EVR Guidance please

[presario]

Myself and a number of colleagues have got ourselves into a bit a tizz over our situation and would be grateful of a little guidance on how to go forward. We are all 740cf drivers and it has been announced we will be loosing our vehicles and the work moved elsewhere, some of the drivers will be accommodated but at least 5 of us are considering EVR and have indicated so in a preference exercise. I myself have no option due to my health which will not allow me to move to delivery which is what will mainly be left following the removal of the driving jobs, some of my colleagues have similar issues or are older and have similar service to myself and do not look forward to ending their years on delivery so we are all looking to get the best out of the situation. I myself am 60+a few months and have already drawn my NRA 60 benefits all I have left are the NRA 65 benefits (colleagues are in a similar position some are 62, 63).

We have all written and got hold of "OPT OUT FORMS" because as we understood things in order to get an offer of two years pay to leave under EVR arrangements we would have to opt out of our remaining pension to achieve this, the pension would then in effect be frozen until we reached 65 only increased by CPI each year. If we chose not to opt out the offer would be similar to one we all received some months back which was 6 months pay (about £16000) and a slightly enhanced pension (about £250 a month) payable immediately.. we have been advised by our union rep to put in our forms asap so the offer we get is as I describe above ... but one or two of us are a little concerned in case we mess up or have got it wrong and since the new agreement kicked in on the 1st October it has further clouded our thinking and added to our concerns...

On the forms for opting out it does say once you have left there is no way back in, however under the auto enrolment RM is obliged to periodically assess your eligibility for membership of the RMDC plan after a 3 month waiting period if you meet the criteria you will be automatically enrolled ... this has happen to one person we are aware of as his EVR dragged on somewhat, he has since left the business ... what would happen to the contributions made if say it amounted to say a couple of weeks?

I would be grateful of some plain answers off anyone who can point us in the right direction .... If we want to achieve 2 years pay for EVR do we opt out as I describe, have our NRA65 pension frozen or are we going in the wrong direction ????

[Fatboyslim]

You need to be out of both NRA 60 & NRA 65 to achieve a full 104 week pay off. Presuming you qualify for a full 104 week? I presume you will if you are just over 60.

You don't have to freeze your NRA 65. You can draw it if you like. With a 25% hit.

Good luck.