Redundancy retirement

[peter2meter]

I work in a school and they have asked for staff to take voluntary redundancy which I have said I am interested to find out about. I have now heard from someone else that I could take early retirement and that the school would pay in to my pension until retirement age. I wonder if anyone could explain the options and what these entail. Thanks Marie

[Johnboy007]

Re: Rudundancy retirement

Hi,
There are lots of good reasons for taking early retirement. It can be an attractive option if you don’t like your job, if you fancy a change in lifestyle or – as is the driver for many people – if you think it will be better for your health.
But whatever the reasons, it’s important to also consider the downsides – and there are a few pretty major ones.

• You won’t have any redundancy rights, and you won’t receive any redundancy pay.

• You’re likely to receive a smaller pension than if you worked until normal retirement age, unless your employer is offering a substantially enhanced package.

• The earliest age you can start taking a workplace pension is 55, but you won’t get a State Pension until your mid-60s.

Try this link for information on what could effect you by taking early retirement.....
http://www.nidirect.gov.uk/early-ret...n-your-pension

[peter2meter]

Re: Rudundancy retirement

thanks for the input on this one , this arose out of conversation the school i am at asked for redundancies when i showed interest they tried to say i had only been in the employment for 7 years , working within the borough for 3 school and being paid by the same borough it amounted to 20 years , i had to prove this and did thats when they said it is up to management if i get it , they have kept the cards close to their chests , this is when one of them mentioned early retirement but then stopped and changed the subject this is why i needed to know about it , i am not sure if they are keeping the information back due to cost saving or the fact that i have 20 years employment behind me and if i took ear lie retirement it would cost them moor , they are not adviseing any one properly and i think they will pick and choose who they want to go , cost wise .