I intend to retire at 60baldrick wrote:Have to disagree with that. At the moment, if you are 55-60 you can take Early Voluntary RetirementRobertT wrote: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.cyclemech1 wrote: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?
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.
(4 and a bit years time) as I don't want to work ever again!!(done 40 years, not all in this job)As you can take your pension at 60 (obviously on a final salary up till 2008, career defined till 2010 and then reduced for 4 years as the normal retirement age rises to 65, phew!!) I was hoping that you could still retire voluntarily if you were over 55. Logic being that if you can leave at 60 and you were over 55 when the normal retirement age was extended you would still be eligible for enhancement of years.
(clutching at straws time
)
To give you some background regarding myself I am 56 and in service since 1972 so will be in the old scheme which closed last year (if memory serves me right). The scribbled offer I was given basically gave me a sum of money to go (£11,000+) and the option to take my pension and lump sum in three flavours, top pension sum no lump sum, mid pension sum and a mid lump sum, lower pension sum and a top end lump sum. I am assuming all these calculations were based on my accrued NRA60 contributions and that the current NRA65 contributions do not come into the picture. While browsing through here yesterday I seem to recall some suggestion somewhere that there was a way to bring the NRA65 contributions into play to raise the offer to leave up to the max 104 weeks, I think it was by opting out and taking a hit (loss) on what has been paid in. I was reading in somewhat of a rush and forgot to bookmark the page so I may well have got it all wrong .... anyway can someone offer me some idea if this is possible.