Retirement in the interests of efficiency

madeinireland_2

Hi,

I've recently heard of this term from a colleague. What is it ? How do you get it . And are thee any pitfalls for someone if they are offered it ?

My colleague is currently off on stress leave and thinks it may be offered to him. Apparently he would get his pension paid without actuary reduction. It just sounds too good to be true.

Thanks...

Andy_L

Depends on the scheme rules/terminology.

it can either be the employer wants to get rid of them for the benefit of the employer (eg restructuring) and is an alternative to redundancy for those who fit the age profile.

Alternatively it can mean the employee is no long efficient due to ill health and they want to get rid of them on health grounds

I would suspect you colleague is looking at the ill health version in which case it is generally enhanced, the exact amount depending on the scheme rules and the nature off the illness