Preference Exercise

[Digger1975]

All staff on permanent contracts in our office with over 2 years service have been given preference exercise forms today. Previously they were only given to senior colleagues, however most of us have them now. It's up to us whether we fill out the forms but basically they are asking if we would be interested in (a) Voluntary Redundancy, (b) Buy Down or (c) Transfer to another office. Attached to the form was a spreadsheet where you can roughly work out what you get if you take VR. A couple of questions I would like to ask the experts are would I lose my shares if I took VR and what is a weeks wages for this exercise (before or after tax, include delivery supplement) ?

[TrueBlueTerrier]

All staff on permanent contracts in our office with over 2 years service have been given preference exercise forms today. Previously they were only given to senior colleagues, however most of us have them now. It's up to us whether we fill out the forms but basically they are asking if we would be interested in (a) Voluntary Redundancy, (b) Buy Down or (c) Transfer to another office. Attached to the form was a spreadsheet where you can roughly work out what you get if you take VR. A couple of questions I would like to ask the experts are would I lose my shares if I took VR and what is a weeks wages for this exercise (before or after tax, include delivery supplement) ?

Shares - NO - you would be classed as a good leaver and would keep the shares, or be allowed to cash them in straight away (less fees)

Weeks wages - thats figured on what your basic weeks wages are now, or at the point you leave. I think, though don't know for certain, that the Del Sup would be included.

[sjnb6]

what part of the country was this offered

[Digger1975]

what part of the country was this offered

I work in the South West of England.

[Altrider]

I work in the South West of England.

Hmmm me also. West of Brissie or east or west of Guz?

[baldrick]

what is a weeks wages for this exercise (before or after tax, include delivery supplement) ?

Weeks wages - thats figured on what your basic weeks wages are now, or at the point you leave. I think, though don't know for certain, that the Del Sup would be included.

It depends if you are taking EVR (Early Voluntary Retirement ie with pension) or VR (Voluntary Redundancy - just VR lump sum payment). Which will depend on how old you are (You need to be 55 or over to get EVR).

For VR the weekly wage will be calculated on the average gross (pre-tax and other deductions) pensionable wage over the 26 weeks before your last day of service (LDOS). This includes any pensionable supplements which I believe does include Delivery Supplement. I'm not sure about that as I didn't work in deliveries.

For EVR the weekly wage for the pension and lump sum is calculated on the average gross pensionable wage (including any pensionable supplements) over the last 52 weeks before your last day of service.

As the last day of service would not be known now, any quote would be based on the last 26/52 weeks before the quote is calculated.
If you accept the offer, and you get the VR/EVR, any adjustment necessary would be made later, usually about 8 weeks after your LDOS

[Lou84]

We've also been offered this in Kent.

How quickly do you hear back or what is the protocol ? I'm assuming they go to HR

[Jefferson Starfish]

Baldrick, when you say VR is based on pensionable pay, does that mean people in section c of the pension scheme get the LED or about £3300 taken off the amount that is used to work out their pay out?

[baldrick]

Baldrick, when you say VR is based on pensionable pay, does that mean people in section c of the pension scheme get the LED or about £3300 taken off the amount that is used to work out their pay out?

No it's your gross basic pensionable pay plus any pensionable allowances for VR calculations.

[baldrick]

We've also been offered this in Kent.
How quickly do you hear back or what is the protocol ? I'm assuming they go to HR

Yes its worked out by HR. I don't know how long it takes, I'd guess it will depend on how many quote applications they are dealing with.

At my former mc we would get VR/EVR trawls every year. I think it took 2-4 weeks to get the quote. You get called in to see a manager who shows you the quote on a pc screen, and might give you a printout. You are asked if you are interested in accepting it, and if you do want to accept it, do you want to work your notice period, or waive half or all of it. Then a formal written offer is sent to you by HR, this might take another 2-4 weeks. It gives you 2 weeks iirc to decide and return the acceptance letter. You will then get the final confirmation with your last day of service. Until you actually receive that nothing is guaranteed by Royal Mail.

So don't get your hopes up, These preference exercises often lead nowhere.

[Rommagic]

Any EVR being offered?.

[centenaryman]

back at the start of December it was asked at our place,,,,,,north west,,,,,today they've given the evr`s there figures,,,,,from what I can work out,,,lads with 30-35 years service have been offered 40,000-45,000 soooo its about 2 weeks pay per year (roughly),,,,wether or not rm will pay out remains to be seen but it seems there desperate here to shed staff.....tnt/whistle and all that

today we got a mass mailing from Tesco`s,,,,,,,the last few months tnt have heve been doing them,,,,but we got the stuff this morn,,,,correctly marked deliviered by rm

[mad leveller]

We've also been offered this in Kent.

How quickly do you hear back or what is the protocol ? I'm assuming they go to HR

Where abouts in kent Lou ?

[the mad woman]

Have any delivery staff been able to take evr when whistle have moved into there town

[Lou84]

DA area

Managers now dealing with it, guess it got put on hold due to Christmas etc