voluntary redundancy

[wandle]

monaco
If you started at 29 and are 53 you have 12 years service at 1 week per year and 12 years at 1.5 weeks per year.

12+18 times 3.75 = 112.5 weeks.

EXCEPT

The maximum payout is capped at 104 weeks pay

[fishtank]

EXCEPT

The maximum payout is capped at 104 weeks pay

I've always wondered about that wandle but i've never had a straight answer because BT2010 says

Phase 2: Voluntary Redundancy with last date of service from 1 October 2010
The following provisions will apply from 1 October 2010.

Total cost of compensation (including pensions) will be limited to two times annual pay (as per the definition in MtSF) for all employees. If the total cost of compensation including pensions exceeds the above limit, cash compensation equivalent to two years’ annual pay will be paid. This limit on total cost of compensation will be suspended for the life of this agreement and will be deployed from 1 April 2013.

[monaco]

Thanks for that,but doesn't look good for all those extra years service from April 2013 deployment of the capped limit.

[north london driver]

EXCEPT

The maximum payout is capped at 104 weeks pay

I've always wondered about that wandle but i've never had a straight answer because BT2010 says

Phase 2: Voluntary Redundancy with last date of service from 1 October 2010
The following provisions will apply from 1 October 2010.

Total cost of compensation (including pensions) will be limited to two times annual pay (as per the definition in MtSF) for all employees. If the total cost of compensation including pensions exceeds the above limit, cash compensation equivalent to two years’ annual pay will be paid. This limit on total cost of compensation will be suspended for the life of this agreement and will be deployed from 1 April 2013.

fishtank nice to see you letting a few members know about the v.r
but i also have heard it mentioned about there being a capp after 2 years or 104 weeks.
it does sound nice to a lot of pissed of members but remember you are also taxed after 30 grand.

the latest voluntary redundancy payment chart should be shown on here but
also the reasons for taking it and reasons why not to take it
at the end of the day everyone has different circumstances and wifes who like to spend like no tomorrow.

[dvbuk55]

By all accounts though VRs are not the only ones for some as the compulsory redundancies seem to be on the cards outside of London.

[fishtank]

As far as i'm aware the cap is in place.
To be honest you couldn't exactly not have a cap.
It's just that part of BT2010 has never made much sense to me.
As for giving out advice on taking VR i never have or would.
It's always an individual choice and you should always seek individual financial advice.
All i was doing was number crunching.

[Judgee]

Basing it purely on what I was offered and going by the last EVR you should be offered about 12k!

[arnold cheshire]

WOT WOOD A PART TIMA GET FOR 6 YEARS ON 22 OORS SERVIVE AND 23YEARS SERVICE FAE ROYALTY MAILIE

you would have to ask the welsh postmaster for that

[daveyeff]

monaco
If you started at 29 and are 53 you have 12 years service at 1 week per year and 12 years at 1.5 weeks per year.

12+18 times 3.75 = 112.5 weeks.

fish, is it not up to a max of 102 weeks,,i.e 2 yrs pay

[daveyeff]

sorry, just saw you,re post above. I ALSO NEED A DRINK

[Darren Bent]

so that is about 1 year and 7.5 months before the increased age group EVR money for me if they offer it to me.

[vanman]

As far as i'm aware the cap is in place.
To be honest you couldn't exactly not have a cap.
It's just that part of BT2010 has never made much sense to me.
As for giving out advice on taking VR i never have or would.
It's always an individual choice and you should always seek individual financial advice.
All i was doing was number crunching.

There has always been a cap on VR for anyone under 55. This is limited to a maximum of two years (104 weeks) pay.

The VR terms for people over 55 (and in the pension scheme) are different.

These are 6 months redundancy pay plus the immediate payment of an enhanced pension (and lump sum if appropriate).

The pension is enhanced by adding 37.5% of the service remaining from the individuals current age to age 65.

For example somone age 57 with 20 years service would get an extra 3 years service added to their pension (8 years x 37.5% = 3 years), thus meaning they will get the immediate payment of a pension based on 23 years. (the lump sum would also be increased accordingly).

The cost to the business of doing this can be astronomical as they have to pay the pension fund for the extra cost of the pension being paid early, plus lost contributions, plus the cost of the enhancement.

This will normally put the cost of such a package well over two years pay.

BUT

The changes to MTSF agreed as part of the BT2010 agreement included the suspension of the two year cost cap for this type of VR until March 2013. So at the moment there is no cost cap applied.

The March 2013 date is due to be reviewed soon.

In conclusion:

The two year cap has always applied to VR's under 55.

Currently there is no cost cap for those aged 55+ as this is based on pension being paid early, not so many weeks for so many years.

This is due to be reviewed sometime soon.

One final bit of advice:

ALWAYS TAKE ADVICE ON VR TERMS FROM SOMEONE WHO KNOWS THE AGREEMENT - DO NOT GUESS

[Abigbadmomma]

I'm looking to buy down my 39 hours to 25 hours with 11 years service... Management dragging their heels with this, I've been transferred to collections with the promise of a buy down! What can I look at expecting regarding figures? Is there's a buy down formula? Thanks in advance.