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View Full Version : Royal Mail being privatised, what the heck?



Hwyl
07-10-2013, 05:52 AM
Is nothing sacred? Shades of Thatcherism.

http://www.bbc.co.uk/news/business-23249466http://upload.wikimedia.org/wikipedia/commons/thumb/e/ef/BLW_Morris_Minor_M8_Post_Office_van.jpg/800px-BLW_Morris_Minor_M8_Post_Office_van.jpg




(http://www.bbc.co.uk/news/business-23249466)

Paul Pless
07-10-2013, 05:57 AM
fooking neocon teapartier libertarians. . .

D'oh wait!

The Bigfella
07-10-2013, 06:05 AM
About time....

hokiefan
07-10-2013, 06:05 AM
It is somewhat amazing that the letter I dropped in the random box in Peoria several days ago will show up on the proper desk in Arkansas in the next few days. Aside from the sheet of paper and the envelope it will cost me a bit less than $0.50 to achieve that. Would be a shame if our idiot congress mussed that up.

Cheers,

Bobby

Paul Pless
07-10-2013, 06:11 AM
It is somewhat amazing that the letter I dropped in the random box in Peoria several days ago will show up on the proper desk in Arkansas in the next few days. Aside from the sheet of paper and the envelope it will cost me a bit less than $0.50 to achieve that. Would be a shame if our idiot congress mussed that up.

Cheers,

Bobby

Staying in touch with Phillip Allen during his banning?

Peerie Maa
07-10-2013, 06:12 AM
It is somewhat amazing that the letter I dropped in the random box in Peoria several days ago will show up on the proper desk in Arkansas in the next few days. Aside from the sheet of paper and the envelope it will cost me a bit less than $0.50 to achieve that. Would be a shame if our idiot congress mussed that up.

Cheers,

Bobby

Dammed pinko socialist federal administration subsidies.

The Bigfella
07-10-2013, 06:17 AM
I'm probably one of the bigger spenders around here with the USPS... but it seems they are driving up their overseas prices, according to what I hear.

Paul Pless
07-10-2013, 06:33 AM
I'm probably one of the bigger spenders around here with the USPS... but it seems they are driving up their overseas prices, according to what I hear.enjoy fedex's services then. . .

The Bigfella
07-10-2013, 06:35 AM
The problem with Fedex and UPS is that they have reputations for whacking in spurious charges. Most of my USPS stuff comes through without hassle... no spurious charges. Heaviest stuff I've had sent has been car springs and shock absorbers. Good service. Oh yeah... even motorbike tyres.

hokiefan
07-10-2013, 06:36 AM
Staying in touch with Phillip Allen during his banning?

By memory Phillip lives in northwest Arkansas. This one was aimed at the lower right corner...

Figment
07-10-2013, 08:01 AM
Would be a shame if our idiot congress mussed that up.



By charging the consumer what the service actually costs?

;)

hokiefan
07-10-2013, 08:07 AM
By charging the consumer what the service actually costs?

;)

No. By requiring them to front retirement costs 75 years out. No company covers projected pensions for all current employees.

Peerie Maa
07-10-2013, 08:17 AM
No. By requiring them to front retirement costs 75 years out. No company covers projected pensions for all current employees.

I don't understand what you mean here. I changed employer in '86. The pension that I accrued with them will be paid to me in '15 when I retire until I pop my clogs.
What do you actually mean?

Figment
07-10-2013, 08:25 AM
We're soiling a Royal Mail thread with U.S. Mail woes.

(US mail is currently in defecit because congress requires them to grossly overfund their pension obligations, in an era when almost no private sector companies provide any pension at all)

Canoez
07-10-2013, 08:40 AM
I don't understand what you mean here. I changed employer in '86. The pension that I accrued with them will be paid to me in '15 when I retire until I pop my clogs.
What do you actually mean?

What Bobby means is that Congress has basically enacted laws to make the quasi-government agency known as the US Postal Service pre-fund those retirement pension benefits now for people who will not retire for many years to come. It would seem to me to have been designed to bankrupt the USPS and force the service to become privately held in future. It would also shovel the unfunded pension benefits onto the shoulders of the general public via the Pension Benefit Guarantee Corporation - another government entity which is already in the red due to private companies being relieved of their un- or under-funded pension obligations.

wardd
07-10-2013, 09:33 AM
What Bobby means is that Congress has basically enacted laws to make the quasi-government agency known as the US Postal Service pre-fund those retirement pension benefits now for people who will not retire for many years to come. It would seem to me to have been designed to bankrupt the USPS and force the service to become privately held in future. It would also shovel the unfunded pension benefits onto the shoulders of the general public via the Pension Benefit Guarantee Corporation - another government entity which is already in the red due to private companies being relieved of their un- or under-funded pension obligations.

some of those retirees aren't even born yet

hokiefan
07-10-2013, 09:41 AM
What Bobby means is that Congress has basically enacted laws to make the quasi-government agency known as the US Postal Service pre-fund those retirement pension benefits now for people who will not retire for many years to come. It would seem to me to have been designed to bankrupt the USPS and force the service to become privately held in future. It would also shovel the unfunded pension benefits onto the shoulders of the general public via the Pension Benefit Guarantee Corporation - another government entity which is already in the red due to private companies being relieved of their un- or under-funded pension obligations.

