VR for the mature workers

moyaspawn · Post by **moyaspawn** » 09 Apr 2019, 19:06

Two of my friends/colleagues are thinking of taking a VR package. one of them is sixty four and the other six months younger.
With the default age of retirement (65) being scrapped in 2011, they are interested to know what kind of payment they would
be likely to receive.
Some say they will only receive what they are due up until their sixty fifth birthday.
Others say they will get payment up until their state pension age (66), as long as it does not exceed 104 weeks.
And finally,. some say they will just get 104 weeks.
Any information on this would be much appreciated.

Post by **RobertT** » 10 Apr 2019, 04:23

The amount they get via VR will depend on their age and length of service, up to a maximum of 104 weeks pay. Consult the ready reckoner for confirmation.

Early Voluntary Retirement(EVR) and an enhanced pension for those between 55 and 64.5 is no longer on the table since the RMPP closed to future accrual in 2018.

If VR's are an option in your office, they will presumably get a quote in due course?

Their 65th birthday and their state pension age are irrelevant as far as I'm aware.

moyaspawn · Post by **moyaspawn** » 10 Apr 2019, 20:52

Thanks for the reply Robert and pointing me to the ready reckoner. VR is on the horizon at our office and these gents are 40 year men.
We have seen a MTSF agreement dated 2009 and the ready reckoner dated 2010. We thought maybe with the changes in the pension age in 2011,
there may have been changes to the way these senior guys packages are worked out. It looks like they will have to be patient and wait for their
quotes. Always interesting reading your input on these forums, cheers.

maisymoo04 · Post by **maisymoo04** » 11 Apr 2019, 18:46

evening Robert t

just a quick one mate why is my sect c flexiplan and bonus now ion deductions doent it go into PSE anymore in payments less tax etc cheers

Post by **RobertT** » 12 Apr 2019, 11:59

maisymoo04 wrote:evening Robert t
just a quick one mate why is my sect c flexiplan and bonus now ion deductions doent it go into PSE anymore in payments less tax etc cheers

As long as you're not paying in an amount over the limit to benefit from PSE, it should come under the 'payments' column on your payslip.

Bear in mind that some other payments you can make also benefit from PSE, like the partnership & matching share scheme and I think some things you can buy via My Bundle. So you may have gone over the limit without realising?

heapsy · Post by **heapsy** » 12 Apr 2019, 20:16

RobertT wrote:
maisymoo04 wrote:evening Robert t
just a quick one mate why is my sect c flexiplan and bonus now ion deductions doent it go into PSE anymore in payments less tax etc cheers
As long as you're not paying in an amount over the limit to benefit from PSE, it should come under the 'payments' column on your payslip.

Bear in mind that some other payments you can make also benefit from PSE, like the partnership & matching share scheme and I think some things you can buy via My Bundle. So you may have gone over the limit without realising?

I've seen this before, so I checked through my old pay slips. At the back end of the previous financial year to last, there was a similar thing going on. Seems it's some sort of accounting thing they do to adjust our payments. I have no idea what it is or why it is, but I remembered seeing it before. Would just add that I have increased my AVC payment by £2 per week, but still within PSE limits. I'm paying £2.88 Bonus Plan, and £118 Flexi Plan. Hope that helps.

maisymoo04 · Post by **maisymoo04** » 12 Apr 2019, 21:44

cheers heapsy /robert