Geoff Kilpatrick Posted October 26, 2008 Share Posted October 26, 2008 The Sunday Times is reporting that Aegon will be recapitalised by the Dutch government. http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5014576.ece If the insurers solvency margins are being stretched, they will be forced sellers in this bear market, making things even worse than they are! Link to comment Share on other sites More sharing options...
blairdin Posted October 26, 2008 Share Posted October 26, 2008 The Sunday Times is reporting that Aegon will be recapitalised by the Dutch government. http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5014576.ece If the insurers solvency margins are being stretched, they will be forced sellers in this bear market, making things even worse than they are! It was inevitable that other sectors of financial services would be dragged into the mess. I'm actually starting with Aegon in January, but am not hugely concerned. If one of the major reinsurers found themselves in this situation, I'd be more inclined to worry. I think some of the general insurers will fall before the life assurers. Purely a hunch that I can't really explain. Link to comment Share on other sites More sharing options...
grumpyjambo Posted October 26, 2008 Share Posted October 26, 2008 If some do fall, how will that effect Life Assurance Policy's? Link to comment Share on other sites More sharing options...
JWL Posted October 26, 2008 Share Posted October 26, 2008 It was inevitable that other sectors of financial services would be dragged into the mess. I'm actually starting with Aegon in January, but am not hugely concerned. If one of the major reinsurers found themselves in this situation, I'd be more inclined to worry. I think some of the general insurers will fall before the life assurers. Purely a hunch that I can't really explain. Can I ask you a question, what was the holiday entitlement they quoted you. Link to comment Share on other sites More sharing options...
blairdin Posted October 26, 2008 Share Posted October 26, 2008 Can I ask you a question, what was the holiday entitlement they quoted you. 24 days plus 9 statutory bank/public holidays. In addition, I can take up to 1.5 flexi days per month. Link to comment Share on other sites More sharing options...
JWL Posted October 26, 2008 Share Posted October 26, 2008 24 days plus 9 statutory bank/public holidays. In addition, I can take up to 1.5 flexi days per month. No you can't, they have just cut our flex to 1 day per month, they have however added another two days to our annual leave, it hits the likes of myself who wishes to build up flex and have a day and a half every month but for those who come in and do their 7 hours they are effectively gaining two days extra holidays, it's a feckin disgrace. Link to comment Share on other sites More sharing options...
blairdin Posted October 26, 2008 Share Posted October 26, 2008 No you can't, they have just cut our flex to 1 day per month, they have however added another two days to our annual leave, it hits the likes of myself who wishes to build up flex and have a day and a half every month but for those who come in and do their 7 hours they are effectively gaining two days extra holidays, it's a feckin disgrace. They'll probably do the same to me and my new team when we start in January. According to the contract I signed and returned three weeks, it's 24 days, 9 stats and 1.5 flexi days a month. To be honest, 26 days holidays and 1 flexi day per month would suit me. Link to comment Share on other sites More sharing options...
JamboSean Posted October 26, 2008 Share Posted October 26, 2008 No you can't, they have just cut our flex to 1 day per month, they have however added another two days to our annual leave, it hits the likes of myself who wishes to build up flex and have a day and a half every month but for those who come in and do their 7 hours they are effectively gaining two days extra holidays, it's a feckin disgrace. People like me. I was very happy with the changes. Link to comment Share on other sites More sharing options...
JWL Posted October 26, 2008 Share Posted October 26, 2008 People like me. I was very happy with the changes. I always tend to have a flexi Monday if we are playing on the Sunday, just have to change it to a sicky;) Link to comment Share on other sites More sharing options...
marshallschunkychicken Posted October 27, 2008 Share Posted October 27, 2008 People like me. I was very happy with the changes. Me also. Link to comment Share on other sites More sharing options...
Beverley Posted October 27, 2008 Share Posted October 27, 2008 People like me. I was very happy with the changes. me too my dept has the most inflexible "flex" i've ever seen, and trying to redeem what you have built up is a nightmare! the ony thing bugging me is that its all a bit vague as to what we will get the wording on the intranet thingummy only gives guidelines Link to comment Share on other sites More sharing options...
Bomber Harris Posted October 27, 2008 Share Posted October 27, 2008 I always tend to have a flexi Monday if we are playing on the Sunday, just have to change it to a sicky;) just a long as you don't sound half fished when you phone up have you got a list of sicknesses you find work well Link to comment Share on other sites More sharing options...
