Redundancy and efficiency retirements
Please make sure you've asked for figures from us. There are likely to be costs involved and you must take this into account before making a decision.
Pension benefits are due in full from age 55 if you terminate a contract of employment on the grounds of redundancy or efficiency of service.
There will be an early retirement strain cost to be paid by you, for these members. If you're planning any redundancies or efficiencies, you must contact us in advance for a quote. You can do this by completing the PEN010 form and sending it to us.
What do we need to process a redundancy or efficiency retirement?
- Completed leavers form PEN007A
- Copy of the notice letter sent to the member
- P45 (if available) – this should be sent for income tax deductions from the pension to be assessed
When is the early retirement strain cost paid?
If you're due to pay a strain cost, you'll receive an invoice for the amount shortly after the member's retirement.