ihr

[fathairydog]

hi all

I'm trying to work out whats best , ihr with lump sum or pension ?

can anyone give me some ideas of payment.

8 years service 7 in pension age 45.

likely unable to work again.

if given lump sum , can I also empty my worthless pension pot (25k ish) to invest in bricks and morter ? 9 far greater return)

[RobertT]

If you’ve only been an employee for 8 years and paying pension contributions for 7, you’ll be in the RM Defined Contribution Pension administered by Zurich.

As far as I know RMDCP members only have the option of IHR with lump sum, while RMPP members(those who joined the pension before 1st April 2008) will also potentially have the option of IHR with immediate payment of pension. Although I’m sure someone will correct me if I’m wrong.

IHR with lump sum will be 34 weeks pay plus 9 weeks PILON.

You won’t be able to touch your pension until at least age 55.

[fathairydog]

hi robertt

pilon ? what is pilon ?

[baldrick]

PILON is Pay In Lieu Of Notice, ie you would get 9 weeks pay, but wouldn't have to work during the period of notice RM is supposed to give.

[fathairydog]

hi guys

many thanx , good old google gave me the answer.

next question what rate of pay is used basic , gross or net ?

[therailway]

Have a look at your latest payslip, there is an amount marked by an asterix - pensionable pay I imagine this is the figure used.

[baldrick]

Yes it's based on your average gross pensionable pay (including pensionable allowances) over the 26 weeks before taking IHR/VR iirc.