vr and pension ??????

[baldrick]

thanks for the reply can i ask if i take evr and my pension is enhanced is there a certain age i can take it or can i take it straight away i am 55 now

If you are paying into an RM pension you would get whatever is due now based on your contributions to date, if you are 55 (it is only slightly enhanced) + 26 weeks VR payment.

[micky]

if you take evr with an enhanced pension do you have to wait to 60 to take the pension

[RobertT]

if you take evr with an enhanced pension do you have to wait to 60 to take the pension

If you are retired on the grounds of redundancy, after age 55, you will receive immediate payment of your pension and lump sum.

[genesis]

I must point out ,on the royal mail pension plan website ,it states pension a and b would get pension paid on redundancy.Section c members (most of us) would get pension paid on voluntary early retirement ,there is a difference in calculation , there is no mention of redundancy in relation to pension being paid out ,as it is set out for a /b members.

[tinkerdil]

if you take evr with an enhanced pension do you have to wait to 60 to take the pension

If you are retired on the grounds of redundancy, after age 55, you will receive immediate payment of your pension and lump sum.

Just to clarify please, would this immediate payment of your pension and lump sum not be subject to the reduction of 5% per year prior to aged 60?

[baldrick]

if you take evr with an enhanced pension do you have to wait to 60 to take the pension

If you are retired on the grounds of redundancy, after age 55, you will receive immediate payment of your pension and lump sum.

Just to clarify please, would this immediate payment of your pension and lump sum not be subject to the reduction of 5% per year prior to aged 60?

If you were to request early payment of your pension it would be reduced by 5% for every year you take it early.

But if Royal Mail offer you Voluntary Redundancy/Early Voluntary Retirement, and you accept it, the pension and lump sum are not reduced, they are slightly enhanced.

[heckster]

if you take evr with an enhanced pension do you have to wait to 60 to take the pension

If you are retired on the grounds of redundancy, after age 55, you will receive immediate payment of your pension and lump sum.

Just to clarify please, would this immediate payment of your pension and lump sum not be subject to the reduction of 5% per year prior to aged 60?

If you were to request early payment of your pension it would be reduced by 5% for every year you take it early.

But if Royal Mail offer you Voluntary Redundancy/Early Voluntary Retirement, and you accept it, the pension and lump sum are not reduced, they are slightly enhanced.

can someone confirm this is true?

[heckster]

if you take evr with an enhanced pension do you have to wait to 60 to take the pension

If you are retired on the grounds of redundancy, after age 55, you will receive immediate payment of your pension and lump sum.

Just to clarify please, would this immediate payment of your pension and lump sum not be subject to the reduction of 5% per year prior to aged 60?

If you were to request early payment of your pension it would be reduced by 5% for every year you take it early.

But if Royal Mail offer you Voluntary Redundancy/Early Voluntary Retirement, and you accept it, the pension and lump sum are not reduced, they are slightly enhanced.

can someone confirm this is true?

But if Royal Mail offer you Voluntary Redundancy/Early Voluntary Retirement, and you accept it, the pension and lump sum are not reduced, they are slightly enhanced.


can someone confirm this is true?

[baldrick]

But if Royal Mail offer you Voluntary Redundancy/Early Voluntary Retirement, and you accept it, the pension and lump sum are not reduced, they are slightly enhanced.

can someone confirm this is true?

It is in the Managing the Surplus Framework agreement (MTSF 2010). Fishtank has posted a link to that agreement in the Downloads section. Read it for yourself.

[heckster]

But if Royal Mail offer you Voluntary Redundancy/Early Voluntary Retirement, and you accept it, the pension and lump sum are not reduced, they are slightly enhanced.

can someone confirm this is true?

It is in the Managing the Surplus Framework agreement (MTSF 2010). Fishtank has posted a link to that agreement in the Downloads section. Read it for yourself.

can someone post me a link to mtsf 2010, I cant find it

[RobertT]

can someone post me a link to mtsf 2010, I cant find it

http://www.royalmailchat.co.uk/communit ... 36&t=33667" onclick="window.open(this.href);return false;

[Fatboyslim]

Can I throw my hat into the ring - and ask a couple of questions please?

Just done 33 years. 51 years of age.

I quite fancy the idea of a buy down/reduced hours/jobshare. Whatever as long as my life/work balance is better than it is at the moment...

What implications would this have for drawing my pension at 55? Colleagues have mentioned it is worked out on my best year out of my last three? If I decided to reduce my hours to say 20 per week. How would this effect my future pension?

Nothing is set in concrete yet. But, I'm throwing a few ideas round in my head at the moment. I certainly do wish to retire as soon as I can financially afford to do so. It's a big world out there. And if I can afford to leave early I plan to do so. As nobody knows whats around the corner, so to say.

Many thanks in anticipation of some serious help/suggestions.

[heckster]

But if Royal Mail offer you Voluntary Redundancy/Early Voluntary Retirement, and you accept it, the pension and lump sum are not reduced, they are slightly enhanced.

can someone confirm this is true?

It is in the Managing the Surplus Framework agreement (MTSF 2010). Fishtank has posted a link to that agreement in the Downloads section. Read it for yourself.

ive read all this document, I aint the brightest but I couldnt see any part where it says pension and lump sum isn't reduced if you are offered evr?

[tinkerdil]

Can I throw my hat into the ring - and ask a couple of questions please?

Just done 33 years. 51 years of age.

I quite fancy the idea of a buy down/reduced hours/jobshare. Whatever as long as my life/work balance is better than it is at the moment...

What implications would this have for drawing my pension at 55? Colleagues have mentioned it is worked out on my best year out of my last three? If I decided to reduce my hours to say 20 per week. How would this effect my future pension?

Nothing is set in concrete yet. But, I'm throwing a few ideas round in my head at the moment. I certainly do wish to retire as soon as I can financially afford to do so. It's a big world out there. And if I can afford to leave early I plan to do so. As nobody knows whats around the corner, so to say.

Many thanks in anticipation of some serious help/suggestions.

A good question FBS. I cannot answer but would be interested to know more. Clearly the new pension (2010 onwards?) will be effected but more significantly how would buy-down effect the final salary element of the pension for somebody say over 50 years old and with a number of years service?

[baldrick]

But if Royal Mail offer you Voluntary Redundancy/Early Voluntary Retirement, and you accept it, the pension and lump sum are not reduced, they are slightly enhanced.

can someone confirm this is true?

It is in the Managing the Surplus Framework agreement (MTSF 2010). Fishtank has posted a link to that agreement in the Downloads section. Read it for yourself.

ive read all this document, I aint the brightest but I couldnt see any part where it says pension and lump sum isn't reduced if you are offered evr?

Appendix 6
Voluntary Redundancy Terms

2.4 EMPLOYEES AGED 55-64 WHO ARE MEMBERS OF THE PLAN

2.4.1 MEMBERS OF SECTION A/B OF THE PLAN (formerly POSSS)

Pension
Immediate payment of pension benefits accrued to date:

PLUS
An additional credit of 37.5% of the Reckonable Service (pro-rata according to the hours worked in the case of part-time employees) which would have been attained if service had continued to 65, provided that in no case shall Reckonable Service be increased to more than double its' length and subject to HMRC limits and the rules of the Plan.

.........etc