Redundancy pensions query

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Fletch

Fletch

Striker
redundancies on horizon at work , have a final salary pension scheme that paid into for 30 year now , when get the chop it triggers the pension in couple year when I turn 50, but was under impression would get 30/80ths of pensionable salary rather than the 40/80ths you would get if retire after age60 with full 40 years service in the pension scheme .
However have since found out that because I joined before a certain date in the scheme I (and couple others) are classed as "Protected employees" and our pensions on redundancy are with "Unreduced benefits".
Any experts on here know what this means ?
Thanks in advance .
Cue... yeah it means your benefits aren't reduced and you're protected :lol:
 


Fletch said:
redundancies on horizon at work , have a final salary pension scheme that paid into for 30 year now , when get the chop it triggers the pension in couple year when I turn 50, but was under impression would get 30/80ths of pensionable salary rather than the 40/80ths you would get if retire after age60 with full 40 years service in the pension scheme .
However have since found out that because I joined before a certain date in the scheme I (and couple others) are classed as "Protected employees" and our pensions on redundancy are with "Unreduced benefits".
Any experts on here know what this means ?
Thanks in advance .
Cue... yeah it means your benefits aren't reduced and you're protected :lol:
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I have a feeling it means good news for you (i.e. 40/80ths) if they do make you redundant, but because of that, potentially they will avoid making you redundant. I would find out what it means not mention it, in case they have not realised, wait for the redundancy, and then claim the pension as soon as you can when you hit 50 to limit their chance to go down the tubes and take the pension fund with them, which will definitely hit what income you get.
 
Fletch said:
redundancies on horizon at work , have a final salary pension scheme that paid into for 30 year now , when get the chop it triggers the pension in couple year when I turn 50, but was under impression would get 30/80ths of pensionable salary rather than the 40/80ths you would get if retire after age60 with full 40 years service in the pension scheme .
However have since found out that because I joined before a certain date in the scheme I (and couple others) are classed as "Protected employees" and our pensions on redundancy are with "Unreduced benefits".
Any experts on here know what this means ?
Thanks in advance .
Cue... yeah it means your benefits aren't reduced and you're protected :lol:
Click to expand...
JAMMY. TWAT.
 
Would the options not be. 1, continue payment on your own on your current terms. 2, transfer some of your redundancy money into your plan. 3, transfer to another provider on their terms. 4, take a lump sum when your 55?
 
Fletch said:
Nah I'm sure it doesn't mean get the 40/80 , I'm sure it means summit else


I've been there since left school
Mate , wouldn't have a clue in the job market when that day comes
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I'm pleased for you really mate. I hope for similar in about 15 years time. Retirement at early 50s sounds marvellous.

At least the job you will get is gonna be on your terms. B&Q gardening section looks canny.
 
Some Random Guy said:
The scheme probably got a downgrade at some point for new starters. Talk to your pension people.
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When you email them (they won't speak
On phone) it takes bout 6weeks to get reply ! But yeah I think you're right , it won't mean you get 40/80ths though
 
Fletch said:
redundancies on horizon at work , have a final salary pension scheme that paid into for 30 year now , when get the chop it triggers the pension in couple year when I turn 50, but was under impression would get 30/80ths of pensionable salary rather than the 40/80ths you would get if retire after age60 with full 40 years service in the pension scheme .
However have since found out that because I joined before a certain date in the scheme I (and couple others) are classed as "Protected employees" and our pensions on redundancy are with "Unreduced benefits".
Any experts on here know what this means ?
Thanks in advance .
Cue... yeah it means your benefits aren't reduced and you're protected :lol:
Click to expand...


Nice.....my public sector pension, as yours based on eightieths gets reduced by 4.5 % for every year you leave before NPA :eek:
 
Fletch said:
When you email them (they won't speak
On phone) it takes bout 6weeks to get reply ! But yeah I think you're right , it won't mean you get 40/80ths though
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Probably not, could be something like 30/70ths though. Who knows, good news is it won't be a downgrade. :)
 
Fletch said:
What's NPA ? Does that include compulsory redundancies ?
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Normal pension age....

I'd speak to your pension people or Union ?
Are they paying your pension straight away or freezing it, albeit without reductions till your pension age ?
 
Fletch said:
redundancies on horizon at work , have a final salary pension scheme that paid into for 30 year now , when get the chop it triggers the pension in couple year when I turn 50, but was under impression would get 30/80ths of pensionable salary rather than the 40/80ths you would get if retire after age60 with full 40 years service in the pension scheme .
However have since found out that because I joined before a certain date in the scheme I (and couple others) are classed as "Protected employees" and our pensions on redundancy are with "Unreduced benefits".
Any experts on here know what this means ?
Thanks in advance .
Cue... yeah it means your benefits aren't reduced and you're protected :lol:
Click to expand...
Thought you had to be 55 for your pension, not 50?
 
Cee Jay said:
Normal pension age....

I'd speak to your pension people or Union ?
Are they paying your pension straight away or freezing it, albeit without reductions till your pension age ?
Click to expand...
No union

If made redundant at 47/48 , pension will be paid out once I reach age 50 , paid 30 years worth

Longy said:
Thought you had to be 55 for your pension, not 50?
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Depends on The scheme , ours states 50 of compulsory redundancy
 
Fletch said:
No union

If made redundant at 47/48 , pension will be paid out once I reach age 50 , paid 30 years worth


Depends on The scheme , ours states 50 of compulsory redundancy
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I'd take 30 years at our place like a shot....providing they didn't reduce for every year before 60

Obviously depends on your circumstances ( lump sum etc) but I'd take 3/4 of pension at 50

But that's just me..:lol:
 
Fletch said:
redundancies on horizon at work , have a final salary pension scheme that paid into for 30 year now , when get the chop it triggers the pension in couple year when I turn 50, but was under impression would get 30/80ths of pensionable salary rather than the 40/80ths you would get if retire after age60 with full 40 years service in the pension scheme .
However have since found out that because I joined before a certain date in the scheme I (and couple others) are classed as "Protected employees" and our pensions on redundancy are with "Unreduced benefits".
Any experts on here know what this means ?
Thanks in advance .
Cue... yeah it means your benefits aren't reduced and you're protected :lol:
Click to expand...
In the same boat, I've got 20 years in so 20/60ths.

By being made redundant I can claim my pension at 55 without penalties, if I'm still in employment and take it at 55, there's a % penalty from the age of 65 that would wipe 35% off it. Is that what unreduced penalties means?
 
I think most of the privatised industries had specific legislation to protect the pensions of the employees in the industry at that time - this protected accrued and future benefits which meant that if those employees were transferred to new businesses they would be entitled to have a pension of an equivalent value if they could no longer remain in the existing scheme. Some of these schemes allowed members to retire within 10 years of their NPA on reduced benefits, but I think there are circumstances where members can retire before the NPA on unreduced benefits. You are entitled to view all the relevant pension scheme rules / procedures so I would ask for a copy from your pension provider.
 
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