Route to retirement

onjon

Thanks Everyone

Stubod

..yes...(hypothetically)...

                                              

Exodi

Bit harsh on the hypothetical employer.

Full pay for 3 months on sick is pretty generous, I'll expect they'll swiftly water down that policy for newcomers after this stitching up. As they say, no good deed goes unpunished.

molerat

Exodi said:

Bit harsh on the hypothetical employer.

Full pay for 3 months on sick is pretty generous, I'll expect they'll swiftly water down that policy for newcomers after this stitching up. As they say, no good deed goes unpunished.

I know a few people who did just that.  At the time the company had a 6 months in any tax year on full pay.  Go sick October to April, back to work for one day then off April to October then retire.

Exodi

molerat said:

Exodi said:

Bit harsh on the hypothetical employer.

Full pay for 3 months on sick is pretty generous, I'll expect they'll swiftly water down that policy for newcomers after this stitching up. As they say, no good deed goes unpunished.

I know a few people who did just that.  At the time the company had a 6 months in any tax year on full pay.  Go sick October to April, back to work for one day then off April to October then retire.

That's absolutely bananas, I don't think I could ever have the audacity, though I guess if one really loathes the employer one may be motivated to do such a thing. That said nope, not for me, I could never do it, I think I'd just leave.

LinLui

Hypothetical question - does your pension allow you to retire that early and draw it down? Because many schemes wouldn't unless you were unable to do any work at all. 

Brie

LinLui said:

Hypothetical question - does your pension allow you to retire that early and draw it down? Because many schemes wouldn't unless you were unable to do any work at all. 

depending on the type of pension there may be a lesser amount to be paid if taken at 55 rather than 65 or whatever but 55 is the current minimum age so that should be fine.  

katejo

Exodi said:

Bit harsh on the hypothetical employer.

Full pay for 3 months on sick is pretty generous, I'll expect they'll swiftly water down that policy for newcomers after this stitching up. As they say, no good deed goes unpunished.

I am fairly sure that my employer pays full for 6 months and half for 6 months but I don't know of anyone who has needed it. 

katejo

molerat said:

Exodi said:

Bit harsh on the hypothetical employer.

Full pay for 3 months on sick is pretty generous, I'll expect they'll swiftly water down that policy for newcomers after this stitching up. As they say, no good deed goes unpunished.

I know a few people who did just that.  At the time the company had a 6 months in any tax year on full pay.  Go sick October to April, back to work for one day then off April to October then retire.

Is returning for 1 day really enough? After 6 months off, I would expect someone to have to return for longer.

Sarahspangles

Surely they are resigning rather than retiring? And would need to give notice. And work their notice unless their GP believes they aren’t fit to work.

strawb_shortcake

katejo said:

Exodi said:

Bit harsh on the hypothetical employer.

Full pay for 3 months on sick is pretty generous, I'll expect they'll swiftly water down that policy for newcomers after this stitching up. As they say, no good deed goes unpunished.

I am fairly sure that my employer pays full for 6 months and half for 6 months but I don't know of anyone who has needed it. 

We have the same at my employers, people always come back before half pay comes into effect. It's also a rolling 12 month period so that level of sickness has to be dealt with continually.