Jump to content

 

BankFodder BankFodder


  • Tweets

  • Posts

    • the differences between brexiter bull-fantasy and Remain Reality begins to bite   add in: Just a year ago she was saying in the express that Brexit would stop the EU 'stealing' our stocks 'on OUR terms', without mentioning:   * the vast majority of our catches are sold to the EU (which she should know as a fish auctioneer profiting from others work) * the effects tariffs would have * The vast majority of the fish we eat is imported * The United Nations stocks agreement * The migratory nature of the fish (sic) * Irish and Scot fishing/territorial waters if they become independent   and of course she's out of one of her income streams LOL .. but I assume her fish auction company can still auction UK catches to the EU without change ... for now   You can understand how terms like 'mummery' came into use can't you?
    • Thank you for your responses. In terms of the vehicle, it is a 2010 volkswagen crafter which I purchased for £2500. It has 160,000 miles on the clock. But for its last MOT had 260,000 miles on the clock.  The reason I didnt check these bits and Bob's is due to the fact I have only bought new previous to this and being young I guess I was naive and trusting to a certain extent or should we say inexperienced in used vehicles.   He has several Van's listed and several more at his address also. I have his address yes, I'm unsure on ownership of said property.   I have pictures of all conversations between ourselves, I also now have written confirmation from a garage in regards to the forged service history I am awaiting a call off 2 others as I type this. I am now losing an extreme amount of money per day due to not being able to work or get the money back and this is seriously affecting my health already.   Apologies if i have missed anything out there I've tried to answer as best I can.
    • Have you been in contact with the Council's Housing and Homeless Team? Also have you had a proper benefit assessment.
    • Hi unclebulgaria67,  yes this is a review,  she doesn't really see the GP much as such, its only med reviews and if she is unwell apart from the diagnosed illnesses, she sees nurses for the diabetes checks etc, there is nothing new they can offer her so its a matter of managing and getting through the best she can, which is where I come in as her carer.  She had 12 months cbt for bipolar back in 2009, there are no new things added to cbt so there is nothing they can teach her there, her fibromyalgia is treated with pain relief, there is no nhs physical treatment as only a specialised massage is thought to help but the relief is short lived so the nhs don't provide it (understandably) there is no cure for the condition and we have tried everything.  I will just do my usual best and be there for any assessment which I will request is recorded and hope for the best. Thank you for replying.
    • I have not used a comparison site for some time now... Do they really pass your info on? When it says "we sometimes use your information for third parties to make your life better..."  Basically we just sell your data to anyone who wants it?! 
  • Our picks

style="text-align:center;"> Please note that this topic has not had any new posts for the last 2570 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi

 

I have got a Final Salary Pension with my current employer which I have had since when I started back in September 2001

 

I am currently ill off work where I have been since Feb 2012

 

After long discussions with my employer they have kindly offered me the chance of voluntary redudancy/compromise agreement instead of Dismissal, this will happen Feb 2013

 

May I ask what will happen with my pension? Or what should I do?

 

Just to note I wont be returning to work in the near future due to my illness

 

Any help would be much appreciated

Share this post


Link to post
Share on other sites

I think you will find it will be frozen until you are eligible to draw it usually 55 but at reduced rate until you reach normal retirement age.

Share this post


Link to post
Share on other sites
I think you will find it will be frozen until you are eligible to draw it usually 55 but at reduced rate until you reach normal retirement age.

 

Ok many thanks, I assume I do nothng for now then

Share this post


Link to post
Share on other sites

You could also enquire with the company about ill health early retirement instead of redundancy/compromise agreement.

Share this post


Link to post
Share on other sites

You should still recieve a pension update each year from your employers pension administrator. But yes not much you can do for know unless you are over 55.

Share this post


Link to post
Share on other sites
You could also enquire with the company about ill health early retirement instead of redundancy/compromise agreement.

 

Thanks for reply, sorry as I am a novice but what is Ill Health Retirement? I appreciate the title suggests what it is but how would this work? Also would it work out financially better for me taking this route rather than redundancy?

