Local Government redundancy.

ibizafan_2

We are expecting redundancies soon in our county council. I am 59 and can retire at 60 under the 85 year rule in February 2013. The HR handbook states that if you are over 55 you can have immediate access to your pension, if made redundant, with "unreduced benefits". Does anyone know exactly what "unreduced" means? It is not made clear in anything I have read.

mlp

Unreduced benefit should simply mean you get your full pension without deductions for retiring before time.

Andy_L

If you were to retire at 55 plus without satisifying the "rule of 85" or via redundancy your pension would be reduced by (very approx) 5%/year its paid early.

As it is a redundancy you may get credited with extra years of service as if you had worked to the normal retirement age

ibizafan_2

Thanks for your replies. As the redundancy process takes until the end of March, after consultation, notice etc, do you think that I might be refused VR as I am eligible to retire in February anyway? Just wondering if they would see it as avoiding a payoff or does this not figure when deciding on redundancies? I must admit that it would fit in perfectly otherwise!