Tag: Royal Mail

Savings on the rise but apathy still reigns

Posted by | Nov 9, 2007 | |

Savers across the UK could be losing out on billions of pounds in interest according to new research by the Post Office, which reveals that three in ten people have no idea what rate their savings account currently pays. Worryingly, almost half (42 per cent) of savers have always held their savings with the same company and never even looked at another provider.

As new statistics show UK household savings are up to 3.1 per cent for the second quarter of 2007, it seems that continuing financial market volatility could be putting people off more risky investments, and turning the focus towards more traditional methods of savings. But many savers aren’t maximising their savings potential and continuing to hold and pay money into accounts which deliver a poor return.

Despite 42 per cent of savers citing the interest rate as the most important factor when choosing a provider, the reality is that 39 per cent have no idea whether their provider upped its rate during the recent base rate rises – of which there were five between January 2006 and October 2007.

And with some of the most popular savings accounts paying as little as 1.05 per cent the Post Office® is urging savers to make sure they take advantage of some of the great interest rates currently available, and know their money is working as hard as it can for them.

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CWU and Pensioners demonstrate against UK post office closures

Posted by | Nov 8, 2007 | |

This week, the Communication Workers Union and the National Pensioners Convention held a joint demonstration outside Trafalgar Square Post Office against closures and franchising.

Demonstrators were concerned about the Government’s decision to fund the closure of 2,500 sub-post offices nationwide by the end of 2008, and Post Office Ltd’s decision to enter into franchise partnerships with WHSmith at 70 locations. Postwatch came under criticism too, with Kate Hoey MP accusing us of not doing enough to oppose the changes.

Postwatch wants a post office network which is sustainable and not subject to unplanned closures, and which allows customers reasonable access to services. We recognize that customers’ habits are changing and that the network must change with them. Because of this, we are scrutinizing Post Office Ltd’s proposals before every public consultation of the closure programme. Our aim is to minimise customer inconvenience and encourage local input on proposals.

While we understand customers’ concerns about franchising, it is a means of continuing to provide services, often with increased opening hours. Moreover, by reducing operational costs in this way, Post Office Ltd should be better able to create much-needed stability for its network.

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DPD opens parcel shops at Staples stores

Posted by | Nov 7, 2007 | |

DPD has opened parcel shops at 56 stores of the office supply chain Staples in Germany to further develop its B2C business and broaden its product portfolio. Staples previously cooperated with GLS.

Staples expects to enhance its product portfolio with the new parcel shops, the DVZ transport newspaper reported. Managing director Sönke Feuerherm said Staples could offer customers nationwide parcel deliveries at attractive prices. The price is based on the box size rather than on weight.

“The Staples stores provide first-class locations, good service quality and high customer orientation”, DPD CEO Hans Fluri was cited as saying. The parcel company expected to increase its competitiveness with the new cooperation.

According to the DVZ, DPD agreed a deal with Staples for lower prices than had previously been the case with GLS.

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Royal Mail payments won't plug pension hole

Posted by | Nov 6, 2007 | |

Royal Mail’s plan to clear its pension deficit is set to leave a 2.9 billion pound hole because the group is understating the size of the deficit, a leading pension consultant said on Tuesday.
In a note for RBC Capital Markets, independent consultant John Ralfe says the company’s latest annual report shows it is basing its 17-year plan of inflation-linked annual payments of 260 million pounds on a deficit of 3.4 billion pounds — below the 5 billion pound deficit under accounting standard IAS 19.
Such a payment plan is set to leave a deficit of 2.9 billion pounds, meaning the group may have to raise charges to customers.
The Royal Mail pension scheme’s 450,000 members make it the UK’s largest corporate pension scheme by that measure.
Ralfe’s note comes shortly after the state-owned group, which lost its 350-year monopoly on postal services last year, faced strikes by workers over pensions, pay and shift changes.
The company said last week falling mail volumes, rising competition and a payment into its pension scheme led to a one-third drop in annual profit. It also attracted controversy by saying Chief Executive Adam Crozier would collect 74 percent of his performance-related bonus.
Ralfe said Royal Mail’s shortfall in payments could lead to higher charges for customers.
“Customers are paying for the pension deficit through higher stamp prices, agreed with Postcomm in the 2006-2010 price control review,” he said.

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