 

Thank you in advance

Share this post


Link to post
Share on other sites

Ill health retirement usually involves the employee retiring immediately, qualifying them to start drawing a pension immediately. Instead of making a redundancy payment directly to you, they make an age-related payment into the pension fund, which helps to counteract the fact that it would have to be significantly reduced.

 

Unless you are approaching pension age anyway, the payment they'd have to make into the pension fund would normally be much more than they'd give you in redundancy, so they'd need to be feeling generous to offer it.

Share this post


Link to post
Share on other sites

It is an option if you are unlikely to be able to work again and there is no age restriction as to when it can be paid. As for any financial advantage I could not say but I would be very careful how any agreement is worded as voluntary redundancy you are making yourself unemployed and that could have implications for any benefits you may be able to claim in the future.

Share this post


Link to post
Share on other sites

Hello there.

 

To follow on from what Marmaris says, my understanding is that some final salary schemes will only pay an early pension to someone who is not going to work again. You've said that you're not likely to return soon, but you haven't said never.

 

It might be worth checking the rules of the scheme.

 

My best, HB


Illegitimi non carborundum

 

 

 

Share this post


Link to post
Share on other sites

All thank you for your responses as this helps

 

I am now concerned I will struggle for benefits in the future if made redundant. Either way thank you for your help

 

Regards

Share this post


Link to post
Share on other sites

Your pension scheme rules will have a section in it about retiremnt due to permanent ill-health or incapacity.

 

This normally allows you to take a full pension if you are incapable of working defore your normal pensionable age.

 

Some schemes specify that this incpacity is for disharging your normal duties and others say ANY work.

 

You should determine if you fulfill this criteria of permanancy and apply via your employer to the scheme trustees.

 

You will then usually undergo a medical assessment by a doctor appointed by the scheme or an independent specialist.

 

If you meet the criteria you will leave your employment and receive a pension equal to that you would have received assuming you had worked up untol your normal retirement age

and it will be paid immediately.

 

If you do not meet the criteia for ill-health retirement your employer shouldnt make you redundant as that is Disability Discrimination and they know it.

You cannot be treated less favourably than anyone else.

 

I suspect they ahve used the wording as interchangable with a compromise agreement when it is not.

The compromise agreement is basically paying you to go away without any admission of fault from either you or the employer.

this is popular with employers who have failed to manage someones ill health properly in the early stages

and would now be open to a claim of unfair dismissal on disability grounds where the potential damages are unlimited.

 

It basically lets you go with a pay-off and you dont sue them but the post is still available.

 

Redundancy would require proof that your job no longer exists due to 1 of several reasons and thus you cannot be replaced.

If you are made redundant you may be eligible to take your pension early depending on the scheme rules and your age (over 55).

 

The employer would have to pay extra in to make up the actuarial strain of the pension scheme so they wont be keen on this if you can take retirement benefits.

 

Alternatively they can sack you on capability grounds and risk an unfair dismissal for Disanbility Discrimination claim from you.

 

If you take the money from a compromise or redundancy and dont qualify for an immediate pension your pension will be effectively frozen until you reach your scheme's normal retirement age.

 

I would speak to your personnel/HR dept and ask them to consider the ill-health route first

and then make noises about disability discrimination and see what they offer as a settlement.

 

If you are old enough to take an early pension then I would recommend it unless the scheme prohibits you from working in the future

-many prohibit working in the same field-

ie teachers cant retire for any reason and then do supply teaching but can do other work that is not pensionable.

 

They are obviously willing to pay you something to avoid a fuss so make sure that what they offer is enough to make it worthwhile to you.

 

Bear in mind that if it all goes wrong you can have your day in an employment tribunal but there is no guarantee of success

unless you have certain illnesses that automatically qualify.

 

Average payout for DD in these cases is £11k so not enough to keep you for the rest of your life.

 

I wish you the best for your future and let me know how you progress.

I retired on ill-health grounds and 5 years later I am still battling for the correct pension entitlement.

Luckily I have other income and no debt.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...