CostaJambo Posted October 27, 2008 Share Posted October 27, 2008 No you can't, they have just cut our flex to 1 day per month, they have however added another two days to our annual leave, it hits the likes of myself who wishes to build up flex and have a day and a half every month but for those who come in and do their 7 hours they are effectively gaining two days extra holidays, it's a feckin disgrace. Bunch of part timers!! 48 hour basic here, 10 on a Sunday and 9.5 Monday to Thursday. Get paid for it mind. Seriously though is 7 hours a day common in financial related jobs in the UK these days? Link to comment Share on other sites More sharing options...
coppercrutch Posted October 27, 2008 Share Posted October 27, 2008 I find this thread interesting. It is about a big finanicial employer in this city being, potentially, in trouble. The people who work there seem more interested in how many days holidays they get. For many people working in Finanical Services, including myself, holidays will soon not be something to worry about.... Link to comment Share on other sites More sharing options...
portobellojambo1 Posted October 27, 2008 Share Posted October 27, 2008 I find this thread interesting. It is about a big finanicial employer in this city being, potentially, in trouble. The people who work there seem more interested in how many days holidays they get. For many people working in Finanical Services, including myself, holidays will soon not be something to worry about.... In relation to what you say above CC, I was reading something in the office related to the OP by Geoff, and in a way it further impacted on my opinion that many of those companies in the banking sector who have received financial (note the spelling - ) boosts from the government are not going to use those boosts for the reason intended, i.e. to loan it to other financial institutions and get the industry moving again. They are going to sit on it and see how they can use it short term for their own benefit, feck getting given something in one hand then throwing it away with the other. I was of the impression, and feel more so after reading what I did, that AEGON had come through this all not too badly, and this was confirmed in what I was reading. I think this is more a case of "well if the Dutch government are going to offer handouts to various institutions we could have some as well". We don't need the money, but if someone is going to hand it to you on a plate it is very difficult to say "emmm, no thanks". Of course like here it would come with conditions, and if our company can manage, which seems to be the case, without this conditional handout I would prefer them to take that route. Link to comment Share on other sites More sharing options...
coppercrutch Posted October 27, 2008 Share Posted October 27, 2008 Come on PJ1 !!! How many Financial institutions have taken money like this recently and NOT been in trouble ? I am not saying they are going down the pan or anything but what they are doing is not a good sign. Anyway I still find it interesting - the main jist of this thread is how many days holiday you get !!! I will whisper this very quietly - don't want to scare people - Do these people not realise they may not have a job soon No point in worrying about these things of course - nothing much you can do about it. However it just shows the lack of understanding of how big this Financial mess really is. At my work they had a 'manager question time' thingy a few weeks ago (when the bank pretty much went bust.) One question was from a senior manager. It went along the lines of "Do we get our bonuses next year?" :eek: The company you work for basically went teets up yesterday and you want to know if you will get a bonus !! Incredible. Anyway will be interesting to see how the Insurers fair in all of this. If banks have been hiding billions of pounds of losses why not these companies too ? Link to comment Share on other sites More sharing options...
CostaJambo Posted October 27, 2008 Share Posted October 27, 2008 Forget about your holidays and bonuses, please see my earlier post - are you lot doing a basic of 35 hours a week? Any vacancies? Link to comment Share on other sites More sharing options...
JWL Posted October 27, 2008 Share Posted October 27, 2008 just a long as you don't sound half fished when you phone up have you got a list of sicknesses you find work well Well, I was in all last week when it was quite clear that I had a severe dose of man flu, so when I next phone in for a sicky the SM will think "well he really must be ill" and tell me to stay where I am for a couple of days. So if we hump the bog trotters this weekend I can safely have a raucus night in Robbos knowing full well I don't have to worry about work on Monday. If I can go in I will, if not then it's a phone call around 8.30 saying the man flu is back. Sorted Link to comment Share on other sites More sharing options...
