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(1) Subject to the following provisions of this Part, if a member who ceases to hold a local government employment - (a) has a statutory pension entitlement, (b) has attained the age of 50, and Regulation 31(1) implies that elections for early retirement pensions are only made after the member has left employment. Under the LGPS, the earliest age for retirement is 55. In you are retired by your employer by reason of redundancy or efficiency of the service, provided you are aged 55 or over and have at least two years' qualifying service in the LGPS, you will be entitled to the immediate payment of your LGPS benefits. What is the difference between early retirement and redundancy? Redundancy or efficiency retirement. You can elect to voluntarily retire at any time from age 55 to 75 and receive your LGPS benefits; however, they may be reduced to take account of early payment before your normal pension age (equal to your state pension age, or at least age 65).Voluntary Retirement before age 60 Lump sum = £11,500. As the LGPS is a funded scheme, meaning it is paid from contributions by members rather than the government, if a council employee takes early retirement their employer must pay a lump sum to the LGPS in lieu of the individual's pension contributions. 1.1 This Early Retirement Policy is applicable for relevant staff employed by the Council who are members of the Local Government Pension Scheme, seeking early retirement on the following grounds: 1.1.1 Voluntary early retirement 1.1.2 Redundancy 1.1.3 Ill-Health 1.1.4 Efficiency of the Service My current pension value is around 7000 annual, my projected benefits at normal pension age are around 14000. 1.0 INTRODUCTION . Your Normal Pension Age is simply the age when you can retire and take the pension you have built up in full - for the pension built up from 1 April 2015 your . The Normal Retirement Age for LGPS 2014 is in line with your State Pension Age (but with a minimum of 65). We understand . If you are over 55 and your employer terminates your contract on grounds of redundancy, you are entitled to and must take immediate payment of the benefits relating to that employment. Early retirement through redundancy or business efficiency EARLY RETIREMENT, ILL-HEALTH RETIREMENT AND REDUNDANCY DATE OF ISSUE: Page 4 of 11 SECTION 1 SCHEMES 3 SCHEME A - VOLUNTARY EARLY RETIREMENT (The 85 Year Rule) 3.1 The Local Government Pension Scheme (Amendment) Regulations 2006 removed the 85 Year Rule with effect from 1 October 2006. This online calculator is only intended as an approximate indication of your pension benefits. Canada: Redundancy And Early Retirement - Difficult Choices For LGPS Members 22 September 2020 . When an employee who is a member of the LGPS is made redundant, or retired on the grounds of business efficiency at the age of 55 or older, there will be a cost to the employer. However, if you wish to take your pension before Normal Pension Age it will be reduced on the grounds that it should be paid to you for longer than if you retired later at Normal Pension Age. They may retire you on the grounds of business efficiency. it will keep pace with the member while he/she continues in LGPS. Redundancy or Business Efficiency early retirement Tax controls and your LGPS benefits There are HM Revenue and Customs controls on the pension savings you can have before you become subject to a tax charge when you take them (over and above any tax you will pay on your pension when it is in payment). LGPS member site The Local Government Pension Scheme Early retirement reductions If you choose to voluntarily retire before your Normal Pension Age your benefits will normally be reduced to take account of being paid for longer. Flexible retirement Early retirement with employer consent . Generally, to qualify for your retirement benefits, you must have been a member for at least 2 years. REDUNDANCIES AND EARLY RETIREMENT REDUNDANCY AND REDUNDANCY PAY If an individual is not successful in securing a post in the new structure and they do not secure a redeployment post, they will be redundant. Power to grant a member on redundancy or efficiency of the service termination of employment an additional pension of not more than £7,194 a year (1st April 2020 figure) payable from the date of retirement (under prefix R regulation 31). To be eligible for redundancy pay, employees must have a minimum of 2 years continuous local government service. 1.5 Relevant guidance notes: • This guidance note should be read in conjunction with the LGPS England and Wales Early Payment of Pension guidance. If you are made redundant aged 55 (50 if you were a member as at 6 April 2006) or over and have at least two years' total membership, you will receive your pension and lump sum immediately and without reduction. 