EVR

[stodgy88]

if i take VR can some of my weekly pension be changed into a larger lumpsum like at 60

[zed man]

At 43 on a shift with no allowences, 1sunday s.a every 4weeks, and being offered FORMALLY an E.V.R after 22 years service, very tempted to take offer ,

But want to know is ....
A,what exactly am i entitled to.
B, If I started service in sep 1987 am I in poss or pops.
C, what should I excpect as an offer?
D, what about my pension,? does it just freeze?

[baldrick]

zed man, you would not get Early Voluntary Retirement at 43. You need to be 55 or over, and that will be raised to 60
from 1 April.
You have probably been offered Voluntary Redundancy.
In answer to your questions:

A. According to the ready reckoner sent to people in my MC, at 43 with 22 years service you would get a VR lump sum payment of 84.375 weeks (basic pensionable) pay - Sunday OT and SA do not count towards that (since June 2002), though pensionable allowances such as shift allowances would.

B. POSSS has been closed to new entrants since April 1987, so if you joined in September 1987 you must be in POPS.

C. As stated above, according to the ready reckoner, you would get a VR payment of 84.375 weeks. I believe tax is not
payable on the first £30,000 of a redundancy lump sum, but would be payable on any amount over the £30k.
If you express an interest in taking VR you will be given a quote and will have 14 days to decide whether or not to accept it.

D. Yes you would get a deferred (frozen) pension which would normally be paid at 60.
If you are in POPS, with 22 years service that should be about 30% of your current pensionable pay
I believe you can apply to the trustees to have it paid earlier, but I think it would be reduced by 5% for every year before 60. I'm not too sure how that works though.

The above guidelines apply if you take VR before 1 April (when the pension age will be raised to 65) - I don't know if or how it changes after that.

[plainpat]

if i take VR can some of my weekly pension be changed into a larger lumpsum like at 60

I left RM in 2008 of my own accord and took my pension early (57 1/2 yrs of age at the time). I was offered the chance to take a reduced monthly amount (it's paid monthly not weekly) and a lump sum instead (tax free), which is the option I took.

[edy]

Anyone know what sort of details the EVA (early voluntary redundancy) package is for someone aged 58. Heard its soon to be offered in our office.

Dont pin your hopes on getting it,a short while back we all had forms about it nobody's heard anything since- another pie in the sky ! !

[RobertT]

In my office about 20 people have had quotes for Early Voluntary Redundancy and assuming RM get their way on the current talks,6 full time staff will be given it.

[craven]

Hi in our office we have been told there will be no evrs as they have staff on short term contracts that they will get rid of them first.
Is that true as I was told as I was 57 and 35 years in the job I would be getting evr that was a few months ago and now seems not.

[Blade Runner]

Hi in our office we have been told there will be no evrs as they have staff on short term contracts that they will get rid of them first.
Is that true as I was told as I was 57 and 35 years in the job I would be getting evr that was a few months ago and now seems not.

Would it be worth you taking EVR. As you are under 60 you would get your pension at a reduced rate and compensation would only amount to about 26 weeks pay.

[RobertT]

Would it be worth you taking EVR. As you are under 60 you would get your pension at a reduced rate and compensation would only amount to about 26 weeks pay.

There's nothing to say that craven would have to take their pension at the same time as EVR.

[cyclemech1]

I thought that if you took Early Voluntary RETIREMENT after the age of 55, your pension was 'made up' as if you had retired at 60?
Is this not still the case?

[Blade Runner]

Would it be worth you taking EVR. As you are under 60 you would get your pension at a reduced rate and compensation would only amount to about 26 weeks pay.

There's nothing to say that craven would have to take their pension at the same time as EVR.

If you want EVR as I do you need all the money you can get, and unless you can afford not to take your pension I don't see below 60 as a good option. As I said compensation would be around 26 weeks pay. If you can live on 26 weeks pay for 3 years then draw your pension then good luck to you.

You really need to wait until you are just over 60 and hope that EVR's are on offer again, you could then get upto 104 weeks pay thats unless things change under this long awaited new agreement.

[Blade Runner]

I thought that if you took Early Voluntary RETIREMENT after the age of 55, your pension was 'made up' as if you had retired at 60?
Is this not still the case?

As I have said below, 60 and all you get is 26 weeks pay in Compensation. Your pension is at a Reduced rate.

We have had people between 55 and 60 taking EVR at our office and what I said above applied to them.

As I understand it I you retire on ill health gounds then you may get a full pension.

[baldrick]

I thought that if you took Early Voluntary RETIREMENT after the age of 55, your pension was 'made up' as if you had retired at 60?
Is this not still the case?

As I have said below, 60 and all you get is 26 weeks pay in Compensation. Your pension is at a Reduced rate.

We have had people between 55 and 60 taking EVR at our office and what I said above applied to them.

As I understand it I you retire on ill health gounds then you may get a full pension.

I don't think that is correct at present. What you are describing sounds like TMA option 1b which is for people
between 50-54. Possibly the people in your office have been offered this after April.

You can at the moment get your full pension (enhanced by up to 6 and two third years) and 26 weeks redundancy
compensation if you are 55-60. And I have had a quote for that from the pensions section.
It will change from April, when the retirement age is raised to 65. I assume from then you will only get EVR
between 60-65.
But I would have thought that it would still be an enhanced pension with the 26 weeks redundancy money.
Though you will still be able to take any pension accrued until April 2010 at age 60.

Of course this might all change if there is a new MTSF as part of the continuing negotiations.

[RobertT]

I thought that if you took Early Voluntary RETIREMENT after the age of 55, your pension was 'made up' as if you had retired at 60?
Is this not still the case?

Redundancy and taking your pension are 2 different things. There are people in my office in their 40's seriously considering taking Early Voluntary REDUNDANCY,but they cannot take their pension aswell.

The company could decide to 'make up' your pension but there's nothing to say they have to,after all that would cost them more money.

[baldrick]

I thought that if you took Early Voluntary RETIREMENT after the age of 55, your pension was 'made up' as if you had retired at 60?
Is this not still the case?

The company could decide to 'make up' your pension but there's nothing to say they have to,after all that would cost them more money.

Have to disagree with that. At the moment, if you are 55-60 you can take Early Voluntary Retirement
and it will be enhanced by up to 6 and two-third years, although the maximum cannot take you to over 60 - so if you
take it at 55, you would get an enhancement of 5 years. I believe the enhancement cannot be longer than your actual
service too, but I'm not sure about that.
But when the pension age rise to 65 from 1 April, presumably the requisite age for EVR will also rise to 60-65, and
those between 55-60 will only be eligible for TMA (Termination by Mutual Agreement).

At present TMA is open to people between 50-54, and gives you two options:
TMA1a - immediate payment of accrued pension (and lump sum if payable) without either enhancement or reduction.
TMA1b - actuarially reduced pension (and lump sum if payable) with a redundancy payment of 26 weeks pay.

And as I said previously, we don't yet know if there will be any changes arising from the present negotiations.