taking VR

[stodgy88]

Hope someone can help ,took my pension early (financial problems ) -if i got offered VR ,would the terms be 3x my annual pension plus 26 weeks pay as i understand it ,or have i missed something -cheers

[baldrick]

3x my annual pension

Didn't you get your pension lump sum (3x annual pension) when you took your pension early?
And are you still paying into the CSDB pension, or have you come out of RM pension scheme completely?

[vanman]

Hope someone can help ,took my pension early (financial problems ) -if i got offered VR ,would the terms be 3x my annual pension plus 26 weeks pay as i understand it ,or have i missed something -cheers

If you've already taken all your pension and no longer belong to the scheme at all, then I think you'd get the terms that apply to under 55's - i.e. so many weeks for each year etc.

Not sure what would happen if you're still paying into the CSDB part of the scheme?

[stodgy88]

csdb -still paying in -but did get a lumpsum when i took pension -so what terms are they ,now im receiving pension -cheers

[easter bunny]

I take it you must have taken your pension at between 50 and 59 and now you have been offered TMA...TMA is nothing to do with any pension contributions you have made whatsoever..It is based on age and service...

[stodgy88]

did take my pension early .not been offered anything yet ,but to incorporate new revision ,40 less people needed ,so possibility of vr im told - i got wrong end of stick thinking pension is involved in vr -thanks for all answers

[baldrick]

Hope someone can help ,took my pension early (financial problems ) -if i got offered VR ,would the terms be 3x my annual pension plus 26 weeks pay as i understand it ,or have i missed something -cheers

If you've already taken all your pension and no longer belong to the scheme at all, then I think you'd get the terms that apply to under 55's - i.e. so many weeks for each year etc.

Not sure what would happen if you're still paying into the CSDB part of the scheme?

.
I'm no too clear how things are after 1 April 2010, but I think the first part of that is correct. If you are under 55
or had come out of the RM pension scheme completely you would get the VR terms based on age and service:

Formula for calculating compensation
0.5 weeks assessable pay for each full year of service under the age of 22; plus
1.0 weeks assessable pay for each year of service from age 22 to age 40; plus
1.5 weeks assessble pay for each full year of service over the age of 41
Added together, the total from the above is then multiplied by 3.75 to give total No of weeks' entitlement.

As I unerstand it TMA terms are no longer available after 1 April 2010.

I think that if you are over 55 and still paying into the CDSB pension, you would get EVR, with payment of the accrued
CDSB pension (enhanced by 37.5% pa?) and CDSB lump sum + 26 weeks redundancy compensation.

But as I said I'm not too sure how it works now, and you should contact the Pensions Service Centre to check.

[stodgy88]

thanks for your time-cheers