Advice on VR please

TFBS · Post by **TFBS** » 16 Dec 2016, 17:28

It's looking like VR could be an option due to staff revision. Can anyone advise on what the payment would be for a full time employee 39 HR contract.

Just over 4 years service and a member of the pension plan. I've seen on here the 26 weeks payment but wondered if the pension comes into the figure somewhere?

Any advice would be great, thank you.

koolishy67 · Post by **koolishy67** » 16 Dec 2016, 18:25

Lucky you are on 39 hours contract in just over 4 yeara service

DB1100 · Post by **DB1100** » 16 Dec 2016, 18:40

koolishy67 wrote:Lucky you are on 39 hours contract in just over 4 yeara service

Very lucky

TFBS · Post by **TFBS** » 16 Dec 2016, 18:45

Not for much longer by the looks of it - logistics though not deliveries

Post by **baldrick** » 17 Dec 2016, 10:02

TFBS wrote:I've seen on here the 26 weeks payment but wondered if the pension comes into the figure somewhere?

iirc if you are 55 or over, you would get whatever pension you have accrued, which isn't going to be much with only 4 years service, enhanced by 3 years and eight months.
But I expect Robert T will be able to confirm the current VR terms.
If you are under 55 your pension is frozen until you reach 60 (I think). You can take it but it would be reduced by 5% for every year you are below 60.

Post by **falkor** » 17 Dec 2016, 13:18

TFBS wrote:Not for much longer by the looks of it - logistics though not deliveries

Logistcs full time contracts are 36.15 Hrs, we have a network review every year with no VR so far, why do you think 2017 will be different?

Post by **RobertT** » 17 Dec 2016, 13:40

With only 4 years service, TFBS will presumably be in the RM Defined Contribution Pension and that won’t be enhanced in any way by taking VR, other than by putting her VR money into it.

As DC pensions are just pots of money there will be various options available from age 55 onwards. More info here: https://www.moneyadviceservice.org.uk/e ... on-schemes" onclick="window.open(this.href);return false;

Also as VR’s should be given out on a seniority basis, I would have thought it highly unlikely that it would be offered to someone with just 4 years service.

TFBS · Post by **TFBS** » 17 Dec 2016, 16:32

falkor wrote:
TFBS wrote:Not for much longer by the looks of it - logistics though not deliveries
Logistcs full time contracts are 36.15 Hrs, we have a network review every year with no VR so far, why do you think 2017 will be different?

Admin within logistics is 39 hour contract.

TFBS · Post by **TFBS** » 17 Dec 2016, 16:34

falkor wrote:
TFBS wrote:Not for much longer by the looks of it - logistics though not deliveries
Logistcs full time contracts are 36.15 Hrs, we have a network review every year with no VR so far, why do you think 2017 will be different?

Admin review - no suitable duty after the revision and no jobs within the area

Post by **aposter** » 17 Dec 2016, 17:33

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

As mentioned you will be very lucky to get vr with 4 years service as I would imagine your more senior colleagues will be biting their hand off. Having said that I managed to get it in March and I was one from the bottom of the seniority list!