Whats the next step for exposties regarding CS?

[teletubby]

If you leave the post under VR,TMA,IHR etc and were informed that part of your leavers package included colleague shares at current value.Now you recieve a poultry £287 after tax etc.Then surely if you leave in say October/November 2010 and the valuation in September 2010 was around £1400,there has been a breach of contract.Paying somebody 5-6 months after they leave when the the value has supposedly dropped to a big fat zero smells a bit fishy to me.
If leavers contract has been breached...can you ask for you job back?

[GRUSS]

If you leave the post under VR,TMA,IHR etc and were informed that part of your leavers package included colleague shares at current value.Now you recieve a poultry £287 after tax etc.Then surely if you leave in say October/November 2010 and the valuation in September 2010 was around £1400,there has been a breach of contract.Paying somebody 5-6 months after they leave when the the value has supposedly dropped to a big fat zero smells a bit fishy to me.
If leavers contract has been breached...can you ask for you job back?

The exact wording from my VR offer.

quote

The Company will buy back any Colleagueshares held by you for longer than a year at the value ascribed at the last valuation date before your last day of service. Payment will be made within 6 weeks of your last day of service or the date, on which the relevant value is published. whichever is later. Any such payment will be subject to deductions of tax as required by law.

You will be paid any Stakeholder Dividend owing in accordance with the terms of the Royal Mail Stakeholder Dividend Policy at the same time as other recipents.

UNquote.

PS. My last day of service was 15 November 2010.

[numan]

I'm probably wasting my time here but would anybody else be interested in taking collective legal action against RM on this? I can't see the CWU being any help whatsoever here, even if you're still a member (as I am), as they they have already compromised their position by linking the payments to other aspects of the deal.

[spoodoo]

cant believe we just shake our heads n get on with it ..

[spurs1959]

If you leave the post under VR,TMA,IHR etc and were informed that part of your leavers package included colleague shares at current value.Now you recieve a poultry £287 after tax etc.Then surely if you leave in say October/November 2010 and the valuation in September 2010 was around £1400,there has been a breach of contract.Paying somebody 5-6 months after they leave when the the value has supposedly dropped to a big fat zero smells a bit fishy to me.
If leavers contract has been breached...can you ask for you job back?

WE HAD PEOPLE WHO LEFT OUR OFFICE E.L.M.C ON VR ONLY 2 MONTHS AGO AND GOT £2000 LESS TAX, AND PEOPLE WHO LEFT 3 WEEKS LATE AND HAVE GOT F**k ALL THE WHOLE THING STINKS THE FRAUD SQUAD SHOULD BE CALLED IN THESE PEOPLE AND JUST CROOKS

[teletubby]

Please Spurs 1959 do not take any offence....but i find it very difficult to believe that people who left recently getting £2000 minus tax etc very hard to swallow.I think people are pulling your chain big time.If that was the case there would be uproar.

[2old4this]

Please Spurs 1959 do not take any offence....but i find it very difficult to believe that people who left recently getting £2000 minus tax etc very hard to swallow.I think people are pulling your chain big time.If that was the case there would be uproar.

I think you might find that Spurs1959 isn't that far out with the £2000 less tax. from what I've heard the shares fell to nill within a few weeks.

[TrueBlueTerrier]

Please Spurs 1959 do not take any offence....but i find it very difficult to believe that people who left recently getting £2000 minus tax etc very hard to swallow.I think people are pulling your chain big time.If that was the case there would be uproar.

I think you might find that Spurs1959 isn't that far out with the £2000 less tax. from what I've heard the shares fell to nill within a few weeks.

Well just to throw in a few facts - I have been FT since the start of CS and I have 711 shares - as far as I know this is the maximum entitlement.

The last previous valuation had them at £1.56 IIRC - so 711 at £1.56 = £1109.16 - a long way off £2000 .

to be worth 2K the individual shares would be £2.81 each and as far as I know never been anywhere near there.

[2old4this]

Please Spurs 1959 do not take any offence....but i find it very difficult to believe that people who left recently getting £2000 minus tax etc very hard to swallow.I think people are pulling your chain big time.If that was the case there would be uproar.

I think you might find that Spurs1959 isn't that far out with the £2000 less tax. from what I've heard the shares fell to nill within a few weeks.

Well just to throw in a few facts - I have been FT since the start of CS and I have 711 shares - as far as I know this is the maximum entitlement.

The last previous valuation had them at £1.56 IIRC - so 711 at £1.56 = £1109.16 - a long way off £2000 .

to be worth 2K the individual shares would be £2.81 each and as far as I know never been anywhere near there.

