vr

[William Aspinall]

What are the vr terms for over 65s

[baldrick]

Depends. If the over 65 is still paying into any RM pension scheme, including the new Workplace Pension introduced 2 years ago, he/she would get any pension accrued in that scheme, plus a VR payment of 26 weeks.

If the person is not paying into any RM pension scheme he/she would get between 26 and 104 weeks VR depending on length of service. At 65 he/she would need at least 19 years service to get the maximum 104 weeks VR.

[westham000]

I think, and this is only my personnel opinion, that a lot of over 65's will be hanging on waiting for the opportunity to get VR. You get a pension at 60, another at 65 and a state pension 1 or 2 years later. Plus a possible 2 years wages depending on how many years you have served! Happy days!

[baldrick]

I wouldn't think that many people chose to stay on until 65 these days, unless they haven't worked for RM long enough to get a pension they can live on.

[daveyeff]

I think, and this is only my personnel opinion, that a lot of over 65's will be hanging on waiting for the opportunity to get VR. You get a pension at 60, another at 65 and a state pension 1 or 2 years later. Plus a possible 2 years wages depending on how many years you have served! Happy days!

you wont be offered vr at 65 you can count on that.

[stodgy88]

does the lump sum you get for taking pension early have any bearing on the vr payout thanks.

[Chilli pepper]

You will be lucky to get 26 weeks after the age of 64 1/2 the payment is tapered down .

[Chilli pepper]

Yes taking the lump sum pension early means you just get 6 months pay unless you opt out of all pensions then you would get 2 years pay if you have the right number of years service .

[daveyeff]

Yes taking the lump sum pension early means you just get 6 months pay unless you opt out of all pensions then you would get 2 years pay if you have the right number of years service .

so if you take 2 yrs pay as severance, what happens to you're pension?,,,,surely you don't lose it

[POSTMAN]

Pension gets frozen.

[stodgy88]

Yes taking the lump sum pension early means you just get 6 months pay unless you opt out of all pensions then you would get 2 years pay if you have the right number of years service .

thanks for reply,took my pension with lump sum ,not in any of the pensions now,and been here 29 years ,so should get 2 years pay ,if i decide to jump ship.

[daveyeff]

Pension gets frozen.

not if you're 55 though

[Chilli pepper]

If you are over 55 but below 64 1/2 and have 20 yrs service at least and are not in pension you will get 2 yrs pay and any NRA 65 pension you have paid into will either be frozen or you can take it at a reduced rate ,hope this helps .

[2old4this]

With 37yrs service can i take the 2yrs lump and freeze my pension till i'm 60 in 2yrs time.

[Chilli pepper]

Yes I think that option will be open to you or you should have immediate access to your pension if you wish .