Lately I've been thinking about this some more. Dangerous I know. But I wouldn't be surprised if some congresscritters have a sneaky thought. When the USPS goes belly up due to this requirement, congress will fold it and let the service be privatized. The pension requirements will be folded into the Pension Benefit Guarantee Corporation. But since the USPS is required to be way ahead in their funding, there will be a huge windfall to the general fund. And the USPS pensions in reality would be underfunded just like the rest of the population. My $0.02

Canoez
07-10-2013, 09:46 AM
Lately I've been thinking about this some more. Dangerous I know. But I wouldn't be surprised if some congresscritters have a sneaky thought. When the USPS goes belly up due to this requirement, congress will fold it and let the service be privatized. The pension requirements will be folded into the Pension Benefit Guarantee Corporation. But since the USPS is required to be way ahead in their funding, there will be a huge windfall to the general fund. And the USPS pensions in reality would be underfunded just like the rest of the population. My $0.02

And those receiving USPS pensions getting $0.50 on the dollar. I tend to agree with the assessment that something is not quite right about that. Do you know of any other organization that Congress has said has to fund pensions like this?

hokiefan
07-10-2013, 09:51 AM
And those receiving USPS pensions getting $0.50 on the dollar. I tend to agree with the assessment that something is not quite right about that. Do you know of any other organization that Congress has said has to fund pensions like this?

Wonder which congresscritters are invested in UPS and FedEx???

Peerie Maa
07-10-2013, 10:50 AM
What Bobby means is that Congress has basically enacted laws to make the quasi-government agency known as the US Postal Service pre-fund those retirement pension benefits now for people who will not retire for many years to come. It would seem to me to have been designed to bankrupt the USPS and force the service to become privately held in future. It would also shovel the unfunded pension benefits onto the shoulders of the general public via the Pension Benefit Guarantee Corporation - another government entity which is already in the red due to private companies being relieved of their un- or under-funded pension obligations.

I still don't get the "pre fund" bit.
Is it an undertaking to pay out defined benefits? That I understand. Is it on the basis of building up an investment fund on the advice of actuaries that will provide the funds for that commitment? Again I understand that, and with sound investment management and no raids by the Treasury (something that our Pensions have not been immune to) it should not be a killer.

Canoez
07-10-2013, 11:06 AM
I still don't get the "pre fund" bit.
Is it an undertaking to pay out defined benefits? That I understand. Is it on the basis of building up an investment fund on the advice of actuaries that will provide the funds for that commitment? Again I understand that, and with sound investment management and no raids by the Treasury (something that our Pensions have not been immune to) it should not be a killer.


Nick, try this article (http://www.savethepostoffice.com/how-postal-service-began-prefunding-retiree-health-care-and-fell-deep-hole) on for size. It is a slanted article, but substantially good fact-wise. It will probably explain things better than I can. It is an undertaking to fully pre-fund defined benefits. Not building an investment fund that will be the desired amount when needed, but the full amount NOW. (25 years AHEAD of time, IIRC) There is or was also a plan afoot to require the Post Office to pre-fund the retiree health care in a similar way. It's very partisan.

Peerie Maa
07-10-2013, 11:26 AM
Nick, try this article (http://www.savethepostoffice.com/how-postal-service-began-prefunding-retiree-health-care-and-fell-deep-hole) on for size. It is a slanted article, but substantially good fact-wise. It will probably explain things better than I can. It is an undertaking to fully pre-fund defined benefits. Not building an investment fund that will be the desired amount when needed, but the full amount NOW. (25 years AHEAD of time, IIRC) There is or was also a plan afoot to require the Post Office to pre-fund the retiree health care in a similar way. It's very partisan.

OK,
So either your Congress is collectively stupid, or they want to bankrupt your postal service?

Canoez
07-10-2013, 11:40 AM
OK,
So either your Congress is collectively stupid, or they want to bankrupt your postal service?

As Bobby noted, it seems to be deliberate. Granted, when it was originally put into play, the USPS was doing very well. But, with the advent of more email and other changes in the economy, there hasn't been much money available for this massive pension guarantee. The large nest egg for pensions would go to the Pension Benefit Guarantee Corporation and then private entities would have the opportunity to fill the void. Smaller "government" an all, you know? The other advantages are union busting and benefit reductions which some members of Congress would like to see. I think something smells rotten about it.