be purchased back at the last valuation within 6 weeks of leaving. This was part of the VR deal, it amounted to about 10% of my VR. It was not separate to the contract, but an integral part. Royal mail have now decided that they will await a new valuation of the business before paying. This could be as late as 2012.
If I was told that my VR package would have been 10% lower I would not have taken it. In the previous VR rounds payments were always made as contracted. Royal Mail have now decided that they do not have to honour contracts, they think they can do what they like. I have had to take them on, on my own. I will be self representing at the tribunal.

[POSTMAN]

For info the shares at the last valuation were only worth if you were full time just over £1000.

[stokes11eg]

Part of the VR agreement was that the shares would be purchased back at the last valuation within 6 weeks of leaving. This was part of the VR deal, it amounted to about 10% of my VR. It was not separate to the contract, but an integral part. Royal mail have now decided that they will await a new valuation of the business before paying. This could be as late as 2012.
If I was told that my VR package would have been 10% lower I would not have taken it. In the previous VR rounds payments were always made as contracted. Royal Mail have now decided that they do not have to honour contracts, they think they can do what they like. I have had to take them on, on my own. I will be self representing at the tribunal.

:if you have this deal in solid black and white, they can't renage--was it actually calcualed into the amount of V.R offered and presented to you prior to acceptance? Good for you for taking them on,and hope you win.

[Lincox]

I would bet my house on them paying out before you get to tribunal. They will not take the risk of losing, or want the cost of defending.

[easter bunny]

Shares were valued at £1.51 and FT staff with service of 5 years have 800 of them....They were worth a few quid less than £1100. Tax and NI is payable on it.

I heard that they are being revalued at the moment however you should be honoured what they were worth at the time which was the above. The amount is being paid in 2 stages this year and next at the new valuation, whatever that may be.

The shares would pay NO part in whatever TMA sum you received of the RM.