Voluntary Redundancy

[darude]

Hope someone can help.Heard their maybe V R's coming up at end of year.My question is I'm over 55. So could take my pension.Have been told if you take your pension,and then take VR.You get a better deal.Told it could be something like 2 years wages.Ive got 40 years in just be nice to know what I may get.

[Everitt]

If you final leaving date falls before your 8th anniversary in May. You will get 26 weeks. I.e 7 x 1 (not 1.5 as you only get that for every year you are 41 or over) x 3.75 which equals 26 weeks. If your date falls after your 8 years it will be 1 x 8 x 3.75 weeks= 30 weeks. That is at the moment anyway and should be valid until 2014 but who knows what new terms could be agreed before then.

[baldrick]

Hope someone can help.Heard their maybe V R's coming up at end of year.My question is I'm over 55. So could take my pension.Have been told if you take your pension,and then take VR.You get a better deal.Told it could be something like 2 years wages.Ive got 40 years in just be nice to know what I may get.

If you take EVR, your pension + redundancy you would only get 26 weeks redundancy pay.
If you take your pension first, and then get redundancy you would get 104 weeks redundancy pay, with 40 years service, so obviously that is a better option if possible.

But if you take your pension at 55, it might be actuarily reduced. I'm not sure about that. Perhaps someone else knows, or you could ring the RM Pensions Section at HR to check.

[baldrick]

Hope someone can help.Heard their maybe V R's coming up at end of year.My question is I'm over 55. So could take my pension.Have been told if you take your pension,and then take VR.You get a better deal.Told it could be something like 2 years wages.Ive got 40 years in just be nice to know what I may get.

If you take EVR, your pension + redundancy you would only get 26 weeks redundancy pay.
If you take your pension first, and then get redundancy you would get 104 weeks redundancy pay, with 40 years service, so obviously that is a better option if possible.

But if you take your pension at 55, it might be actuarily reduced. I'm not sure about that. Perhaps someone else knows, or you could ring the RM Pensions Section at HR to check.

Also to get VR after you have first taken your pension, you need to have come out of the RM pension scheme completely.
So you might also need to opt out of this new pension scheme they have enrolled us in since 1 Feb. You only have until 28 Feb to opt out, so I would check with RM pensions section about that asap.