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ARB + redundancy

Discussion in 'Retirement' started by katienic, May 2, 2012.

  1. If I have been offered voluntary redundancy will I still get my authority to sign my acturaily reduced pension form as well so I can take early retirement and lump sum. I am over 55 and confused.com!
     
  2. If I have been offered voluntary redundancy will I still get my authority to sign my acturaily reduced pension form as well so I can take early retirement and lump sum. I am over 55 and confused.com!
     
  3. alfredrussell

    alfredrussell New commenter

    Yes, it really makes financial sense. Do your calculations
     
  4. phatsals

    phatsals Occasional commenter

    Your employer can arrange for you pension without ARB due to redundancy. If you pick your way through TPS you can find the details there, but I was offered it automatically by my LEA due to age.
     
  5. Thank you - I think I feel better! Have done calculations and wondered if it was too good to be true - as I have well and truly had enough!!!! I'll get the brochures out!
     
  6. Envy. Take it, take everything! Go, go, go.

     
  7. mrkeys

    mrkeys Occasional commenter

    Normally if over 55 and accepting voluntary redundancy your pension is not reduced.
    Go back in and sign!!
    There may well be a queue.
     
  8. How come? My LA claim to know nought about pensions! If I 'rock the boat' could they make my redundancy compulsory and therfore give me less!
     
  9. phatsals

    phatsals Occasional commenter

    Copied from TP,
    <h3>Premature retirement </h3>It is your choice whether or not to award teachers aged over 55 whose employment has terminated on the grounds of redundancy or organisational efficiency unreduced premature retirement benefits.
    <h3>What you should know before you award premature retirement </h3><ol>[*]Premature retirement is not an option if the person is employed on a fixed-term contract. [*]The teacher must stop all teaching work before premature retirement benefits can be paid. If they&rsquo;re supply teachers, their contract must have ended. (Remember, a non-working day is not a break in service.) [*]If a severance payment is made by you, the premature benefits cannot be paid if you are a local authority. </ol>There are two types of compensation that you will be responsible for:
    <h3>Mandatory compensation </h3>You are legally obliged to pay mandatory compensation (Part IV of the Teachers (Compensation for Redundancy and Premature Retirement) Regulations 1997). The Teachers&rsquo; Pension Scheme will pay an Actuarially adjusted pension and lump sum based upon the teacher&rsquo;s pensionable service and you pay the difference so that the scheme teacher receives unreduced benefits for their lifetime.
    Any family benefits that come into payment at a later date are paid by the Teachers&rsquo; Pension Scheme and are not reduced. You can estimate the costs of mandatory compensation payable by accessing the AAB retirement calculator on this website.
    <h3>Discretionary compensation* </h3>You have discretionary power under Part V of the Teachers (Compensation for Redundancy and Premature Retirement) Regulations 1997 to pay discretionary compensation by way of additional pension and lump sum.
    You will be responsible for any family benefits in respect of these discretionary compensation payments. The decision to increase the teacher&rsquo;s benefits in this way, and by how much, is entirely at your discretion but is subject to certain limits. There are no costs to the Teachers&rsquo; Pension Scheme in relation to discretionary compensation payments.

    They are the only ones who can unlock it for you. It's either rock the boat if they claim they don't know, or do without. I was offered it automatically as I said earlier.
     
  10. mrkeys

    mrkeys Occasional commenter

    I do hope you are working with your union over this matter.
    HR at the LEA should have access to all your records to be able to work out what the incentive is to take voluntary redundancy. It is always better to seek volunteers before proceeding with compulsory redundancy.
    You are not 'rocking the boat', you are seeking to obtain the best possible advice and support. If between the ages of 55 and 59yrs 11months, pension is not normally reduced. If you are able to negotiate enhancement and a payoff then that is really good.
    Again, it should be your union that are acting on your behalf. They should have been notified in the first instance that redundancies at your place of work was likely.
     

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