Pension at 54???

hyubh

mark88man wrote: »

you should ask HR and you should ask your union to clearly spell out the consequences of taking redundancy before you are 55 and after you are 55.

As a statutory scheme, there really isn't much possible variation in the LGPS - either

the OP is made redundant age 55 or over (or possibly 50 or over in Scotland), at which point the pension is immediately payable with the employer paying to prevent any actuarial reductions

or

the OP is made redundant before 55 and so has a deferred pension in the scheme that cannot be taken until 60 at the earliest (and probably with actuarial reductions if taken at 60).

You should also check that even if redundant whether you are allowed to defer taking your pension for a year or two so that you do not get hit by any reductions (possibly living of the redundancy payout), as this will increase your pension from the point you get it

If an LGPS pension is payable because of redundancy, the scheme regulations just assume it will be taken - you cannot maintain it as a deferrred pension, and there is no obvious reason to anyhow given the employer will be paying to prevent the reductions you speak of.