LGPS voluntary redundancy / flexi retirement

Maria2512

Hi,

I’ve heard a rumour that another round of VRs are imminent at my LA. I applied last year but was refused and was told that it will always be refused based on my experience, how good I am blah blah blah. The usual bs. 

Before the details are released, would it be beneficial for me to apply for flexi retirement? Will it make a difference to anything? I’m not sure what my thinking is but having 2 options is better than 1,no?

Im 56 with 23 years service. 

Any thoughts?

sammyjammy

If you want to apply for flexi retirement then do so but if your thinking is its more likely to achieve the VR you are looking for  I think its likely to have quite the opposite effect.

Maria2512

sammyjammy said:

If you want to apply for flexi retirement then do so but if your thinking is its more likely to achieve the VR you are looking for  I think its likely to have quite the opposite effect.

Thanks. 

The chances are slim on both fronts imo. I will have to think long and hard before I apply for either. My preference would be VR 

gwynlas

With only 23 years service your pension is not going to be anywhere near the maximum and you are looking at 12 years before Statutory pension. If you have other sufficient funds then of course you could seek flexi retirement and or redundancy.

Maria2512

gwynlas said:

With only 23 years service your pension is not going to be anywhere near the maximum and you are looking at 12 years before Statutory pension. If you have other sufficient funds then of course you could seek flexi retirement and or redundancy.

I guess I will have to juggle my finances and see what works, if any scenario does. 

jackieblack

Maybe mods could merge this thread with your duplicate thread
https://forums.moneysavingexpert.com/discussion/6478812/lgps-voluntary-redundancy-flexi-retirement#latest

Kniphofia7

The problem with VR exercises and flexible retirement is that there is always the potential of a considerable strain on the fund cost to the employer.  I'm a payroll admin and do these types of calculations and in my experience especially for FR if there is an employer cost then it's unlikely to be approved.  VR means the deletion of your post, so again it's dependent on whether your service can incorporate your role into their existing teams.