Civil Service partial retirement

bigchipper

I am in my mid 50s and in the last year or so our dept has been offering early retirement as a means of reducing their costs. These schemes have allowed early payment of full accrued pension without actuarial reduction (either directly under old compensation rules or, under the new voluntary exit terms, by offsetting the compensation payment against the reduction).

These terms have, however, not been that attractive to me. I think further attempts will be made to entice more of us out the door this year and would like to know if it is possible under the new exit rules for them to offer partial early retirement but to reduce the actuarial reduction using the pro-rata compensation payment?

bigchipper

will-in-estoril wrote: »

The various VERS packages have all been slightly different.

Remember that you can now be bulleted with as little as 12 months compensation, thanks to the govt. doing what no other employer can do: change the law if employment contracts are inconvenient.

What I'm saying is that I cannot see any voluntary schemes becoming significantly more attractive.

Agreed, but its the law of diminishing returns, Running VER sheme after scheme will no doubt result in lower and lower take up but if the partial retirement pension was not actuarially reduced it could result in a greater take up of this and two full-timers turning part-time still amounts to a bum off a seat.