Will there be a cost to my employer?

There may be a cost to your employer depending on a number of factors:

  • Your age at the date of retirement. In the event of redundancy, although you are retiring early, you are entitled to the immediate and unreduced payment of your Scheme benefits. Your employer will be required to pay to the Scheme any cost arising due to your benefits being paid earlier than your normal pension age.
  • Whether or not you hold Rule of 85 protections and meet the┬áRule of 85┬áconditions at the date of retirement.
  • Whether or not you are awarded additional pension by your employer.

The method to calculate any costs to your employer, due to redundancy, is complex and therefore your employer should request a quotation from our Pensions Administration Section. Requests for bulk redundancy quotations must come from your employer.