Early Voluntary Redundancies - 20 years

[wiganpostie]

Do EVR payments get taxed? And if you had reduced your hours at some point during your service, would that affect the calculation?

[cloherty1976]

First £30000 tax free

[5plusbonusball]

We was offered a lot more than expected but it was ENHANCED, needless to say they didn't give any of us it

[Jefferson Starfish]

Does taking voluntary redundancy affect your pension in any way?

[stodgy88]

And if you had reduced your hours at some point during your service, would that affect the calculation? i would like to know that too.

[TrueBlueTerrier]

Are these figures based on the employee being a FT contract from Day One of joining RM or not ?

No as far as I know its on the hours when offered not the average of your whole employment

And if you had reduced your hours at some point during your service, would that affect the calculation? i would like to know that too.

Yes - see above - also if you had a buy down thats technically a redundancy payment so it does affect the pay out

Does taking voluntary redundancy affect your pension in any way?

Depends what you mean, if you don't take any of the pension then its frozen at that point until it starts to payout Also I don't think you can pay into the pension once you have left, but you can transfer the pot to enother pension However, don't do either without seeing a financial and/or pension advisor.

[baldrick]

You would only get the Voluntary Redundancy payment quoted above if you have taken your RM pension and come out of all RM pension schemes completely.
If you haven't taken your RM pension you would get Early Voluntary Retirement where you will get your slightly enhanced RM pension based on service + 26 weeks redundancy payment, if you are over 55.

[Jefferson Starfish]

Does taking voluntary redundancy affect your pension in any way?

Depends what you mean, if you don't take any of the pension then its frozen at that point until it starts to payout Also I don't think you can pay into the pension once you have left, but you can transfer the pot to enother pension However, don't do either without seeing a financial and/or pension advisor.

You would only get the Voluntary Redundancy payment quoted above if you have taken your RM pension and come out of all RM pension schemes completely.
If you haven't taken your RM pension you would get Early Voluntary Retirement where you will get your slightly enhanced RM pension based on service + 26 weeks redundancy payment, if you are over 55.

Ok that's 2 conflicting answers, so what happens hypothetically if you take redundancy before 55 at say 51 or 52. You presumably won't be able to touch the pension as it's before 55 so it would be deferred? But how would the redundancy amount be worked out?
Thanks.

[baldrick]

If you are under 55 you would get the VR payment calculated using the formula posted by fishtank at post #2.

[Jefferson Starfish]

If you are under 55 you would get the VR payment calculated using the formula posted by fishtank at post #2.

Thankyou.

[mikip50]

max 104wks wages

[Darren Bent]

so I done 9 years and will be 55 in 14 years time, what this about getting pension at 55. Just asking.

[baldrick]

so I done 9 years and will be 55 in 14 years time, what this about getting pension at 55. Just asking.

That is if you are being offered Early Voluntary Retirement, it would be the earliest age at which you could get your pension through EVR without it being reduced.

[timemax]

Don't confuse EVR with VR - EVR is early voluntary retirement - VR is voluntary redundancy - two very different things and a big difference in payout.

[baldrick]

This is the VR Ready Reckoner:

VR.jpg

Doesn't come out too clear, but click on it to enlarge.