LGPS pension and redundancy payment

gorjam

Please could someone let me know if you are made redundant after 55 and are in the LGPS do you get immediate access to your pension and a redundancy payment? Thanks in anticipation.

woolly_wombat

gorjam wrote: »

Please could someone let me know if you are made redundant after 55 and are in the LGPS do you get immediate access to your pension and a redundancy payment? Thanks in anticipation.

I believe so, 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."


Same deal if you are in Scotland.


WW

jem16

woolly_wombat wrote: »

I believe so, 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."


Same deal if you are in Scotland.


WW

Not quite - it's age 50 in Scotland.

woolly_wombat

jem16 wrote: »

Not quite - it's age 50 in Scotland.

Yes, but the OP was specifically asking about being made redundant after 55.

Andy_L

woolly_wombat wrote: »

I believe so, 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."

AIUI though you don't get both the redundancy payment and early payment of the pension. Its down to the "Your employer may also enhance your benefits at their discretion" bit

woolly_wombat

Andy_L wrote: »

AIUI though you don't get both the redundancy payment and early payment of the pension. Its down to the "Your employer may also enhance your benefits at their discretion" bit

I don't see why.

Entitlement to statutory redundancy pay is set down by law:
http://www.adviceguide.org.uk/england/work_e/work_work_comes_to_an_end_e/work_redundancy_e/redundancy_pay.htm#what_is_redundancy_pay

Early payment of an lgps pension on redundancy at 55 or over (50 or over in Scotland) is also a legal obligation.

WW

Andy_L

woolly_wombat wrote: »

I don't see why.

Entitlement to statutory redundancy pay is set down by law:
http://www.adviceguide.org.uk/england/work_e/work_work_comes_to_an_end_e/work_redundancy_e/redundancy_pay.htm#what_is_redundancy_pay

Early payment of an lgps pension on redundancy at 55 or over (50 or over in Scotland) is also a legal obligation.

WW

I meant the LGPS redundancy payout, which is significantly better than the statutory minimum