7.1 Approval of redundancy, early retirement in the interests of the efficiency of the service, or flexible retirement is delegated to the . Early retirement on redundancy, for example, must be authorised by the employer and a member cannot directly request a personal redundancy estimate. For example, in the Local Government Pension Scheme (LGPS), an employee who is made redundant over the age of 55 is entitled to an unreduced pension - they essentially get the . However, these Regulations allow for a Early Retirement 6.1 Definition "Retirement" is used in the context that pension benefits are payable to the employee on leaving the Council or upon application. retirement age for all members of the LGPS is currently aligned to the members State Pension Age. So, if you choose the early retirement option, you will have no redundancy rights. This is because it is assumed that as the benefits are being When we get approval from your employer for your redundancy/efficiency retirement, we will send out a retirement quotation, which will have all the forms you need to fill out, with a link to the LGPS Retirement Benefits booklet. Local Government Pension Scheme (LGPS) Details of the Local Government Pension Scheme discretions exercised, contribution bands, actuarial rates and discretions policy application are available. You do not require your employer's permission. pension benefits and compensation for compulsory redundancy. Scope 3. When faced with cost constraints, considering a reduction in staff is an obvious early consideration. age 55 or over. Where an employee leaves on the grounds of redundancy/business efficiency and is aged 55 and over, the member is entitled to immediate payment of their unreduced benefits.. As a result of these unreduced benefits being paid earlier than the normal pension age, an early retirement cost (ERC) is payable by the employer to cover the pension fund strain cost, see the LGPS Regulations 2013: http . Taking the Strain - LGPS Bulletin. Early retirement through redundancy or business efficiency Printer-friendly version If you are aged 55 or over, your main benefits may be payable immediately if your employer makes you redundant or you are retired on the grounds of business efficiency and you have met the 2 years vesting period in the Scheme. b. (LGPS 2014) Early Retirement Policy The STAR Multi Academy Trust Date adopted by Academy Trust Body (based on NYCC model policy) Dec ember 2018 This policy is scheduled for review on December 2021 Contents Page Introduction 2 Retirement on the grounds of Redundancy 2 Retirement in the interests of efficient exercise of Functions 2 Forgive me if this is the wrong forum or it has been covered already, but I am struggling to get my head around how this works. If approved for release under VER, no redundancy payment is paid and . Voluntary early retirement (VER) This scheme is only available to employees aged between 55 and 59 years at the date of leaving who are members of the pension scheme. Your pension benefits will be calculated up to your date of redundancy and released to you without an early retirement percentage reduction being applied. Introduction 1.1 There are a number of circumstances when retirement benefits may be paid before normal The normal retirement age for all members of the LGPS is now linked to State Pension Age. reduced using standard early retirement factors to reflect early payment). and are then reduced. of Local Government Pension Scheme (LGPS) membership. The LGPS pension can be paid early if your employer decides you are permanently unable to perform the duties of your job due to ill health. 4.4 Early Leavers under age 55 (under age 50 for employees who were members of the scheme on 5 April 2006) on the grounds of redundancy 4.4.1 In accordance with the LGPS Regulations early leavers under age 55 Types of Early Retirement Section 1- Employer Initiated • Redundancy, where the number of people required is reduced because of changes to workload, organisation, service provision, new technology or other . All employers in the LGPS must have a flexible retirement policy and you can ask your employer for their . As he is retiring 1 year early, his benefits are reduced. Employees can remain in the Local Government Pension Scheme beyond age 65, but benefits must be drawn before they reach age 75. If you take early retirement, you will not automatically be entitled to redundancy pay and you will not be able to collect your state pension until you are in your mid-sixties. Voluntary Early Retirement 4. If you are over 55 and your employer terminates your contract on grounds of redundancy, you are entitled to and must take immediate payment of the benefits relating to that employment. Can I take redundancy and my pension? 