Moya Greene in second pay storm - over pension

[TrueBlueTerrier]

Royal Mail chief Moya Greene in second pay storm as she is allowed to raid her £280k pension pot

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Royal Mail has been accused of ‘underhand’ tactics after it allowed its boss to raid her pension pot despite previously stating she could only get the money when she left the company.

It is the second pay controversy to engulf the company’s Canadian chief executive Moya Greene, who was forced to pay back a £250,000 housing allowance earlier this year.

The allegations date back to before the company’s listing on Friday, which saw shares rocket 38 per cent. More than 100million shares were traded in the first hour as thousands of retail investors took profits.

Heavy trading is expected again tomorrow, when 350,000 more small shareholders are allowed to begin selling.

Earlier this year a £250,000 payment to help Greene buy a London home was blocked after Business Secretary Vince Cable found out about the money.

Now it has emerged that, in April, Greene drew more than £280,000 from a pension pot that was previously supposed to be paid to her when she left the company.

The postal service made it clear that she did not break any laws or rules. But critics accused the group of trying to ‘sneak these additional payments through unnoticed’.

Luke Hildyard from the High Pay Centre said: ‘This is the second time Royal Mail has been caught out making substantial payments to Moya Greene in addition to her very generous basic pay.

‘To do this in such an apparently underhand and complicated manner shows that they know excessive executive pay packages are offensive to ordinary people.’

Last year Greene received a pay package worth £1.5million, including a £200,000 payment in lieu of pension. Part of this was paid into a pension side-pot, called an ‘unfunded promise’.

Since joining the company in 2010 she has accumulated more than £280,000 in this pot. In its 2011 and 2012 annual reports the company said this amount was ‘to be paid on her ceasing to be employed’.

But in its most recent annual report, the line about being paid when she left the firm was not included. It subsequently emerged that she drew down £281,073 from this pot in April – after the company’s financial year ended but before its annual report had been released.

Royal Mail said she always had the right to take the money. But no mention of this was made in its annual disclosures.

A Royal Mail spokesman said: ‘In April 2013 Miss Greene asked the company whether she could draw down £281,073 from her previously disclosed unfunded promise. The company agreed and the payment was made.

‘Miss Greene always had the right to draw this unfunded promise in its entirety, with the company’s agreement, so the payment was entirely in order.’

[Shambles]

Does this mean WE the little cogs can also gain permission to draw on our pension pots too?

Or am I misunderstanding something?

[pants123]

it's about time Moya Greene got SACKED.....

SHE IS STEALING FROM THE COMPANY, ROYAL MAIL..

[Lincox]

Sacked, she is everything David Cameron wished for

[worktotime]

now shes shafted the company and robbed us and it blind does that means shes pissing off

[north london driver]

now shes shafted the company and robbed us and it blind does that means shes pissing off

its a shame that our union is a bit slow.we should be on the national news tonight explaining what she has done
once again she is caught out by getting backhanders.she comes over here and bleeds our country dry or is this
her removal money to clear off where she belongs.
SHE SHOULD BE BANNED FROM HAVING ANY SHARES IN ROYAL MAIL.

[Surreypostie]

I think shecis worth every penny.

[clashcityrocker]

its a shame that our union is a bit slow.we should be on the national news tonight.

I don't think the CWU set the agenda for national news programmes.
And I doubt she would make the news unless she was involved in the disappearance of Madeleine McCann.

[tommymac]

I will be 58 in November and plan to take my pension 2 years early. As a result I will lose 10% of my pot. This woman takes her's and pays no penalty at all. One rule for her and another for the rest of us.

[north london driver]

its a shame that our union is a bit slow.we should be on the national news tonight.

I don't think the CWU set the agenda for national news programmes.
And I doubt she would make the news unless she was involved in the disappearance of Madeleine McCann.

she may not be involved in the dissappearance of madeleine mcCann.
but she is involved in the dissappearence of royal mail money infact shes had more than the great train robbers got!.

[Shambles]

I will be 58 in November and plan to take my pension 2 years early. As a result I will lose 10% of my pot. This woman takes her's and pays no penalty at all. One rule for her and another for the rest of us.

Yes and another example of this are all the politicians expense debacle!

If we stole from our employer, we wouldn't be given the option of pay it back and a slap on the wrist, double standards prevail, at all levels, it seems!

[Lounge Lizard]

"Royal Mail ....... despite previously stating she could only get the money when she left the company."
Now, does that imply that they wanted her to leave the company ?
.
and if they changed their minds and let her get her pension early, surely they can change their mind and let us sell our shares early.

[UnhappyGremlin]

It's the company and it's CEO making it up as they go along.
It's also bad PR at a time when they've had plenty already.

I am wondering though, did she make the withdrawal in preparation for the flotation?
Has she spent the money on extra shares?

[DirtyHarry]

Corruption, plain and simple.

[k979aaa]

More sour grapes from a very sour woman!