Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Mr Flibble I have numerous investments in shares and property and myself and my wife also keep cash.
as far as my wife is concerned with her share save schemes I no longer get involved as I am quickly admonished. She is happy with her divi cheques and even at the current SP is still about break even on the purchases, so I tend to mind my own business now.
AW It is a proposal , but it will go through my wife and her colleagues are in no doubt and yes it is very unfair.
Putting a significant amount of money into a single stock for retirement can be reckless despite our bullishness. No individual stock takes up 5% of my portfolio. When the shares become available I would place the funds into a SIPP to get a further government bonus to be taxed further down the road, but once in the SIPP I would then diversify. If you are under 40 then instead of a SIPP open a LISA.
Sorry if this has already been stated but is this just a proposal regarding the pension scheme or is it definitely happening? Seems unfair on loyal employees.
Mr Flibble No need to apologise mate. My wife has been in matching share schemes for years. So he has effectively buying at half the current prevailing SP and has held all her shares for the last thirty years and is still buying every month. See my previous posts. Got to make your money back some way. We just bought another 10ks worth each out of our own pockets once they sent her the proposals. They will go through 110%.
Deemule, I apologise as I was insensitive. I hope your wife will be able to find perhaps an alternative job perhaps as a method to negotiate. My comment regarding increasing the dividend was also insensitive. If the company would like to continue to pay down debt faster (a debt-free AA would be worth 500-700p) then the dividend should perhaps not increase like I wrote but be removed all together. The AA should also look to go green as green trackers have outperformed the global index.
Mr Flibble you are right there it will be a massive saving my wife will lose 5k per year on her pension.
This is excellent news because effectively this is a very large pay cut in real terms to 1/3 of AA staff as the contribution rate from the AA into the pension pot drops massively. With all the cost-cutting and increase in membership, FCF should support a growing dividend and I am confident refinancing is on track. 12-months to go for my target of 200p, this is still within the realms of possibility but I may need to give a bit more time!
Article here:
https://www.pensionsage.com/pa/AA-proposals-could-cut-member-pensions-in-half-GMB.php
AW100 The problem with that is the fundies I think.
I think cost savings will show through though next year with a big increase in pre tax profit as they had another round of redundancies and some well paid middle managers have left and also a lot of well paid long timers and this will have a positive effect on the pension liabilities. They have spent a large amount over the last year on new systems and the new staff are now multi skilled and only on about 2/3rds of the salary as the leavers.
Good post. Surely they should bin the divi.
AA are indeed. Losing down their CARE scheme or final salary pension scheme and Johnny is correct that it will only affect 30% of staff my wife being one of them after being there 25 years she is xtremely peeved . I then explained to her about the costs and the fact she has many thousands of shares and is buying at current market price and is in a matching share scheme, this relieved her angst somewhat. They are making more money than ever and are profitable but it is all being eaten up by operating costs, Divis and loan and bond payments.