Redundancy advise

[windermeredave]

This morning our manager handed out some preference forms, asking us among other things if we would be interested in redundancy (all though its not binding) it got me thinking, I am 62 now and I took my pension at 60. I have done nearly 29 years service, I am interested even though I know the chances of getting it are minimal.
When I got home today I googled redundancy pay and got a Gov calculator, keyed in my weekly wage, age, length of service, and it came up with less that £13.000. that just can`t be right can it?
Anyone on here know the true amount I would be likely to get if I got the nod?

[gazza3010]

You,ll get offered about 40 grand, think it is a capped amount after 25 yr service

[TrueBlueTerrier]

This morning our manager handed out some preference forms, asking us among other things if we would be interested in redundancy (all though its not binding) it got me thinking, I am 62 now and I took my pension at 60. I have done nearly 29 years service, I am interested even though I know the chances of getting it are minimal.
When I got home today I googled redundancy pay and got a Gov calculator, keyed in my weekly wage, age, length of service, and it came up with less that £13.000. that just can`t be right can it?
Anyone on here know the true amount I would be likely to get if I got the nod?

That's the statutory payment - we get more. Check out the various MTSF (Managing the Surplus Framework) links we have in Downloads, or if possible try to talk to someone in HR or CWU Branch they will have the most up to date information.

[5plusbonusball]

You will be offered an enhanced payment, we all accepted then they said only 1 will go now

[baldrick]

Just because you are being asked if you are interested doesn't necessarily mean you will get VR.
But if you do, under MTSF2 terms you would get 104 weeks VR payment if you are not paying into a RM pensiom.
You might be paying into the 'RM Workplace Pension' they introduced last year - check your wageslip.
If you are paying into a RM pension you would get the pension accrued from that (slightly enhanced) which would not be much, plus a VR payment of 26 weeks pay.
I was in the same position as you. Took my pension at 60. I opted out of the new RM Workplace Pension when it was introduced. Took VR at 62 and got the maximum 104 weeks VR payment.

[windermeredave]

Just because you are being asked if you are interested doesn't necessarily mean you will get VR.
But if you do, under MTSF2 terms you would get 104 weeks VR payment if you are not paying into a RM pensiom.
You might be paying into the 'RM Workplace Pension' they introduced last year - check your wageslip.
If you are paying into a RM pension you would get the pension accrued from that (slightly enhanced) which would not be much, plus a VR payment of 26 weeks pay.
I was in the same position as you. Took my pension at 60. I opted out of the new RM Workplace Pension when it was introduced. Took VR at 62 and got the maximum 104 weeks VR payment.

Yes I accept that just because I am interested it doesn`t guarantee anything, As I said in my OP the chances are minimal, having said that I would love to be selected, it happened to you, and it happened to guys in my office in the past,
After I collected my pension I opted out of all workplace related pension schemes, so I would guess if I get good news I will be entitled to the whole 104 weeks

BTW would that be 104 weeks of basic pay or 104 basic pay plus allowances? ie dely supplements ect?

[baldrick]

The VR payment is based on pensionable pay, so that would be basic weekly pensionable pay plus any pensionable allowances. I didn't work in Deliveries so I don't know if the Delivery Supplement is pensionable.
Shift allowances are pensionable. I went on late shift for my last 6 months to boost my VR payment.

[musicmaniax]

At Plymouth MDEC we were told nearly two weeks ago that 128 full time equivalent jobs to go between all 3 MDECS and that we would receive our preference packs and our estimated VR package through the post. The deadline would be June 9th and as you could probably guess we are all still waiting for it to turn up so we are getting less and less time to make a decision on our future.

[windermeredave]

Since telling guys at work how much I will be entitled to if I get the nod i have had younger guys with 25-30 years service that are still paying into the pension pot if they will get the same 104 weeks?
Can anyone answer this for me so I can pass on the good are bad news?

[baldrick]

Since telling guys at work how much I will be entitled to if I get the nod i have had younger guys with 25-30 years service that are still paying into the pension pot if they will get the same 104 weeks?
Can anyone answer this for me so I can pass on the good are bad news?

If they are 55 or over and still paying into a RM pension they would get the pension accrued (slightly enhanced), their pension lump sum, plus 26 weeks VR payment.

If they are under 55 they would just get the VR lump sum and their pension would be frozen until they reach 60 (I think it's 60)
The lump sum would depend on age and length of service. If they are over 47 with at least 25 years service they would get 104 weeks VR payment. If younger it would be between 82.5 weeks at 41 years old to 101.25 weeks at 46.