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VR & enhanced aged 65 benefits

23 Mar 2019, 13:19

Hi all I would most grateful if someone could answer my my question. I am 61 and am currently drawing on my aged 60 pension. If a VR opportunity arose does the business still enhance your pension by up to 6 & 2/3 years as they used to. I am talking about aged 65 pension or is it a straight payment up to 2 years pay with with no pension enhancement. Thanking you in advance all.

VR & enhanced aged 65 benefits

23 Mar 2019, 17:35

The way I understand things is that up to October 2015(possibly 2016?) if you were over 55 you were offered Early Voluntary Retirement(EVR). Which was an enhanced pension of 37.5% of what you would have got if you'd carried on working for RM until 65, plus 26 weeks pay.

Since that date, EVR is only offered if the cost to RM is less than 104 weeks pay, otherwise Voluntary Redundancy(VR) terms apply of up to 104 weeks pay.

It was changed because the the terms of the MTSF agreement were renegotiated.

It is unclear whether the closing of the RMPP to future accrual in April 2018 affected this, but there was a post at the time by Dingo that said MTSF wasn't part of the 4 pillars talks.

So I assume it is potentially still an option. Unless someone can confirm?

VR & enhanced aged 65 benefits

23 Mar 2019, 19:15

Thank you so much very informative

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