I asked my boss for a "soft quote" for ill health retirement due to a serious illness. He replied that a soft quote could not be got and that he would support my claim for ill health retirement, but that it is compulsary. I would have to take ill health retirement. Is it really compulsary?
I really need to know if I could consider retirement on "my lump sum pay out and my Royal Mail pension".
I really need to know my pension entitlements.
I am 58 with 14 years service.
Any help would be appreciated. Thanks
ANNOUNCEMENT : ALL OF ROYAL MAIL'S EMPLOYMENT POLICIES (AGREEMENTS) AT A GLANCE (Updated 2021)... HERE
ANNOUNCEMENT : PLEASE BE AWARE WE ARE NOT ON FACEBOOK AT ALL!
Ill health retirement
-
RobertT
- EX ROYAL MAIL
- Posts: 6694
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Ill health retirement
There are two types of Ill Health Retirement:
1. IHR with lump sum. You get 34 weeks pay plus with 14 years service, I think it’s 12 weeks PILON. You will be offered this if you are no longer able to do your current job and there are no alternative jobs in RM available. You then have the option of taking your pension/s with the normal 5% per year early payment reductions. You should be able to get a quote by contacting the pensions people.
2. IHR with immediate payment of pension. You get your full pension unreduced but only if you’re deemed to not be able to work in any capacity again. Your last annual statement should give you a good rough idea of the numbers involved.
With both options, you'll be classed as a 'good leaver' and can either sell or hold onto your free RM shares without paying any tax.
1. IHR with lump sum. You get 34 weeks pay plus with 14 years service, I think it’s 12 weeks PILON. You will be offered this if you are no longer able to do your current job and there are no alternative jobs in RM available. You then have the option of taking your pension/s with the normal 5% per year early payment reductions. You should be able to get a quote by contacting the pensions people.
2. IHR with immediate payment of pension. You get your full pension unreduced but only if you’re deemed to not be able to work in any capacity again. Your last annual statement should give you a good rough idea of the numbers involved.
With both options, you'll be classed as a 'good leaver' and can either sell or hold onto your free RM shares without paying any tax.
Links to all RM pension related websites are here
-
england19661882
- Posts: 5
- Joined: 02 Jun 2017, 13:45
- Gender: Male
Ill health retirement
Thanks for your assistance Robert.
I have been diagnosed with a heart condition and returned to work in July on reduced hours building this up to normal full time 3 weeks ago but am struggling.
If I take option 2, would that mean the lump sum payment would not be paid?
Also, another option is to go onto a reduced hours week with my salary adjusted accordingly.I understand from the 2009 ill health agreement between the union and RM that should I later pursue IHR any lump sum payment would be calculated on my full contracted hours (assuming I have read this right).
But if I did go down this route, and eventually had to pursue IHR retirement would my pension be calculated at full contracted hours or reduced based on my hours worked at the time of IHR?
Thanks again for your help.
I have been diagnosed with a heart condition and returned to work in July on reduced hours building this up to normal full time 3 weeks ago but am struggling.
If I take option 2, would that mean the lump sum payment would not be paid?
Also, another option is to go onto a reduced hours week with my salary adjusted accordingly.I understand from the 2009 ill health agreement between the union and RM that should I later pursue IHR any lump sum payment would be calculated on my full contracted hours (assuming I have read this right).
But if I did go down this route, and eventually had to pursue IHR retirement would my pension be calculated at full contracted hours or reduced based on my hours worked at the time of IHR?
Thanks again for your help.