Redundancy and efficiency retirements
Pension benefits are due in full from age 55 if you terminate a contract of employment on the grounds of redundancy, or efficiency.
There will be a early retirement strain cost to be paid by you, for these members. Therefore, if you're planning on on any redundancies or efficiencies, you should 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 in order for income tax deductions from the pension to be assessed
When is the early retirement strain cost paid?
If you are due to pay a strain cost, you'll receive an invoice for the amount shortly after the member's retirement.