New deal VR,EVR terms???

[genesis]

what would be the difference between someone aged 50-54 taking EVR and someone over 55 -i am 53 and would get maximum allowed-2years pay. cheers

The agreement wouldn'r make any difference to your VR terms.
If you are 53 and have at least 22 years service you would still get the maximum 104 weeks Voluntary Redundancy payment.

But to get EVR, ie your enhanced pension (and pension lump sum where applicable) plus 26 weeks Redundancy compensation, you would have to wait until you are 60 after 1 April.

Though you might get TMA (Termination by Mutual Agreement) between 55-59 - with that you get either:
TMA1a - A VR payment of up to 104 weeks plus an actuarially reduced pension or deferment of pension until age 60.
or
TMA1b - immediate payment of a non-enhanced and non-reduced pension (and pension lump sum where applicable)
based on actual reckonable service. There is no additional compensation paid.

If you defer the pension until 60 do you still get the lump sum?

[baldrick]

If you defer the pension until 60 do you still get the lump sum?

If you are a Section A member (formerly POSS - ie before April 1987) you would get the lump sum (3x annual pension).
If you are a Section B member (formerly POPS - ie joined RM after 1 April 1987) you don't get a lump sum unless you
convert part of your pension. I don't know if you could do that if you defer the pension though.

[belle smith]

Current VR Compensation terms-

0.5 weeks assessable pay for each full year of service under the age of 22; plus
1.0 weeks assessable pay for each full year of service from age 22 to age 40; plus
1.5 weeks assessable pay for each full year of service over the age of 41
added together, the total from the above is then multiplied by 3.75 to give total No of week's entitlement.

Minimum entitlement = 26 weeks compensation
Maximum entitlement = 104 weeks compensation

The maximum entitlement has increased i think under some circumstances, from October 2010 to October 2013, subject to a review in 2012
1 thing which is better under this agreement is EVR & VR terms.

[baldrick]

I must have missed that. How have VR/EVR terms been improved in the agreement?

[belle smith]

I must have missed that. How have VR/EVR terms been improved in the agreement?

[Ethilfrog]

Likewise in MCs, as I understand it any PBS/CSI supplement (which is pensionable) will be reduced by £8, and replaced by
the new non-pensionable £8 supplement, again reducing any VR or EVR payment.

Not quite right Baldrick, PBS is not pensionable.

[naughton]

the new terms state that age discrimination goes ,but senerority stays,so thats a improvement,if your between a certain age.

[baldrick]

Likewise in MCs, as I understand it any PBS/CSI supplement (which is pensionable) will be reduced by £8, and replaced by
the new non-pensionable £8 supplement, again reducing any VR or EVR payment.

Not quite right Baldrick, PBS is not pensionable.

Are you sure about that? I thought it was.
What would be the point of replacing the first £8 of PBS/ICS with a non-pensionable £8 supplement then?

[snoopywonderdog]

Hi,
If VR EVR on offer in a delivery office, is it on offer for all staff or can they exclude some. ( drivers, proffesional drivers, etc )

[TrueBlueTerrier]

Hi,
If VR EVR on offer in a delivery office, is it on offer for all staff or can they exclude some. ( drivers, proffesional drivers, etc )

AFAIR the do a preference exercise first so apply then, if you qualify they will make you an offer. Filling out a preference form is not a binding commitment to accept the offer if it is made.

[snoopywonderdog]

Hi True blue,
Just that we have heard that there could be evr, at our office, yet they say it will not be available for drivers, just wondered if they could do that.

[Ethilfrog]

Likewise in MCs, as I understand it any PBS/CSI supplement (which is pensionable) will be reduced by £8, and replaced by
the new non-pensionable £8 supplement, again reducing any VR or EVR payment.

Not quite right Baldrick, PBS is not pensionable.

Are you sure about that? I thought it was.
What would be the point of replacing the first £8 of PBS/ICS with a non-pensionable £8 supplement then?

In many places PBS is currently less than £8, people there will see a gain. Where I work we get more, so no benefit to me. I'm guessing they want to make us more equal. The various amounts of PBS were set many years ago (I joined in 2000 and it was before my time) and may perhaps seem anomalous now. Just a theory.

[TrueBlueTerrier]

Hi True blue,
Just that we have heard that there could be evr, at our office, yet they say it will not be available for drivers, just wondered if they could do that.

I think they can - the idea of making people redundant even if voluntary is that they cannot replace their job until a certain amount of time has elapsed. Now if drivers were made redundant (even voluntary) when they will need to employ more both within the job and from outside, they could fall foul of this.

Early Voluntary retirement has age limits on it as well but if you qualify on the basis you could opt for an EVR as that does not have the same rules as redundancy.

[baldrick]

Likewise in MCs, as I understand it any PBS/CSI supplement (which is pensionable) will be reduced by £8, and replaced by
the new non-pensionable £8 supplement, again reducing any VR or EVR payment.

Not quite right Baldrick, PBS is not pensionable.

Are you sure about that? I thought it was.
What would be the point of replacing the first £8 of PBS/ICS with a non-pensionable £8 supplement then?

In many places PBS is currently less than £8, people there will see a gain. Where I work we get more, so no benefit to me. I'm guessing they want to make us more equal. The various amounts of PBS were set many years ago (I joined in 2000 and it was before my time) and may perhaps seem anomalous now. Just a theory.

Or perhaps they are planning to scrap the remaining PBS supplements at some point, and just leave the new £8 supplement.

[naughton]

if you have decided to take reduced early pension,will this have any effect on your likelyhood of receiving EVR