5.10 Both redundancy and efficiency termination attract full pension entitlement for Local Government Pension Scheme (LGPS) members aged 55 or over. • A £95k cap on the total of all forms of compensation, including redundancy payments, pension strain, compromise agreements and special severance payments. LGPS staff are especially affected because the £95k cap includes pension strain caused by releasing pension benefits early on redundancy - this means not just high earners are affected. You will not receive a redundancy payment. Members aged between age 60 and 64 can elect to retire early and receive payment of their benefits without employer consent. retire early, and particularly if the grounds for retirement are redundancy or efficiency, then there is likely to be a strain cost. 8 September 2016. What you need to complete If you wish to obtain a redundancy or efficiency retirement quotation, please complete form LG29 and return it to lgps.forms@surreycc.gov.uk via Egress Switch. contributed to the Local Government Pension Scheme (Northern Ireland) (LGPS (NI)) on or after 1 April 2015. This could involve a choice between getting an unreduced . Although this facility is Your employer may also award you additional service if you are made redundant. Prior to the approval stage, all requests for redundancy/efficiency retirement quotes must come via your employer. 8. From age 60 If you are over age 55 and you are made redundant or retire due to business efficiency, your pension benefits are payable immediately without any early retirement reductions. Retirement within the Local Government Pension Scheme. This 12-page newsletter explains the complex world of money and investment relating to the Local Government Pensions Scheme funds. His benefits are: Pension = £4,000 a year. . It is also likely that you will get a smaller pension than if you had continued to work until the standard retirement age. Max order 30 - or email stockorders@unison.co.uk. As a member of the LGPS you can look forward to a pension that is backed by government and reviewed annually to be kept in line with the cost of living for the rest of your life. It is detailed and aimed at those who are interested in the complex world of pension funds rather than all members. 7. The benefits he will actually be paid are: Pension = £3,796 a year (a 5.1% reduction) Lump sum = £11,235.50 (a 2.3% reduction) Flexible retirement. . request an estimate of any redundancy payment which may be applicable, and for members of the Local Government Pension Scheme (LGPS) if age 55 or over at the proposed date of redundancy, an estimate of the accrued pension benefits. You may need to choose how your exit payment is made if the changes affect you. They'll be able to tell you about their administration process and . This guidance aims to detail redundancy payment and early retirement options available, and sets out how the Council will exercise its discretionary powers in accordance with the Local Government Pension Scheme (Benefits, Membership and Contributions) Regulations 2007, Local Government (Early 1: Introduction Information is included for members who are approaching or considering retirement, including the options available to them and how their benefits will be worked out. There are mechanisms within the scheme that define any applied reductions to drawn benefits before the normal pension age. In addition if a member is allowed to retire early by Transfers in and out . 12. The key proposed changes for LGPS pension benefits are: the removal of mandatory early retirement following redundancy where the member is aged 55 or over; and the provision of options for employees as to how and when they take their pension benefits following redundancy. If a member of staff opts to Flexible Retirement, Early Retirement and Redundancy Payments Policy HRP 012 Human Resources Human Resources Civic Campus Euclid Street Swindon SN1 2JH Tel: 0800 032 5642 Fax: 01793 463498 D6 Early entitlement to retirement benefits: redundancy etc. It depends on your age and length of your membership in the scheme: Early retirement through redundancy or business efficiency Printer-friendly version If you are aged 55 or over, your main benefits may be payable immediately if your employer makes you redundant or you are retired on the grounds of business efficiency and you have met the 2 years vesting period in the Scheme. A thoroughly nasty imposition on people being made redundant from English local authorities by the Government because the LGPS is a funded scheme unlike central government pensions which are funded on the never never from assumed future tax receipts. Your pension benefits will be calculated up to your date of redundancy and released to you without an early retirement percentage reduction being applied. View our enhanced redundancy payments. From 1 June 2018, you can voluntarily retire at any age on or after your 55th birthday but your benefits may be reduced for early payment. a