Vr

[petercostello]

I am working for distribution and we are expecting vrs in our unit I am 58 with 38 years service still paying into the pension. What would I be offered as a vr payment IE would I get 2 years or enhanced pension.

[baldrick]

Under current terms (MTSF2) if you are still paying into any RM pension, you would get whatever pension you are entitled to, slightly enhanced. I can't remember offhand how much the enhancement is. RobertT will know that. And you would get 26 weeks VR payment, as long as the total cost to RM is not more than 2 years pay.

[RobertT]

Any enhanced pension is currently worked out as 37.5% of what you would have got had you continued to work for RM until 65.

However EVR may well be ending from 1st April 2018. It was mentioned in the pension review booklet we received earlier this year:

23. What happens if I am made redundant – what impact does the Company’s proposal have on me?

The Company’s proposal is that only cash compensation would be payable from 1 April 2018. However, we would have separate discussions with our unions about the impact of the proposed changes where redundancy arrangements are governed by collective agreements before making any final decision.

VR payments could also be reduced from the current maximum of 104 weeks pay.

[Lefantum]

You need professional advice. Which is the best option for you. take the VR whilst still in pension scheme and get a slightly enhanced pension and 6 months VR pay. Or Cash both your pensions in and get 2yrs VR pay. Provided you are tied on for a VR that it.