54 going on 55

gorjam

I was here a couple of months ago stating that it looked as if I was going to be made redundant 3 months short of my 55th birthday. I am now in the position in that my employer (I am in the LGPS) has found work to take me up to my 55th although this means working away from home for the duration I'm gonna have to bite the bullet.

My question is I have paid into the scheme for almost 35yrs and have a final salary of just over 24000. What would my pension be? Is it worth me working away for the next few months?

Thanks in advance for any help.

dunstonh

You really need to ask them as a) they may not allow early retirement and b) there may be a reduction if they do allow it or c) there may not be a reduction if it is paid out as part of a redundancy package

gorjam

Thanks for the prompt reply.
a. I have asked them for the figures but they are very slow in getting back to me.
b. They will allow me to go voluntarily and receive a pension. and
c. I would receive more compensation and a pension if I am made redundant compulsorily.
I have been led to believe that under the LGPS rules if I am made redundant after 55 then I am entitled to my pension unreduced. Am I right?

xylophone

http://www.unison.org.uk/acrobat/18124_FightingRedun_Pack_LGpensionScheme.pdf
Does the above help?

woolly_wombat

gorjam wrote: »

I have been led to believe that under the LGPS rules if I am made redundant after 55 then I am entitled to my pension unreduced. Am I right?

Yes.

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

"Early retirement through redundancy or business efficiency - Employees in England and Wales 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."


http://www.lgps.org.uk/lge/core/page.do?pageId=174044

"Early retirement through redundancy or business efficiency - Employees in Scotland
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"

http://www.lgps.org.uk/lge/core/page.do?pageId=1039325

"Employees in Scotland - protected earliest age for redundancy or business efficiency retirement If you were paying into the LGPS on 5 April 2006 and you are made redundant or retired on business efficiency grounds, the earliest age immediate benefits are payable is 50."

WW

hyubh

gorjam wrote: »

My question is I have paid into the scheme for almost 35yrs and have a final salary of just over 24000. What would my pension be?

Find your last annual benefit statement (ABS), and it will tell you. If you can't find it, contact the administrator for another copy, or hold on a few more months (maybe sooner, if a small fund) for your 2013 ABS. This assumes you've kept the administrator up to date with any address changes of course.

Is it worth me working away for the next few months?

If you are then indeed made redundant after that, it will be the difference between receiving your LGPS pension early, with the employer paying for it, or having it made deferred.

atush

c. I would receive more compensation and a pension if I am made redundant compulsorily.

This sounds a good idea.

and yes, I would work away to make sure you are over 55 before you are made redundant.

My OH worked away on 2012 and it was a bit of a pain, but we got thru it. If you are a car/train drive away so much the better, he had to fly (2 flights) home 3 weekends a month