EVR offered query bout pension.

[capricorn1959]

At my office we are having to lose 2 walks, hence two EVR being offered, one has been snapped up, and it has gone down the seniority list and is now at me.
I have been given a very good preliminary figure, and it was certainly enough for me to say bye to RM after just over 25 years and find a little part time job nearer to home.

However the rumour mill has gone overdrive, and because I am over 55 (turned 55 last month) I have had a fellow postie telling me that I will have to put the majority of my payment into the pension fund , so the money I was offered would be drastically reduced, and to be honest just wouldn't be worth my while to go at this stage.

The crazy thing is both of my managers have never heard of this. The postie above me by a couple of places in seniority is 58, and he said he looked into it and he would have to pay 20 grand of his money into the pension, so he refused the EVR.

I thought he meant that he was going to be doing it voluntarily to keep his pension at the higher rate, but he said it wasn't voluntary, it was mandatory.

I have emailed the pensions and have had a confirmation email back telling me that they would answer me in the next couple of days, and I am off work tomorrow so I can phone HR and see what they say, but I was just wondering if anyone on here can shed any light into this in the meantime.

In my mind I would be getting this money because my job would no longer exist, and it would be to tide me over til something else came along. How could I then expect to pay out over half of it immediately?

Any advice opinions etc more than welcome.

Thank you.

[genesis]

YOU will be entitled to an enhanced pension and lump sum and six months wages as a lump sum as well,Someone in our office with 28 years service is taking about 70,000 plus £130 a week , and there might be a pension supplement as well.

[genesis]

And you wont have to pay it into a pension fund because you will have already taken your pension,and you will be FREE!

[capricorn1959]

Do you think my first phone call in the morning should be to HR Genesis?

I have had a reply from pensions, but just an acknowledgment one, saying they will be in touch with me within two days.

To me this just doesn't make sense, but I really need to get this right, and not find I've made a hash of it somewhere along the line.

Big decision got to be made in the next few days.

To be honest totally demoralised at how RM is now, and feel my time has come to go, but not if the bu**ers want over 20 grand of me payout

[Tman]

They don't, though.
Your mate is just talking bollix.
If they've paid you off, why would they want some back?

[baldrick]

You can chose to take the offer as it is. You do not have to pay anything into the pension fund.
You can, if you chose to, convert some of the lump sum into a larger pension, or convert some of the pension into a larger lump sum. You will be given that option when you get the standard pension quote.
You will also get 26 weeks VR payment.