Local govt VER

[Deleted User]

Under the terms for VER in my local authority, it says that the pension will be paid with no reduction. Does this mean that years of service is added to normal pension age? We've been told not to contact pension dept at this stage.

hyubh

Missu wrote: »

Under the terms for VER

Voluntary Early Retirement...? 'VER' isn't an LGPS term.

it says that the pension will be paid with no reduction. Does this mean that years of service is added to normal pension age?

I doubt it - ask them for clarification, and to drop the gobbledegook while they are are about it. Under the LGPS rules, being made redundant age 55 or over usually means an automatic early pension, with the employer paying a strain charge to the pension fund to avoid the retiree suffering an actuarial reduction (and when a strain charge applies, the employer has no choice but to pay it - hence why HR departments can be reluctant to let long-serving employees go early!). This doesn't mean added years however.

We've been told not to contact pension dept at this stage.

The scenario sounds like it's to do with your employer's discretionary policies in the LGPS. There isn't much leeway in the scheme, but what there is - under the rubric of 'discretionary policies' - is mostly with respect to what the employer would be willing to fund over and and above what they have to. As such, the pensions department won't be able to advise because the details of a discretionary policy are up to the employer/HR, not the pension fund.

Andy_L

Missu wrote: »

Under the terms for VER in my local authority, it says that the pension will be paid with no reduction. Does this mean that years of service is added to normal pension age? We've been told not to contact pension dept at this stage.

They can choose to add up to 10 extra years of service but are under no, contractual, obligation to do so.

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