Voluntary Early retirement or redundancy from local council

shopndrop

I work for local council and we have all been asked if we would consider early retirement if over 55 or voluntary redundancy. As I am 55, I presume I could have my pension.

I have my pension forecast (up to March 2012) so have a rough idea of what I could get.

Does anyone know if local council will pay pension as on statement, do they enhance to make it up to retirement age, or do they take a percentage off for retiring early?
Are there any general rules I should be aware of, or does it depend on each council?

Not sure yet whether to apply or not.

xylophone

http://www.unison.org.uk/acrobat/18124_FightingRedun_Pack_LGpensionScheme.pdf
might be worth a look.
Also google for LGPS redundancy for your particular council for example https://shareweb.kent.gov.uk/Documents/KentPensionFund/Publications%20and%20Factsheets/Redundancy%20and%20the%20LGPS%20factsheet.pdf

quotememiserable

If you're 55 and redundant I think you would get the full value on your statement. But your pension scheme people can give you the exact position - why not ask them?

shopndrop

quotememiserable wrote: »

If you're 55 and redundant I think you would get the full value on your statement. But your pension scheme people can give you the exact position - why not ask them?

I did ask them, but they said they would send details out to individuals in due course when our HR people have given them a list of individuals who have requested early retirement. Just wanted to know now if possible rather than waiting.

daveoc22

Speaking from my wifes recent experience:

Pension payable straight away, with no reduction for taking it early,with pension based on the age and date you leave.

The days of enhanced pensions for going early from local councils seem behind us.

PS--- when my wife enquired there turned out, with her council at least, to be a big difference between early retirement and voluntary redundancy.

With the voluntary there was a lump sum redundancy payment plus an immediate, non discounted, pension.

With early retirement there was just the non discounted pension, so no lump sum(other than what you get with your pension).

For her the VR was by far the best option.