voluntary redundancy

[fly-catchers]

There has been some suggestion from the DOM that voluntary redundancy might be available for some people in due course. I have been told it works out at roughly a weeks pay for each year of service- which does not sound that great at all. Is this correct?

[mikejoyce]

No expert on the matter but we've had a few go in our office, 49k for 34 years service one guy

[centenaryman]

ye my mate got 45-50,000 for 35 years a couple of weeks back

[RobertT]

It'll depend on pay, age and length of service. There's a 'ready reckoner' here: http://www.royalmailchat.co.uk/communit ... =1&t=65698" onclick="window.open(this.href);return false; work it out for yourself.

[Everitt]

the redundancy terms are being renegotiated at the moment as the current terms are only valid until the end of this month.

[fly-catchers]

It'll depend on pay, age and length of service. There's a 'ready reckoner' here: http://www.royalmailchat.co.uk/communit ... =1&t=65698" onclick="window.open(this.href);return false; work it out for yourself.

I saw that and was wondering if it was still current- given all the changes going on!
I am on OPG pay, age 57 with 27 years of service. So 104 weeks according to the chart.
Do the rules of 5% less per year for the pension still apply- I guess so...

[RobertT]

It'll depend on pay, age and length of service. There's a 'ready reckoner' here: http://www.royalmailchat.co.uk/communit ... =1&t=65698" onclick="window.open(this.href);return false; work it out for yourself.

I saw that and was wondering if it was still current- given all the changes going on!

At the time of writing this yes, but not necessarily for much longer.

I am on OPG pay, age 57 with 27 years of service. So 104 weeks according to the chart.
Do the rules of 5% less per year for the pension still apply- I guess so...

At 57 you'd get EVR rather than VR. I suggest you read the box on the right hand side of the ready reckoner. If you come out of the pension you would get 104 weeks pay, if you stay in you'd get 26 weeks.

[fly-catchers]

At 57 you'd get EVR rather than VR. I suggest you read the box on the right hand side of the ready reckoner. If you come out of the pension you would get 104 weeks pay, if you stay in you'd get 26 weeks.

Does EVR stand for enhanced voluntary redundancy? So with the 104 weeks do you lose all the money you have put in the pension and get no pension. But with the 26 weeks you still get a pension. But less the years you will not pay into it? Or does enhanced pension mean you get the full pension as if you had stayed on till 60/65?

[RobertT]

VR = Voluntary Redundancy
EVR = Early Voluntary Retirement

VR gives you a max of 104 weeks pay and no pension if you're under 55, but you'll still have a deferred pension!

EVR enables you to take your pension from 55 onwards without the normal 5% reduction per year, infact it will be enhanced under current MTSF rules, plus you’d get 26 weeks pay.
If you were to withdraw from the RMPP(ie stop paying into it) you would get the max 104 weeks pay off instead of 26 weeks, but if you wanted to take your pension aswell you would have to take the 5% reductions.

I hope that makes sense.

[fly-catchers]

Thank you Robert. That info makes it much clearer. :) Though I still have a couple of questions! Does the enhanced pension include the CSDB up to 65? And would it include any remaining Added years still to be paid? Which was 1 year 49 days at the last march 2014 illustration.

[Everitt]

I believe it does. But it's all under review under the MTSF review which is due to be completed this month. It may all change for the worse very shortly. Look at the MTSF post.

[RobertT]

Thank you Robert. That info makes it much clearer. :) Though I still have a couple of questions! Does the enhanced pension include the CSDB up to 65?

Yes it's 37.5% of what you would have got if you carried on until 65.

And would it include any remaining Added years still to be paid? Which was 1 year 49 days at the last march 2014 illustration.

To be honest I don't know if the added years you're buying are included but I wouldn't have thought so.

More info on VR, etc can be found here: http://www.cwule.org/Documents/MTSF%20O ... vision.pdf" onclick="window.open(this.href);return false;

Also bare in mind that the MTSF agreement is currently being renegotiated so won't necessarily be the same going forward.

[fly-catchers]

Thanks for all the helpful advice and links Robert. I have been told today that there is only VR available not EVR. :(

[pj2001]

Thanks for all the helpful advice and links Robert. I have been told today that there is only VR available not EVR. :(

Is that official RM policy now, no more evr. All seems to have gone very quiet on the subject.

[baldrick]

Thanks for all the helpful advice and links Robert. I have been told today that there is only VR available not EVR. :(

Is that official RM policy now, no more evr. All seems to have gone very quiet on the subject.

The MTSF Agreement is being reviewed with the CWU at the moment, so we'll have to wait to hear the outcome.