JWL Posted October 27, 2008 Share Posted October 27, 2008 me too my dept has the most inflexible "flex" i've ever seen, and trying to redeem what you have built up is a nightmare! the ony thing bugging me is that its all a bit vague as to what we will get the wording on the intranet thingummy only gives guidelines Err.....that'll be Source then, I thought it was just the menu that was a heap of sheeite Link to comment Share on other sites More sharing options...
blairdin Posted October 27, 2008 Share Posted October 27, 2008 Come on PJ1 !!! How many Financial institutions have taken money like this recently and NOT been in trouble ? I am not saying they are going down the pan or anything but what they are doing is not a good sign. Anyway I still find it interesting - the main jist of this thread is how many days holiday you get !!! I will whisper this very quietly - don't want to scare people - Do these people not realise they may not have a job soon No point in worrying about these things of course - nothing much you can do about it. However it just shows the lack of understanding of how big this Financial mess really is. At my work they had a 'manager question time' thingy a few weeks ago (when the bank pretty much went bust.) One question was from a senior manager. It went along the lines of "Do we get our bonuses next year?" :eek: The company you work for basically went teets up yesterday and you want to know if you will get a bonus !! Incredible. Anyway will be interesting to see how the Insurers fair in all of this. If banks have been hiding billions of pounds of losses why not these companies too ? Yawn... JWL, PJ1, Beverley, Marshalls and Jambosean - good Jambo contingent there, will hopefully see some of you when I join Aegon in January. Really looking forward to starting out there, heard alot of good things about the company. Which is more than could be said for my current employers. I suspect that is what is making CC so touchy... Link to comment Share on other sites More sharing options...
JWL Posted October 27, 2008 Share Posted October 27, 2008 Yawn... JWL, PJ1, Beverley, Marshalls and Jambosean - good Jambo contingent there, will hopefully see some of you when I join Aegon in January. Really looking forward to starting out there, heard alot of good things about the company. Which is more than could be said for my current employers. I suspect that is what is making CC so touchy... Think there may be more, in fact most definitely there are more that post on here who work at Aegon, never knew Beverley did though. It would be nice to put a few faces to user names, however I am not back in till next Monday* and will be in the restaurant around 1.30 reading Catch 22 whilst eating stodge. *man flu permitting Link to comment Share on other sites More sharing options...
JamboSean Posted October 27, 2008 Share Posted October 27, 2008 Think there may be more, in fact most definitely there are more that post on here who work at Aegon, never knew Beverley did though. It would be nice to put a few faces to user names, however I am not back in till next Monday* and will be in the restaurant around 1.30 reading Catch 22 whilst eating stodge. *man flu permitting Kickback lunch meetings.. Link to comment Share on other sites More sharing options...
JamboRossi79 Posted October 27, 2008 Share Posted October 27, 2008 Forget about your holidays and bonuses, please see my earlier post - are you lot doing a basic of 35 hours a week? Any vacancies? 7 hours a day is what I am contracted for at Royal London but I generally do more hours depending on the project. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted October 27, 2008 Author Share Posted October 27, 2008 In relation to what you say above CC, I was reading something in the office related to the OP by Geoff, and in a way it further impacted on my opinion that many of those companies in the banking sector who have received financial (note the spelling - ) boosts from the government are not going to use those boosts for the reason intended, i.e. to loan it to other financial institutions and get the industry moving again. They are going to sit on it and see how they can use it short term for their own benefit, feck getting given something in one hand then throwing it away with the other. I was of the impression, and feel more so after reading what I did, that AEGON had come through this all not too badly, and this was confirmed in what I was reading. I think this is more a case of "well if the Dutch government are going to offer handouts to various institutions we could have some as well". We don't need the money, but if someone is going to hand it to you on a plate it is very difficult to say "emmm, no thanks". Of course like here it would come with conditions, and if our company can manage, which seems to be the case, without this conditional handout I would prefer them to take that route. Iain, what I don't understand about this is why Aegon won't say what they are doing. By keeping sthum, the speculators are hammering the Aegon share price, which will increase the likelihood of them needing to tap the Dutch government. Link to comment Share on other sites More sharing options...
coppercrutch Posted October 27, 2008 Share Posted October 27, 2008 Yawn... JWL, PJ1, Beverley, Marshalls and Jambosean - good Jambo contingent there, will hopefully see some of you when I join Aegon in January. Really looking forward to starting out there, heard alot of good things about the company. Which is more than could be said for my current employers. I suspect that is what is making CC so touchy... I couldn't give a **** about the company that presently pays me. I will do a good job for them and work hard. They will get very good value for money (Well except for the ratio of work to time on JKB ratio..) but as for the rest I couldn't care less. Anyway seems like half of Tynie works for Aegon !! Link to comment Share on other sites More sharing options...
