three months short

gorjam

I am currently in the LGPS which I have paid into for almost 35yrs, unfortunately as it stands I will be made redundant on June30th which is three months short of my 55th birthday when with my employers permission I would be able to take my pension.
From June30th i will be paid 6mths pay in lieu of notice what chance do I have of getting my pension and what are my options? Thanks in advance for any help.

mania112

Pension benefits can be paid from age 55 at the discretion of the pension trustees

Early retirement –

you can choose to retire from age 60 and receive your benefits immediately, although they may be reduced for early payment. It’s also possible to retire from age 55 and receive your benefits immediately, provided you have your employer's consent or you are made redundant or retired in the interests of business efficiency.

Perhaps give them a ring and see what they can do for you.

http://www.lgps.org.uk/lge/core/page.do?pageId=99259

Bare in mind, you'll get a lower pension for retiring earlier.

Goldiegirl

I had a very similar situation.

The office of the bank I worked for closed in November 2009. I was made redundant along with all my colleagues.

It was about four months before my 50th birthday in March 2010. Prior to April 2010, people were allowed to take their pension at age 50.

My colleagues of 50+ were being offered early retirement with an enhanced pension.

For the sake of a few months, I was missing out on a chance to really change my life with a reasonable pension at age 50.

I approached my employers, and they agreed special arrangements for me. I was employed at another nearby office for a further 4 months until I was 50,and then took redundancy with the early retirement option.

This has made such a difference to my life. I have a reasonable pension, which I top up by working two days a week. Of course, my pension is not as much as it would have been if I'd stayed employed, so I'm busy saving for full retirement.

But on the plus side, I have more free time to pursue leisure interests, I'm more relaxed and less stressed. It's really changed my life for the better.

Perhaps you could approach your employer and ask if they can keep you on for a few months, to allow you to take your pension when you leave.

I'm endlessly grateful to my ex-employer for what they did for me. I'd worked for them for 28 years, and really did feel they rewarded my loyal service.

sleepless_saver

Would they agree to a drastic reduction in your working hours from June 30th to keep you continously employed up to your 55th birthday? Or unpaid leave from 30 June to your birthday?

You would also have to be sure that they would agree to your early retirement request, otherwise there would be nothing to gain by delaying.

ETA that last sentence should have read "sure that they would still be prepared to retire you/ make you redundant, i.e. circumstances where you would get unreduced pension."

woolly_wombat

mania112 wrote: »

Pension benefits can be paid from age 55 at the discretion of the pension trustees

No that's incorrect in the case of the LGPS.

http://www.lgps.org.uk/lge/core/page.do?pageId=102180

If your employer makes you redundant or retires you in the interests of business efficiency and you are aged 55 or over, your benefits are payable immediately without reduction.


Your employer may also enhance your benefits at their discretion.

Speak to your employer, but I'm afraid I don't hold out much hope.

FWIW I am approaching my 55th birthday and feel very vulnerable in my employment - lots of people in the public sector, eg in the armed services, are being laid off just before they become eligible for immediate payment of retirement benefits.

Good Luck.

Please let us know how you get on.

WW.

atush

How much holiday do you have? How certain is your redundancy?

jamesd

gorjam wrote: »

From June30th i will be paid 6mths pay in lieu of notice

That's a potentially interesting aspect to pursue since it may mean that you are not formally jobless until the expiration of the six months.

You might also have the right to decline to receive pay in lieu of notice and work for that money.

atush

An excellent point which will possibly completely 'fix' the situation. As you only need 3 months to get to 55.

gorjam

Thanks for the interesting replies. Today it looks as if redundancy is almost certain but things could change I am looking at the worst case scenario.
How likely is it that i could refuse to take payment in lieu of notice if there is no work available?

atush

I am pretty sure you cannot be forced to take the money in lieu, you can choose to work your notice. It would be hard to say they didn't have room for you anywhere, while in the mean time they are hiring contract workers to cover maternity leave, etc.

But don't you have a union? If not, try the legal forum?

Bigmoney2

gorjam wrote: »

Thanks for the interesting replies. Today it looks as if redundancy is almost certain but things could change I am looking at the worst case scenario.
How likely is it that i could refuse to take payment in lieu of notice if there is no work available?

Could it be classed as 'garden leave', still get payed monthly but with no requirement to go in unless you want to update CV, job search etc.

I was also 3months short of being 50 and eligable for pension rather than one off redundancy payment. My company (private sector) allowed me to continue till my 50th birthday.

There where a few other people that kept on for a few extra months to finish off projects.

I stayed on with the same project team and did all those things that never get done, sort out archiving, any other odds and sods that needed doing.

I think a lot will depend on how much they value volunteers over compulsory redundancy, whether you are classed as 'key personnel' with skills they want to keep. How many 'volunteers' they get may also have a bearing on how flexible they will be.

Its always worth asking particularly if you can come up with a way to make it work for them.

.