All I can tell you is I know of 2 that left just before xmas. was told they got £1400.

[mazza111]

Whether you can take action or not would depend on the wording on your IHR/VR agreement. There was no mention of this despite me asking about mine (both the union and management), even HR said they didn't have a clue. But if it says that on your agreement then I guess you could claim more from them :)

[Winseer]

£0.56 is the valuation I've been given for "surrender" value which has nothing to do with share buyback in any shape or form. The valuation on 1st October 2010 was well above 3 figures, but read again, and it says "based on" not "the figure" so basically, they can make up any 'valuation' they like.

This isn't directly illegal in the same way boiler room share dealings are not directly illegal - Ie. the firm makes up any price they like. What IS illegal is thrusting this money into your bank account tax deducted without asking you if you want to accept it. Otherwise I could write to anyone offering a paltry payment, make a payment into their bank account, and take possession of their house without written acceptance of my offer!

Boiler rooms operate on the idea that the share price in question is unlisted from the stock exchange, and therefore not well known - ie illiquid. Since the most recent valuation prior to the end of 2010 was a hell of a lot higher than 56p, AND was contracted to be a "buyback" as part of any VR offer, then there is also clear breach of contract here, since "surrender" value requires a written acceptance, which of course leaves the boiler room crook home and free if one is daft enough to accept such a poor offer.

Even the stock market cannot justify a valuation as low as 56p, as the FTSE has been going sideways for some time - still swinging around 6000 as it has been for the past 3 years.

Crozier of course got his millions no questions asked, and the RM performance targets were all of course "met" when it comes to any bonus payments being set up for those somewhat higher up the chain-of-command than we mere rank-and-file members. Remember we all got £400, making us look the other way whilst Crozier & co. trousered millions? - It seems we've been bribed with our own money not once, but twice as a strike about to be effective (over Christmas) was called off at the last minute for the proverbial 5-bean promise which of course has not materialised.

Even if the shares are deemed fair-and-square worthless, then I'd expect RM to be in administration to justify that nil valuation - in administration like Lehman Brothers that is, with the entire business being shut down overnight, and all staff being turfed out of offices. This clearly has not happened, and isn't close to happening (so far!) so at this stage, a zero colleagueshare payout would be taking the form of a "default" which will take years to get through the courts alas.

Class action may be needed, and indeed an investigation by the SFO into the entire dealings of RM high command over the past 10 years going all the way back to the infamous "way forward".

Now I've never voted Labour in my life folks, but if the Labour leadership picks up and pushes this case, then I can seriously see it propelling them back to power by the end of this year!

[Winseer]

Just for the record, I left at the end of 2010 not the beginning of 2011. 6 weeks on should have given me a payout by the end of January 2011 at the latest, but by sitting on it until April, I may be the victim of this big slide in the share price that seems to have occured between march and april this year. Sure, I feel cheated out of over a grand here, with my full 711 allocation like many others - yes, £287.46 after tax. Indeed, the firm rushed through my VR so I woudn't still be in service on my next anniversary in the new year thereby dodging an extra year's payment from their point of view! I originally wanted to leave around about now, and pocket an extra £2800, but it was december or have the offer (honouring MTSF) withdrawn. Thus my attempt to 'jump before I was pushed' ended up with me being pushed anyway.

Interestingly, by putting me as a non-taxpayer on emergency tax for the new 2011-2012 tax year, they are effectively admitting that it was always intended to make these payments no earlier than this new tax year from April 2011.

If I ordered a stockbroker to sell shares at £1.00 or better whilst they were trading above that level all day, and weeks later he said "sorry bud, you got 56p on another day, and I've already accecpted on your behalf, deducted CGT which you shouldn't have paid, and shoved it into your bank account without your consent of knowledge until now" then this broker would not only be looking at a lawsuit from me, but the SFO would be highly inquisitive of the money-laundering implications of this particular broking firm's actions as well!

[sanj]

I LEFT ROYAL MAIL IN MARCH 2009,THROUGH IHR....I DINT GOT NOTING FOR MY SHARES WHICH WERE 711,ITS BEEN NOW TWO AND HALF YEARS NOW ..IS IT WORTH ME CHASING THEM FOR IT..

[POSTMAN]

I LEFT ROYAL MAIL IN MARCH 2009,THROUGH IHR....I DINT GOT NOTING FOR MY SHARES WHICH WERE 711,ITS BEEN NOW TWO AND HALF YEARS NOW ..IS IT WORTH ME CHASING THEM FOR IT..

You should of got something i would of thought,i would chase it up.

[spoodoo]

We all should be getting something ,guys with only 5 years service getting £1400 while were still rotting away getting f all !