SDSR:Jump or be pushed?

[covec]

Is it the case that if you are made redundant whilst on AFPS05, AND you already have earned a Pension due to age & length of Service, you would get a Pension Gratuity AND a Redundancy payment plus your EDP?

E.g. nearing 50, done over 25 years, passed IPP and signed onto 55 as PAS i.e. 6 years to do:

1. If you jump:EDP plus Gratuity.

2. If pushed:EDP plus Gratuity plus 12 months Redundancy????

2a. If pushed just EDP plus Redundancy payment and no Gratuity i.e. Gratuity "forfeited" for one lump sum payment of 12 months pay.

I have contacted the Pensions Society and JPAC, but JPAC cannot help until "all details and criteria are known" and the POC at the Society is back next week.

Good Luck to you all.

[Snow Dog]

Does it matter? It sounds like none of the options would encourage you to stay in.

[covec]

Snow Dog.

It does matter.

For financial reasons I need to stay in. If the SDSR allows you to keep your gratuity as well as a lump sum then I would certainly talk to a Financial Adviser as well as my Mortgage Provider to see what I should perhaps do.

I entered the housing market only 5 years ago for various reasons ans still owe 6 figures.

[Jayand]

If commissoned and have done 16 yrs or more or 18 yrs or more as non com then yes you do get a redundancy lump (small lump) sum and your gratuity or a large percentage of it, eg 20 22nds of it along with your immediate pension.

[Biggus]

2.... although I can't guarantee it is 12 months redundancy payment!






Also 1 is only correct if you PVR. If you apply for voluntary redundancy you will get some form of redundancy payment as well as EDP + gratuity!

[covec]

So in summary - we all think:

If pushed - EDP "lump sum" (Gratuity) plus Redundancy "lump sum" plus monthly pension payments.

When I get an answer from the Pension Society - and only if it helps - I will post it here.

Thank you for your responses. It has been a stressful time this week at home!!!

[covec]

Please refer to the SDSR - Redundancy Package as Biggus has helped clear this up.

Basically - if you have earned the pension i.e. monthly payments & a lump sum then it cannot be taken from you.

So any redundancy payment is in addition to the above.

[top_cover]

On AFPS05, and passed your pension point,
if more than 4 years left to serve on original engagement 12 months pay,
pension earned to date of departure, (check pensions calculator)
EDP, (check pensions calculator)
As for PAS, does it depend on if you have passed your 5 year point when made redundant?? not sure on that one,
If volunteer, then 6 months notice after you are informed
If pushed 12 months notice,
otherwise package is same if volunteered or pushed