IHR / pension

[wp]

I have just been finished on IHR. Can someone tell me what happens now to my AVC, and share purchase scheme?
I will now have my pension deferred untill Dec,when am i likely to get final projection and choice options. Also I have 2 weeks accrued leave owing when am i likely to be paid this? if at all.
my last day is 11/8
Many thanks for any assistance.

[RobertT]

I have just been finished on IHR. Can someone tell me what happens now to my AVC

By AVC do you mean Addplan, Bonusplan or Flexiplan?

and share purchase scheme?

Presumably your payments will stop and the balance of your savings will be paid into your bank account. Source Page 17: https://www.myroyalmail.com/all-documen ... %20RES.pdf" onclick="window.open(this.href);return false;

I will now have my pension deferred untill Dec,when am i likely to get final projection and choice options.

If you’re coming up to 60 or 65 you should be sent them automatically about 3 months beforehand, otherwise you should contact them yourself.

Also I have 2 weeks accrued leave owing when am i likely to be paid this? if at all.
my last day is 11/8
Many thanks for any assistance.

To be honest I don’t know but I’m sure someone will come along who does.

[wp]

Thank you Robert T.
It is the Flexplan I am in and is due to finish in December, will it now stop and be paid out with pension Dec i assume.
Thank you for shares info will exercise right to buy 6 months extra payment and purchase at option price

[RobertT]

Thank you Robert T.
It is the Flexplan I am in and is due to finish in December, will it now stop and be paid out with pension Dec i assume.
Thank you for shares info will exercise right to buy 6 months extra payment and purchase at option price

Your Flexiplan payments will stop with your last weeks wages and you can then use the money to fund your tax free lump sum in December when you take your pension. The pension people should give you all the info in due course.

Hope everything goes well.

[wp]

Many thanks.

[cantonkid1955]

I have just been finished on IHR. Can someone tell me what happens now to my AVC, and share purchase scheme?
I will now have my pension deferred untill Dec,when am i likely to get final projection and choice options. Also I have 2 weeks accrued leave owing when am i likely to be paid this? if at all.
my last day is 11/8
Many thanks for any assistance.

...
I also finished on IHR last year,,my free shares were sold by the company on my behalf and the proceeds were paid into my account free of tax and nics,,(because you will be classed as a safe leaver),,The SAYE shares are different,,you have the option of taking your savings out,or purchasing shares with what savings you have,or,,(as I did) pay the remaining months of the contract as a lump some and the money will drip feed into your share account on a monthly basis,until you have completed your contract,,The option form you will be sent may as well be in Chinese because I couldn't understand a word of it,,BE VERY CAREFUL WHAT BOXES YOU TICK because once its ticked,,you cannot change it.,I am fortunate to have an independent financial advisor ,who is a personal friend who guided me through the process,(the company will want you OUT of the scheme because when you take a pension you are a liability),my IFA advised me to take my tax free lump sum and the monthly pension which is then reinvested into my private pension from the previous company I worked for, if the monthly pension payment is reinvested,the government will pay 20% extra into your fund,,so if you don't need the money ,its worth thinking about,,also,,if you are claiming benefits and are receiving the pension,,your benefits will be reduced by every pound you are receiving in benefits,,so you will be no better off..if your monthly pension is reinvested,then you wont lose benefits.,hope this will help,,good luck,

[wp]

I have just been finished on IHR. Can someone tell me what happens now to my AVC, and share purchase scheme?
I will now have my pension deferred untill Dec,when am i likely to get final projection and choice options. Also I have 2 weeks accrued leave owing when am i likely to be paid this? if at all.
my last day is 11/8
Many thanks for any assistance.

...
I also finished on IHR last year,,my free shares were sold by the company on my behalf and the proceeds were paid into my account free of tax and nics,,(because you will be classed as a safe leaver),,The SAYE shares are different,,you have the option of taking your savings out,or purchasing shares with what savings you have,or,,(as I did) pay the remaining months of the contract as a lump some and the money will drip feed into your share account on a monthly basis,until you have completed your contract,,The option form you will be sent may as well be in Chinese because I couldn't understand a word of it,,BE VERY CAREFUL WHAT BOXES YOU TICK because once its ticked,,you cannot change it.,I am fortunate to have an independent financial advisor ,who is a personal friend who guided me through the process,(the company will want you OUT of the scheme because when you take a pension you are a liability),my IFA advised me to take my tax free lump sum and the monthly pension which is then reinvested into my private pension from the previous company I worked for, if the monthly pension payment is reinvested,the government will pay 20% extra into your fund,,so if you don't need the money ,its worth thinking about,,also,,if you are claiming benefits and are receiving the pension,,your benefits will be reduced by every pound you are receiving in benefits,,so you will be no better off..if your monthly pension is reinvested,then you wont lose benefits.,hope this will help,,good luck,

Thanks for the info!! I only have the Royal mail pension and small Firefighters final salary scheme pensions. So i will take the Lump sums on these & pensions
I have no private pension to pay into unfortunately that would have been a good option!! Will go over options on shares carefully hopefully tick the right box
If i don't not the end of the world Once again thanks for your assistance

[legtrailer]

I have just been finished on IHR. Can someone tell me what happens now to my AVC

By AVC do you mean Addplan, Bonusplan or Flexiplan?

and share purchase scheme?

Presumably your payments will stop and the balance of your savings will be paid into your bank account. Source Page 17: https://www.myroyalmail.com/all-documen ... %20RES.pdf" onclick="window.open(this.href);return false;

I will now have my pension deferred untill Dec,when am i likely to get final projection and choice options.

If you’re coming up to 60 or 65 you should be sent them automatically about 3 months beforehand, otherwise you should contact them yourself.

Also I have 2 weeks accrued leave owing when am i likely to be paid this? if at all.
my last day is 11/8
Many thanks for any assistance.

To be honest I don’t know but I’m sure someone will come along who does.

The CWU / RM agreement (12.8.4) shows clearly that accrued leave will be paid as extra to payment in lieu. (I assume it should be included in the PILON element of the IHR offer)

However, I am going through IHR as we speak and as it wasn't paid in my last pay slip, I have raised the question with those who should know.

It is fair to say that responses from Line Managers, HR 'help' and even my Union Rep, range from 'buck passing' to another department or 'can't say so can't help'. - very disappointing. Most contacts seem not even to know this part of the pay package even exists. ( and one HR man didn't know even there was a Union agreement.) Sadly this lack of understanding puts your back up the more you try to make a simple resolution to what was probably a simple oversight by the Manager who put through the package.in the first place.

I recommend you persevere to get what is due to you - the Legal dept of the Union might be able to help and if that doesn't work I might even consider the Small Claims Court as that's easy to do.