JWL Posted October 27, 2008 Share Posted October 27, 2008 Kickback lunch meetings.. Now there's a thought:) Link to comment Share on other sites More sharing options...
JamboSean Posted October 27, 2008 Share Posted October 27, 2008 Now there's a thought:) You can arrange it then. Link to comment Share on other sites More sharing options...
JWL Posted October 27, 2008 Share Posted October 27, 2008 You can arrange it then. Ha Ha.......I'll put an article on Source, kickbackers meeting 13.30 in the Deli (sickies notwithstanding) next Tuesday afternoon. Link to comment Share on other sites More sharing options...
marshallschunkychicken Posted October 28, 2008 Share Posted October 28, 2008 Three billion Euros taken, then. We're being told that the Dutch government are only giving this to financially robust companies, and that we are doing this just to endure that our S & P's rating is protected. Also, it's not a nationalisation (as happened with the high profile banks), as the Dutch goverment is not taking a stake in Aegon. Link to comment Share on other sites More sharing options...
Era Macaroons Posted October 28, 2008 Share Posted October 28, 2008 7 hours a day is what I am contracted for at Royal London but I generally do more hours depending on the project. Amazing information, thanks. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted October 28, 2008 Author Share Posted October 28, 2008 Three billion Euros taken, then. We're being told that the Dutch government are only giving this to financially robust companies, and that we are doing this just to endure that our S & P's rating is protected. Also, it's not a nationalisation (as happened with the high profile banks), as the Dutch goverment is not taking a stake in Aegon. Yet the Dutch govt did offer this to ING too, and their Tier 1 capital ratio was awful. To be fair, of all the bailouts so far, this is probably the best as the Dutch govt doesn't directly own ordinary or preference shares in the company, even though there is a coupon of 8.5% on the loan. If Aegon had any sense, they would dump a unit in the States now. Link to comment Share on other sites More sharing options...
portobellojambo1 Posted October 28, 2008 Share Posted October 28, 2008 Yet the Dutch govt did offer this to ING too, and their Tier 1 capital ratio was awful. To be fair, of all the bailouts so far, this is probably the best as the Dutch govt doesn't directly own ordinary or preference shares in the company, even though there is a coupon of 8.5% on the loan. If Aegon had any sense, they would dump a unit in the States now. Sorry for not coming back on this last night Geoff, I was waiting to see if there were any further developments at work today. As has been said AEGON have been given 3 billion Euros by the Dutch government. The government will have no say in the company operations whatsoever, other than two non voting * places on the board (* if I have interpreted what I read correctly). There appear to be two schemes of thought as to this financial injection - (1) It was a case of why don't we have some of this. (It seems much of the pot was bound for ING, sensible that rather than let it all go to a competitor/competitors we took some for ourselves). or (2) We were in more financial turmoil than was being stated and we genuinely needed it. I think it was actually option 1 myself, and if used properly this additional cash could benefit us greatly. We now have a pot of cash that can be used for a number of things, without it this would have meant dipping into the reserve funds to finance such ventures. Not overly concerned about the whole situation myself. Link to comment Share on other sites More sharing options...
portobellojambo1 Posted October 28, 2008 Share Posted October 28, 2008 Ha Ha.......I'll put an article on Source, kickbackers meeting 13.30 in the Deli (sickies notwithstanding) next Tuesday afternoon. I will have to rule myself out as I am on holiday next week, and you will never get Beverley there, she spends all day on the phone (). Link to comment Share on other sites More sharing options...
Randle P McMurphy Posted October 28, 2008 Share Posted October 28, 2008 Ex Aegon employee here too. Really liked working for the company but unfortunately didnt see eye to eye with the previous HR director and had to move. I hope they arent in trouble as they do treat their people well in the main and they always seemed to operate quietly, efficiently and profitably. Link to comment Share on other sites More sharing options...
Beverley Posted October 28, 2008 Share Posted October 28, 2008 I will have to rule myself out as I am on holiday next week, and you will never get Beverley there, she spends all day on the phone (). just call me the local battery chicken! Link to comment Share on other sites More sharing options...
JWL Posted October 28, 2008 Share Posted October 28, 2008 just call me the local battery chicken! Xmas **** up in The Ritz possibly? Link to comment Share on other sites More sharing options...
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