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Voluntary redundancy could it affect my final pension?

Discussion in 'Personal' started by Guitarparadise, Mar 8, 2011.

  1. My school has offered voluntary redundancies to any who wish to apply. My teaching job is no longer needed and so on that count, I could I believe, apply for redundancy but I could also retire, if I was made reduntant.
    I know one has to wait at least six weeks before one can apply for another job after a redundancy but is this also the case for claiming the teachers pension and its lump sum.....?
    Would the redundancy pay affect my pension in any way?
    What would be the consequencies if I do go for the redundancy?
    Please help.

     
  2. My school has offered voluntary redundancies to any who wish to apply. My teaching job is no longer needed and so on that count, I could I believe, apply for redundancy but I could also retire, if I was made reduntant.
    I know one has to wait at least six weeks before one can apply for another job after a redundancy but is this also the case for claiming the teachers pension and its lump sum.....?
    Would the redundancy pay affect my pension in any way?
    What would be the consequencies if I do go for the redundancy?
    Please help.

     
  3. gergil4

    gergil4 New commenter

    Sounds like a case for the C.A.B. or a free drop in clinic at a local solicitor's! Sorry - can't be any more helpful than that.
     
  4. ...errr
    http://www.teacherspensions.co.uk/

    just a random guess like.
     
  5. jacob

    jacob Lead commenter

    If you are a member of a union, they should be able to help you or point you to an independent financial adviser.
    If you are over 55 you can claim your pension, but it will be adjusted downwards for every month you are under 60. there is a pension calculator on the TPS website. So far as i am aware the redundancy payout does not affect your pension.
    If you are under 60 and take redundancy, you could theoretically survive on the redundancy pay until it runs out, then claim your pension. Your pension contributions would be fixed, but the actuarial reduction would only depend on the date you claim it from. Thus, crudely, claim pension at 57; pension cut by (say) 20% (not the actual figure i have not looked), but if you lived off your redundancy money and claim the pension at 58 you would then take a lower reduction (say 12%).
     
  6. anon468

    anon468 New commenter

    Wot jacob said! [​IMG]
     
  7. Richie Millions

    Richie Millions New commenter

    How old are you guitar?
     
  8. Richie Millions

    Richie Millions New commenter

    Oh and when did you start teaching and has it been continous?
     
  9. phatsals

    phatsals Senior commenter

    If you are over 50 you can take your pension straight away with redundancy but it is without cost of living for the next few years. It is also possible to be paid up to 60 if they choose to enhance it - check with HR as well as TP.
     
  10. Richie Millions

    Richie Millions New commenter

    Post 8 is misleading and therefore inaccurate. Jacob was correct.
     
  11. phatsals

    phatsals Senior commenter

    It was in my redundancy letter issued by the LEA August 2010.
     
  12. Richie Millions

    Richie Millions New commenter

    Then it was very badly written and totally misleading and inaccurate would you care to name the LA I will be happy to follow it up?
     
  13. phatsals

    phatsals Senior commenter

    No as I have already been made redundant. Post 8 refers to actuarially reduced pension when requested.
    The rules for redundancy are different and form part of a redundancy package.
     
  14. Richie Millions

    Richie Millions New commenter

    Then you are as confused and misguided as your LA appears to be if indeed it is from them. Please do not attempt to advise others unless you can give accurate information. Jacobs advice was absolutely sound.
     
  15. OP

    As Phatsis suggests, your LA may be making additional enhancement offers related to your redundancy package

    As part of the redundancy process you should have access to the HR provider used by your employer, the LA HR department, and your union (a representative of which should have been invited to the redundancy meetings at your school)
    I would suggest that you speak to the union first for advice and then the HR provider(s)
     
  16. phatsals

    phatsals Senior commenter

    Then my colleagues and I have all been paid off with those over 50 offered and paid their pension in 2 different LEAs without benefit of your expertise.
    My letter is from the LEA and it quoted STPCD regarding redundancy and over 50s. Perhaps you know better.
    It is you who would appear to be offering inaccurate information. I recommended the OP contact the LEA.
    I also consider your post as insulting as it is offensive.
     
  17. phatsals

    phatsals Senior commenter

    Sorry Resourfinder - my last post overlapped yours and is not aimed at you.
     
  18. NP

    I agree that the other poster was very rude in their manner
     
  19. Richie Millions

    Richie Millions New commenter

    Thank you both x
     
  20. Reduncancy packages and pension rights are normally separate issues, and certainly should be treated as such, so I am not sure exactly what phatsis has said that was so unhelpful, richie.
    Any reduncancy issues should be done via HR (this applies to non-teaching areas too) and should not be clouded with pension issues.
    My Mum was not a teacher but a civil servant and they tried exactly this thing with her. She went to court and won - including damages (as it went on for EIGHT years).



     

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