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Redundancy and Classic Lump sum
SimonSeys
Posts: 118 Forumite
Quick question for a friend (honestly it’s not me - I’m Premium)
if someone in Classic / Alpha is offered redundancy, and uses the redundancy payment to buy out the actuarial reduction, do they still get the Classic lump sum? I think the answer is yes, but I’m looking for a reference.
if someone in Classic / Alpha is offered redundancy, and uses the redundancy payment to buy out the actuarial reduction, do they still get the Classic lump sum? I think the answer is yes, but I’m looking for a reference.
Si
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Comments
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Yes - redundancy and pension are separate. The funds from the redundancy, supplied by the employer, are used to buy out the actuarial reduction to the pension. Then the unreduced pension and lump sum are put into payment.SimonSeys said:Quick question for a friend (honestly it’s not me - I’m Premium)
if someone in Classic / Alpha is offered redundancy, and uses the redundancy payment to buy out the actuarial reduction, do they still get the Classic lump sum? I think the answer is yes, but I’m looking for a reference.Si1 -
Assuming the redundancy payment covers the buy out of course."You've been reading SOS when it's just your clock reading 5:05 "0
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I don’t think this is the case. Under VR terms any shortfall is made up.sammyjammy said:Assuming the redundancy payment covers the buy out of course.0
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