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My understanding is that the TCX pension scheme (for pilots) is a defined contribution (DC) arrangement and as such the funds are usually held in trust for the individual i.e. they would be unaffected by any insolvency of the employer (albeit any future employer contributions would cease). Future benefits would be paid as if you had left the company at the date of insolvency.
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People must seriously have their head in the sand if they think a petition will work. Also seen a go fund me trying to raise £200million, a nice gesture, but in reality it’s ludicrous. |
All the following supposed the worst is going to happen. I truly, honestly hope it doesn’t. But this is advice I wish I’d had before monarch went bust, so it’s here in case anyone wants it. There was advice further up the thread but it bares repeating; get copies of everything. Training records, payslips, P60s. If the doors close, there’s no obligation (and no cash) to keep IT servers running, and these documents are necessary for any claim you may make, and certainly many companies in the ME and further seem to like training records. Create a “Government Gateway” account. It makes the various claims easier. If you you can get hold of a post holder, it may be worth getting them to sign to confirm your logbook hours are valid. If you are friends with any TREs, it may be possible for them to sort out renewals using any sim slots TC have paid for; this was something the Mon training department put together and was very useful for guys like me who were a few months away from expiring. Start / join a whatsapp group for job postings, hints & tips. Keeping your rating going is almost as important as keeping a home life going. Almost. Lastly, as the trauma doctors say, “this is going to hurt” It is going to be one of the most painful, awful, stressful experiences of your life. The one key bit of advice to take away is build up a support network. Friends, colleagues, family - and use them! Talk to them, go to the pub, let them stand you a round. You have nothing to be ashamed of. This isn’t your fault. You will find a job (there’s a reason TC paid you for so long, and it isn’t your good looks). You’ll look back on this, if not with fondness, but maybe a wry smile. You took the very worst life could throw at you, and got through it, battered, bruised - but intact. “If you’re going through Hell: Keep going”. |
Originally Posted by sixchannel
(Post 10575366)
Having been on the Pax end of the Monarch collapse (in FUE at the time) I wonder if tonight will bring another 'wham, bam, thank you m'am' and as soon as tonights last aircraft has landed in the UK in the early hours of Sunday, that'll be it.
So sad if so, for all those working for the TC companies. Said Pax in resort will likely be taken care of. |
Can anybody advise when the 'deadline' is? I know it's posted here somewhere but I can't seem to find it.
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Originally Posted by 750XL
(Post 10575440)
Can anybody advise when the 'deadline' is? I know it's posted here somewhere but I can't seem to find it.
It appears From press reports talks are still going on with the government and possible investors so I’d say there’s hope for a solution |
Originally Posted by Doc Q
(Post 10575445)
It appears From press reports talks are still going on with the government and possible investors so I’d say there’s hope for a solution Thanks |
Originally Posted by diffident
(Post 10575439)
My very well educated guess (having been in and around these events for nearly 20 years), would be that if the plug is to be pulled - and I fully expect it will, sadly - it will be after the last wheel's down before midnight tomorrow (Sunday). Any aircraft still in the air at that point will continue as normal, but nothing will operate on Monday morning. The announcement will come at 23:00 BST in time for the Asian markets to open, which also has trading in the bonds, plus the conglomerate trading for the proposed bidder.
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Originally Posted by USERNAME_
(Post 10575449)
Well, to counter your prediction, I’m the 4R on MT326, boarding starting soon. Not back until 04:00 local. No doomsday cancelled night flights Monarch scenario tonight. Looks like we survive to see another day. |
Originally Posted by diffident
(Post 10575451)
Note, I said Sunday. That's tomorrow night, into Monday, not tonight.
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Originally Posted by diffident
(Post 10575451)
Note, I said Sunday. That's tomorrow night, into Monday, not tonight.
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Originally Posted by Doc Q
(Post 10575454)
Reading the press there seems to be a fair bit of optimism that a solution will be found and they will survive |
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I think Diffident was suggesting that midnight on Sunday (rather than midnight tonight) was when s/he thought operations might cease.
Mon went down very early on a Monday morning (2 Oct 17) when all a/c were on the ground after the previous night flights, albeit a week later to where we are now in annual calendar terms, and after employees had been paid for the full month of September (on 25 Sep as was usual). Pay day may be a consideration for TCX too - in any insolvency date discussion one would hope that the directors would try to push for at least salaries for the previous month to be paid as usual if at all possible, to avoid statutory caps being applied to any pay owed to employees for the time worked before the insolvency. |
Reading the article on the BBC, when a customer called TC to ask if they had to pay the remaining payments of their holiday with the future of the company uncertain - caller claims the TC call centre operator apparently laughed and just hangs up.
It seems some staff are probably not expecting to keep their jobs, and I have to say things are indeed not looking so good right now......... Fingers crossed for all involved. |
Sky news showing stock video off a TCX 321 taxiing in the hybrid TCX/MON colour scheme....ohh the irony!!!!....good luck to all my ex Monarch crew mates and TCX crew 🧡🖤,💜💛 |
Everyone is missing the complexities of the issues here. It’s the PLC that has the issues, the PLC has a number of subsidiaries in a number of countries. Thomas Cook Airlines in the UK undertake the flight planning for Condor, Condor look after the ground handling for the group. I have no idea what other services are shared. The German government have a significant input into how this will pan out and they have a different approach to the UK Government but they need Thomas Cook UK to produce the flight plans. Thomas Cook were asking for a government bailout .... but no one has said which government. |
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