Stage 3 dismissal and pension implication

[jessicarabbit]

If someone is dismissed at Stage 3 of the Attendance Procedure what happens about their pension?

[dvbuk55]

If someone is dismissed at Stage 3 of the Attendance Procedure what happens about their pension?

I think it depends on length of service.

[TrueBlueTerrier]

If someone is dismissed at Stage 3 of the Attendance Procedure what happens about their pension?

Unless they have done less than 2 years its frozen as dar as I know.

[jessicarabbit]

If it is frozen then at what age can they take it and more importantly what will it be worth???????????

[RobertT]

If someone is dismissed at Stage 3 of the Attendance Procedure what happens about their pension?

As far as I'm aware the same applies as if you were resigning, but it also depends whether you're in the final/average salary scheme or the money purchase scheme(employees who started after April 2008).

Final / average salary scheme
Less than 2 years service - you can get a refund of your contributions minus tax.
Over 2 years service - the pension is deferred until 55 at the earliest or a transfer into a personal/stakeholder pension would be possible (but not advisable). More info.

Money purchase scheme
Either keep your money invested until 55 at the earliest or transfer into a personal/stakeholder pension. More info.

Under current rules a pension can't be taken before age 55 unless it's for ill health reasons. How much it will be worth will depend on various things like length of service, hours worked, pay scale and level of contributions.

[Indy]

If someone is dismissed at Stage 3 of the Attendance Procedure what happens about their pension?

As far as I'm aware the same applies as if you were resigning, but it also depends whether you're in the final/average salary scheme or the money purchase scheme(employees who started after April 2008).

Final / average salary scheme
Less than 2 years service - you can get a refund of your contributions minus tax.
Over 2 years service - the pension is deferred until 55 at the earliest or a transfer into a personal/stakeholder pension would be possible (but not advisable). More info.

Money purchase scheme
Either keep your money invested until 55 at the earliest or transfer into a personal/stakeholder pension. More info.

Under current rules a pension can't be taken before age 55 unless it's for ill health reasons. How much it will be worth will depend on various things like length of service, hours worked, pay scale and level of contributions.

I also believe that an administration charge is deducted if you choose to cash in under the 2 year rule.

[dvbuk55]

If it is frozen then at what age can they take it and more importantly what will it be worth???????????

Well I was in a similar scheme to the RM final salary scheme and my pension was deferred when I took Severance - for the same amount of service as I had at RM when I took my pension from them, the deferred pension pays more per month than the RM one 22 years later.

[Stormproof]

I've got an old POPS one frozen, got a feeling that the 7/8 years paying into that is going to be worth more than the one I'm paying into now.