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About tommyarmouriii

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  1. Thanks for the replies Honeybee & Ethel Street. Glad I posted this as you have helped already & certainly confirmed my thoughts. Unfortunately, I have already signed the agreement, the reason being I did not want to re-apply for my role along with others in my position which would mean I would be under more stress. I also need to mention I have a mental disability which I have made known to my employer and in all honesty I don’t think I would cope with the added pressure . In any event, my area manager told me at a later date I would not have got the job anyway as I was not the best candidate so I would have been made compulsory redundant anyway, in which case there would have been no agreement to sign. Part of the reason I am writing this now for help is is I have put in a grievance & I have a meeting tomorrow with my employer so I want to make sure I put in a good case. I have already put in a complaint to the pension scheme administrator but I will not get the outcome until after I have left employment which will be too late. Two areas I intend to raise are a) the fact I wasn’t offered legal advice & therefore the agreement cannot be binding and b) I withdrew my VR applications week after the closing date as I believed I was entitled to Early Retirement as a further option. I was told I was within timescale to do this verbally but I heard nothing more about it. To clarify, I am giving up the undiscounted pension until I am 60, when my pension is paid. The difference between the enhanced VR package and being able to take the pension is over £120k so a huge difference (assuming I live until 60 !) In addition, I will have the comfort of a monthly pension I can afford to live off. Due to my disability, I think it will be hard to find a job that I can do at a reasonable wage to support my wife and 2 children, so it will take the pressure off immensely and will give me the chance to try and get better.
  2. After 25 years with my employer, a large UK financial business, I am being made redundant at the age of 51 as they are closing my office. They offered me Voluntary Redundancy with enhanced terms on the basis I signed an agreement giving up my right to an undiscounted pension which may be otherwise payable on my redundancy. (Due to my length of service, I still have a final salary pension). I have not been given a reason why I have had to sign this other than 'it's policy'. I was hoping to take Early Retirement but the minimum pension age is 55 now. None of my other colleagues have been given this agreement as far as I know but it could be they are either no longer in the final salary scheme or are over 55. I wondered of anyone had thoughts on :- a) Should I have been offered Independent Legal Advice as I have been given an agreement to sign? b) The implications if I don't sign the agreement - could they make me take another job elsewhere? c) Even though they are not offering me Early Retirement, could there be this option open in view of the wording the agreement? Any thoughts on this would be welcome.
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