The source of the potential extra lump sum and the CDC pension. ..

[Woody Guthrie]

The surplus relates to the pension which closed in 2018.

In a strange way it also relates to the pension which the government took over because when the government took the roughly £25 billion in assets along with the £38 billions in liabilities they left Royal Mail with approximately £2 billion in assets to use as a primer for the new 2012 pension.

So I guess you could say it's a bit of both.

By 2017 I think the pension had an indicative surplus of around £3.3 billion but I think by the time it closed in 2018 it was closer to the original £2 billion.

My personal opinion is this was the money Royal Mail were actually talking about when they accidentally mentioned a war chest during an interview but then fearing how it would play out using a pension surplus to break a strike they quickly changed tune and said the war chest was actually a credit facility with the banks.

That didn't ring true at all.

[Acca Dacca]

The surplus relates to the pension which closed in 2018.

In a strange way it also relates to the pension which the government took over because when the government took the roughly £25 billion in assets along with the £38 billions in liabilities they left Royal Mail with approximately £2 billion in assets to use as a primer for the new 2012 pension.

So I guess you could say it's a bit of both.

By 2017 I think the pension had an indicative surplus of around £3.3 billion but I think by the time it closed in 2018 it was closer to the original £2 billion.

My personal opinion is this was the money Royal Mail were actually talking about when they accidentally mentioned a war chest during an interview but then fearing how it would play out using a pension surplus to break a strike they quickly changed tune and said the war chest was actually a credit facility with the banks.

That didn't ring true at all.

Then why are the union telling us that this warchest is money that RM can only access with an agreement and thats why administration could be on the cards without it?

Im pretty sure Martin agreed that the warchest was the credit facility IIRC.

[Woody Guthrie]

It's my personal opinion, that's why I said it was my personal opinion.
The whole thing didn't ring true.
Nobody calls an overdraft facility a war chest and no financial institution lends a company money to piss away on agency staff and hire vans during industrial action, that is afterall what they were threatening to do with the war chest, nothing to do with agreements.
But like I said... It's a personal opinion.

[Acca Dacca]

It's my personal opinion, that's why I said it was my personal opinion.
The whole thing didn't ring true.
Nobody calls an overdraft facility a war chest and no financial institution lends a company money to piss away on agency staff and hire vans during industrial action, that is afterall what they were threatening to do with the war chest, nothing to do with agreements.
But like I said... It's a personal opinion.

I also think they are being economical with the truth shall we say on a few things and that’s part of the reason I’m struggling to swallow this deal

Your opinion on here is one that holds weight for me and you’ve managed to accept that the deal should be agreed - I’m still wrestling with that

[koolishy67]

£1000 plus £500 total £1500 plus back pay from April

[FirstPost]

£1000 plus £500 total £1500 plus back pay from April

Backdated to April 23 including all rates, overtime and supplements?

[thefox]

£1000 plus £500 total £1500 plus back pay from April

Backdated to April 23 including all rates, overtime and supplements?

You sure about that i could have swore it was 1st April backdated

[Shadedpostie]

£1000 plus £500 total £1500 plus back pay from April

Backdated to April 23 including all rates, overtime and supplements?

You sure about that i could have swore it was 1st April backdated

From what the union have said you are correct, it's backdated from 1 April 23 onwards, nothing from last year since had the two percent last year backdated. You wouldn't have even noticed because it was so miniscule.

[FirstPost]

£1000 plus £500 total £1500 plus back pay from April

Backdated to April 23 including all rates, overtime and supplements?

You sure about that i could have swore it was 1st April backdated

From what the union have said you are correct, it's backdated from 1 April 23 onwards, nothing from last year since had the two percent last year backdated. You wouldn't have even noticed because it was so miniscule.

So what percentage is it from April 1st 23?

[Burghboy]

£1000 plus £500 total £1500 plus back pay from April

Backdated to April 23 including all rates, overtime and supplements?

You sure about that i could have swore it was 1st April backdated

From what the union have said you are correct, it's backdated from 1 April 23 onwards, nothing from last year since had the two percent last year backdated. You wouldn't have even noticed because it was so miniscule.

So what percentage is it from April 1st 23?

6% so £26 a week roughly…

[Valentina@1]

£35 before tax

[stevejm]

If its a £1,500 lump sum we should jump at it. Never look a gift horse in the mouth.

Why not? the hidden dental fees could be astronomical

[daveyeff]

It's my personal opinion, that's why I said it was my personal opinion.
The whole thing didn't ring true.
Nobody calls an overdraft facility a war chest and no financial institution lends a company money to piss away on agency staff and hire vans during industrial action, that is afterall what they were threatening to do with the war chest, nothing to do with agreements.
But like I said... It's a personal opinion.

a lot of people share that opinion woody. me included. a lot of what they say....a f***ing HELL of a lot the say doesn't ring true. in fact most of us just think they are a bunch of out and out brass-neck liars. they've done it for decades.

[daveyeff]

The CWU area reps came to my office today,scaremongering at its finest,”vote no & all your jobs at risk” was the crap they were filling people’s heads with
They also mentioned this Ezra lump sum,but never said it was part of an old pension scheme,
I wouldn’t put it past this mob to somehow include it as part of this poxy deal

its coming to something when our own union looks to be sanctioning a bribe just to get a shite deal voted in.

[Woody Guthrie]

its coming to something when our own union looks to be sanctioning a bribe just to get a shite deal voted in.

Dave and Andy both mentioned that they were still working to increase the pay award behind the scenes when the agreement was originally announced.

I'm not sure how you win as a union, would we rather they hadn't bothered?