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.