public sector employee. Applications are considered against set criteria including the needs of the service and affordability. Introduction 2. TfN is aware that costs as a result of early payment of LGPS benefits as a result of Flexible Retirement will fall on the employer. Payment of your pension benefits Back to top If the member's statutory redundancy pay is less than the pension strain then the excess can be paid as a cash benefit, up This form does not take account of any reductions that may apply due to early retirement before age 65 or any enhancements that may be awarded due to ill health. Pre-funding under the regulations of the Local Government Pension Scheme (LGPS) and replaces the previous policy. But people retire and draw their benefits for all kinds of reasons and at all kinds of ages. There is no consent needed to be able to access Normal Retirement. early retirement on grounds of redundancy and if approved they will have, and must take, immediate access to unreduced pension benefits, provided they have at least 2 years' total LGPS qualifying service. If you dismiss an active member from employment who is aged at least 55 and has at least two years in the LGPS, due to redundancy, business efficiency, or whose employment is terminated by mutual consent on grounds of business efficiency, that member is entitled to and must take immediate payment of their unreduced pension relating to that employment The member is also entitled to have their statutory redundancy pay as cash in exchange for a partial reduction to immediate benefits. Regulation 31(2) refers to the 'employing . This figure, which can be substantial, is then counted against the cap. Early Retirement If you have been a member of the Local Government Pension Scheme (LGPS) for at least 2 years or have transferred previous pension rights into the scheme, you can elect to retire and receive the payment of your pension benefits at any time from age 55. LGPS and Redundancy. Early retirement through redundancy or business efficiency. . However, for those employers with staff in LGPS great care needs to be taken as 'strain costs' imposed by the Fund could result in very significant payments, often well in excess of any salary savings made. (a) he is entitled, on ceasing to hold his former employment, to a retirement grant by virtue of regulation D6 of the LGPS Regulations in a case where one of the conditions in paragraph (2) of that regulation is satisfied (early retirement on redundancy, or in the interests of efficiency or on the cessation of a joint appointment); or Once approved Back to top You and your employer will agree a date that your contract of employment will be terminated. Under the Local Government Pension Scheme Regulations, TfN is required to publish a policy statement . Members aged between 55 and 59 may be able to elect to retire early and receive payment of their benefits, A redundancy payment may be due in certain circumstances when a temporary or This is known as "Flexible Retirement". conducting redundancy exercises or similar exercises. The scheme's normal retirement age is now linked to your State Pension Age for both men and women. My basic question is: I am 56, I have exactly 20 years paying into the LGPS. Under current LGPS regulations, your pension benefits will be calculated up to your date of redundancy and released without an early retirement percentage reduction being applied. Retirement . Redundancy and business efficiency If you are aged 55 (50 if you were a member as at 6 April 2006) and have at least two years' total membership, you will receive your pension immediately with no reduction . If you're thinking about applying for voluntary redundancy, you should speak to your employer. Under these circumstances the benefits are not subject to reduction as for Early Retirement. Members aged 55 and over can elect to retire without their employer's . . Your benefits are initially calculated as detailed in the section how is your pension calculated? Voluntary Early Retirement . Early Retirement It is possible to take early retirement in the LGPS 2014 scheme from the age of 55. 2.1 Early retirement The normal retirement age for all members in the LGPS is currently age 65. 1.1 The Local Government Pension Scheme (LGPS) contains a number of provisions that . Local Government Pension Scheme Discretionary Options and Compensation for Termination A.8a . Voluntary early retirement . 3. Compulsory Redundancy Multiplier Voluntary Redundancy . This is because immediate payment of their pension is mandatory and the pension is paid unreduced. In cases of ill health, there is no lower . . Regulation 93(2)(a) of the LGPS provides that the first period for which any retirement pension under Regulation 31(1) is payable begins on the day the election is made.

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