voluntary redundancy payment

[envelope]

Age 61, took pension at 60, still working for Royal Mail length of service 16 years, would voluntary redundancy payment be 26 weeks at 1.5 weeks pay. Would be grateful to know how to work out redundancy payment.Thanks

[baldrick]

If you are still paying into an RM pension scheme, including the Workplace Pension, you would get any pension accrued from that, slightly enhanced, plus 26 weeks VR payment.
If you are not paying into any RM pension scheme, with 16 years service at 61 years old you would get 90 weeks VR according to the MTSF2 VR Ready Reckoner.

[envelope]

Thanks, that's what I thought, still paying into pension since taking it at 60,

[baldrick]

Then you would get the 26 weeks VR payment plus a bit more pension. It might be worth considering opting out of the RM pension to get the 90 weeks VR payment instead.

[goghorn]

baldrick would royal mail agree with you opting out, I'm 57
took my pension in 2010 still paying in to my pension been
with royal mail for 37 years and been offered 52 weeks pay,
mentioned opting out to my manager to get the full 2 years
pay, he didn't think I could do that, thanks glyn.

[RobertT]

There's nothing stopping you from opting out of the pension whenever you want to.

[2old4this]

There seems to be a hell of a lot of confusion over EVR...VR who can get it and what your entitled to. Was aked again today if I was interested. I asked what was on offer but he wasn't sure, so how the hell can I give them a answer. I told him I ain't about to sign something when I've no idea whats on offer. 37 years service and they're not sure what I'm entitled to. I don't want to take my pension early I'd rather have the 2yrs money and freeze my pension till 'm 60 but they don't seem to know if I can do that. It seems like one giant screw up to me.

[dark diamond1]

If it's any help. I'm 55, just started my 37th year, been offered £32,161.50 lump sum, £12,052.26 MTSF compensation and £10,720.49 pension.

[2old4this]

If it's any help. I'm 55, just started my 37th year, been offered £32,161.50 lump sum, £12,052.26 MTSF compensation and £10,720.49 pension.

That looks like your pension now a 6 months VR money.

[fishtank]

I told him I ain't about to sign something when I've no idea whats on offer. 37 years service and they're not sure what I'm entitled to. I don't want to take my pension early I'd rather have the 2yrs money and freeze my pension till 'm 60 but they don't seem to know if I can do that. It seems like one giant screw up to me.

First you express an interest.
Then you get a quote.
Then you tell them to progress.
Then you get a formal offer in writing.
The only time the decision becomes legally binding on either party is once you have had a formal offer in writing from the business and accepted it, even after signing the offer you have 14 days to withdraw from the process.

[wabbithunta]

Will this help in any way?

MTSF2 VR ready reckoner

http://www.royalmailchat.co.uk/communit ... =5&t=65698" onclick="window.open(this.href);return false;

[2old4this]

Will this help in any way?

MTSF2 VR ready reckoner

http://www.royalmailchat.co.uk/communit ... =5&t=65698" onclick="window.open(this.href);return false;

Thanks i've seen this ready reckoner before w ith 37 yrs service I know It'll be 104wks. Manager said today he needed a firm commitment from me that I wanted to go. Again I said how can I give any commitment when I don't know forsue what the offer is. Is it 2yrs pay and freeze my pension or will it be take an enhanced pension and 6 months pay. If he don't know how can I say yes or no.

In the end I just said get me some numbers and then I'll let you know.

[wabbithunta]

Will this help in any way?

MTSF2 VR ready reckoner

http://www.royalmailchat.co.uk/communit ... =5&t=65698" onclick="window.open(this.href);return false;

Thanks i've seen this ready reckoner before w ith 37 yrs service I know It'll be 104wks. Manager said today he needed a firm commitment from me that I wanted to go. Again I said how can I give any commitment when I don't know forsue what the offer is. Is it 2yrs pay and freeze my pension or will it be take an enhanced pension and 6 months pay. If he don't know how can I say yes or no.

In the end I just said get me some numbers and then I'll let you know.

Surely there must be somebody at Head Office who knows? In my previous job there was a guy who did this kind of thing as part of his job. He could tell you to within a few quid what you'd get as a VR package, including your pension.
So how is it that a company as big as RM can't work this out?

[dark diamond1]

Should be on the DOMs pc, we all got printouts 3 weeks ago (I've decided to go)