tag:blogger.com,1999:blog-30704611.post1549459540020392448..comments2023-05-28T10:59:57.169+01:00Comments on Jon's labour movement blog: How the exit payment cap will hit career public servants a long way from senior management...Jon Rogershttp://www.blogger.com/profile/10779486527359048519noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-30704611.post-20036594076541442422015-08-28T08:16:37.927+01:002015-08-28T08:16:37.927+01:00Another crippling aspect that many gave not realis...Another crippling aspect that many gave not realised which is a game changer, is that if you are made redundant/retire at 55 you are in fact taking early retirement. Your pensionable age is 60/63 so the 5/8 years that you have retired early have to be made up even on a reduced pension. eg. reduced pension accrued at age 55 is £20k employer has to pay 5/8 years x £20k to allow you to take your reduced pension before retirement age. So the 'pension strain' also gets add into the redundancy payment, pay in lieu mix vastly increasing it by an extra £100-160k making your total payout £200 - 260k way over the £95k cap. This is a hidden factor that will crucify many hard working, long service civil servants for doing the right thing and investing in their pensions.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-30704611.post-9571889106165820482015-08-08T11:56:12.068+01:002015-08-08T11:56:12.068+01:00Hi Jon
Interesting article. as a fellow 50+ Unison...Hi Jon<br />Interesting article. as a fellow 50+ Unison member there is another financial penalty awaiting public sector workers. The Govt promised a flat rate pension of £7500 for all state pensioners. However there is a clause in the bill which states<br />that if you are part of a final salary scheme your employer will have automatically opted you out of part of your state pension contribution and the new pension will penalise you for this reducing your state pension significantly. Tens of thousands of Unison members will be affected by this.Havent seen any publicity or campaign from unison as yet on this but strangely enough both the Mail and Telegraph(Not normally friends of the public sector) have highlighted this. <br />Keep up the good work.<br />Cheers<br />Derekderekhttps://www.blogger.com/profile/06206715673299793164noreply@blogger.com