Voluntary Redundancy/Pension lump sum payment?

[TheStrangler]

There may be some voluntary redundancies at my office soon.
I have just turned 55. The last time I was offered vr was about 3 years ago and it was 40k.(20 years service at the time)
However now I'm able to take the lump sum from my pension would this mean my vr would be reduced to around 10k (approximately 6 months wages)?
Also in the last round of vrs I do remember some being advised by the union to come out of the pension and perhaps in some cases take their lump sums , prior to taking voluntary redundancy.
Any clarification on the above would be appreciated.
Thanks.

[RobertT]

The way I understand it, is because the RMPP has closed to future accrual, the rules have changed and there is no EVR for the over 55’s anymore – just VR!

Therefore there would be no benefit to coming out of the pension and any payment you receive for voluntarily giving up your job would be based on your age and length of service, up to a maximum of 104 weeks pay.

That fact you’re able to take your pension as you’re over 55 would have no bearing on the amount of VR you would get. But your pension would be reduced for early payment if taking it before NRA.

[celtic1967]

The way I understand it, is because the RMPP has closed to future accrual, the rules have changed and there is no EVR for the over 55’s anymore – just VR!

Therefore there would be no benefit to coming out of the pension and any payment you receive for voluntarily giving up your job would be based on your age and length of service, up to a maximum of 104 weeks pay.

That fact you’re able to take your pension as you’re over 55 would have no bearing on the amount of VR you would get. But your pension would be reduced for early payment if taking it before NRA.

I'm sure I saw a chart on here showing how much vr would be taking into account service and age. If evr for over 55s is gone , hopefully a new chart will be compiled

[RobertT]

I'm sure I saw a chart on here showing how much vr would be taking into account service and age. If evr for over 55s is gone , hopefully a new chart will be compiled

There is a 'ready reckoner' here which currently still applies for VR purposes, but the references to the over 55's no longer apply.

[celtic1967]

I'm sure I saw a chart on here showing how much vr would be taking into account service and age. If evr for over 55s is gone , hopefully a new chart will be compiled

There is a 'ready reckoner' here which currently still applies for VR purposes, but the references to the over 55's no longer apply.

Thanks Robert, if that remains valid, as an over 55 I would be happy with the figures stated.

[RobertT]

It's still valid at the moment and apparently there were no discussions about VR payouts in the pay/pension talks. But I suspect it will be on RM's radar at some point.

[celtic1967]

It's still valid at the moment and apparently there were no discussions about VR payouts in the pay/pension talks. But I suspect it will be on RM's radar at some point.

As long as it stays for the duration of the new deal