VR offer in our office

[koolishy67]

How much I expect in 10 years service. Thanks

[interesting]

At hours , you wouldn't get it with ten years

[Andy51]

Are we really getting offered evr or is it wishful thinking I havnt heard about this for years now

[TrueBlueTerrier]

Are we really getting offered evr or is it wishful thinking I havnt heard about this for years now

Its usually only at a local level, or perhaps divisional if there is a Mail Centre closing and they want to have VR Bumps.. Never heard of a national one.

[philsdeals19]

Their offering £16000 for 29 years.Not worth considering. £6300 buy down to 25 hours.

[TrueBlueTerrier]

http://www.royalmailchat.co.uk/communit ... 8&start=15" onclick="window.open(this.href);return false;

[baldrick]

How much I expect in 10 years service. Thanks

Depends on your age too.
26 years old = 26.25 weeks
32 = 37.5
48 = 50.625
The maximum at 51 years or older would be 56.25 weeks.

Edit: If you are over 55 and in an RM pension scheme you would get 26 weeks VR plus immediate payment of slightly enhanced pension.

[paulthepostie]

I think if you are in the pension it affects your figure. I am not in the pension and was offered £19300 for 13 years service, however somebody else who has about 14/15 years service was offered £10000 and to cash in their pension if they wanted a larger sum.
Correct me if this is not the case, but these were the figures we were quoted to us by our dom's.

[Jefferson Starfish]

Based on the ready reckoner, I’ve come up with this:

If you’re under 55 then the maximum payout would be 104 weeks pay depending on age and length of service.

If you’re between 55 and 64.5 with 5+ years’ service and 2+ years in the RM Pension Plan, you’ll get 26 weeks pay as compensation or statutory redundancy pay whichever is greater plus immediate payment of your enhanced pension.

If you’re between 55 and 64.5 with less than 5 years’ service, less than 2 years in the RMPP or not in the RMPP then you’ll just get 26 weeks compensation.

People with less than 2 years service or who are over 64.5 years old are not eligible for VR.


But then people on here are quoting different amounts and saying that you get more by coming out of the pension. It’s all so confusing.

[baldrick]

Based on the ready reckoner, I’ve come up with this:

If you’re under 55 then the maximum payout would be 104 weeks pay depending on age and length of service.

If you’re between 55 and 64.5 with 5+ years’ service and 2+ years in the RM Pension Plan, you’ll get 26 weeks pay as compensation or statutory redundancy pay whichever is greater plus immediate payment of your enhanced pension.

If you’re between 55 and 64.5 with less than 5 years’ service, less than 2 years in the RMPP or not in the RMPP then you’ll just get 26 weeks compensation.

People with less than 2 years service or who are over 64.5 years old are not eligible for VR.


But then people on here are quoting different amounts and saying that you get more by coming out of the pension. It’s all so confusing.

You are correct except that since that MTSF2 VR ready reckoner was issued the compulsory retirement age was ended so someone over 64.5 years would now be eligible for VR.
And you might get more if you are not in a RM pension scheme, depending on your age and length of service, as if you are 55 or over and still in a RM pension scheme you would only get 26 weeks VR plus immediate payment of slightly enhanced pension.

[baldrick]

I think if you are in the pension it affects your figure. I am not in the pension and was offered £19300 for 13 years service, however somebody else who has about 14/15 years service was offered £10000 and to cash in their pension if they wanted a larger sum.
Correct me if this is not the case, but these were the figures we were quoted to us by our dom's.

Sounds right. If you are over 55 and in a RM pension scheme you get 26 weeks VR payment plus immediate payment of pension.

[wandle]

Sounds right. If you are over 55 and in a RM pension scheme you get 26 weeks VR payment plus immediate payment of pension.

So, if you heard VR may be on offer, would it be better to leave the pension scheme, in order to qualify for a higher VR payment ?

[baldrick]

Sounds right. If you are over 55 and in a RM pension scheme you get 26 weeks VR payment plus immediate payment of pension.

So, if you heard VR may be on offer, would it be better to leave the pension scheme, in order to qualify for a higher VR payment ?

Depends on how much the relative payments are. That would depend on your age and length of service, and you would need to know you would definitely be getting the VR.
I opted out of the new RM workplace pension scheme when it was introduced in January 2013 because I was intending to take VR. So I got the maximum 104 weeks VR, if I hadn't I would have got 26 weeks plus the pension due which wouldn't have been much. I had already taken my main RM pension at 60.

[OnAFlyer]

Their offering £16000 for 29 years.Not worth considering. £6300 buy down to 25 hours.

That's not anywhere close to the right amount is it? 29 years should be £30k+.

[north london driver]

Their offering £16000 for 29 years.Not worth considering. £6300 buy down to 25 hours.

That's not anywhere close to the right amount is it? 29 years should be £30k+.

add on another 10k to 13k on to your 30k would be about right (taxed after 30k).