EVR and buydown

[stodgy88]

FROM THE MTSF 2010 any future redundancy payments will be reduced as a result of moving to p/t employment with any subsequent payments based on part time hours on pay. now if i had done 20 years at full time ,and 8 at part time ,when calculating my payout using the calculator ,would it all be worked out at part time hours and rates. P.S would the following still apply ,after a buydown of hours - Existing MtSF arrangements will remain in place for all employees, except for 50-54 year old RMPP qualifying members where the statutory change in the Minimum Pension Age means that they will only receive compensation based on aggregate service subject to a minimum of 6 months and a maximum of two years’ pay, calculated as follows:
• 0.5 weeks’ Pay for each full year of service where age during year less than 22
• 1 weeks’ Pay for each full year of service where age during year is 22 or above, but less than 41
• 1.5 weeks’ Pay for each full year of service where age during year is 41+ and multiplied by 3.75. CHEERS.

[fishtank]

Buydown of hours is a partial redundancy payment.
You have already received redundancy for that portion of of your contract at MTSF rates.
You cannot receive it twice.
Any subsequent redundancy payment will be based on your part-time contracted hours.

[stodgy88]

using the above calculations my figures come out at 100 weeks up to going part-time ,so i received £8,000 for that 100 weeks -£80 per week -correct ?

[fishtank]

using the above calculations my figures come out at 100 weeks up to going part-time ,so i received £8,000 for that 100 weeks -£80 per week -correct ?

I would need to know your age,date of commencement of service and the date you took buydown to tell you whether the 100 week figure is correct but assuming you bought down around 8-10 hrs of your contract those figures would seem roughly correct.

[wacko74]

I went from 40 hrs to 20 hrs (at a time when hours needed to be lost from our D.O.) yet didn't recieve any form of buydown at all.... Effectively I've not been 'compensated' for any potential future EVR payout, so where do I stand?

[fishtank]

Effectively I've not been 'compensated' for any potential future EVR payout, so where do I stand?

In exactly the same place as someone who chose to resign from their job as opposed to being made redundant.....nowhere.
Your contracted hours are 20,if you were offered redundancy now it would be based on 20 hrs,if you move back up to 39...it will be 39 hrs.

[stodgy88]

so the 100 weeks and 20 years full time counts for nothing - p.s started in nov 1985 ,went from 40-to 30 hours 5 years ago, i,m 55years and 6 months of age. cheers.

[fishtank]

so the 100 weeks and 20 years full time counts for nothing

Your length of service still counts but the weekly contracted hours is now 30 because you "sold" 10 hrs five years ago for £8,000.

Look on the bright side,now that we have a 39 hr week you actually screwed them out of 10% or £800.

It should have been made clear to you the effect this might have on future redundancy payments as well as the effect it might have on your pension.

[stodgy88]

thanks for reply, it wasnt made clear to me at all,but i should have looked into it better i suppose.

[wacko74]

Well I still don't understand the whole Buydown situation, it just seems to be completely arbitary as to whether you get it or not, or are there some firm rules or guidlines?

As I said, when I reduced my hours it was at a time when hours and jobs were looking to be lost out of the office, yet I was told I could reduce my hours but I wouldn't get anything for it.

[stodgy88]

at one time of day they paid you,d,ont think they do anymore.

[fishtank]

Well I still don't understand the whole Buydown situation, it just seems to be completely arbitary as to whether you get it or not, or are there some firm rules or guidlines?

MTSF Appendix 4
http://www.cwukentinvicta.org/resources ... _Down_.pdf" onclick="window.open(this.href);return false;

[wacko74]

Thank you for the link Fishtank, I've read through it the best I can but I'm still non the wiser to be honest!

I do know there has been other threads on here in recent weeks with people saying they've been offered and taken buydowns... so they obviously are still happening despite the general opinion that you can't get them anymore.

Am I correct in saying that even though we had surplus staff at the time I reduced my hours it's still basically up to R.M.s discretion as to whether I got a buydown or not?

[p t]

29 Years in RM. I was offered buydown, (39 hours to 24 hours) last week. £16,500! Still thinking it over - struggling to decide about pension. Stay in, pay less in and get less back - Raise payments to stay in line with full-timer - Leave pension plan altogether, pension will be frozen but still based on fulltime hours, although I would obviously need to get a private pension plan.
Have been told that I am border line ill health retirement, so cannot see myself in Royal Mail in two years - so with IHR based on p/t hours + £16.500 buydown would probably still get near to the max £18000 payment for IHR.
Any advice gratefully received.

[fishtank]

Any advice gratefully received.

Seek independent,professional financial advice.
Don't make any decision based on advice given on here...apart from mine obviously.
I'm not knocking the guys on here but it's your money,pension etc and I can't afford to keep you if it all goes pear-shaped because of something I told you.