Comparison summary of compensation for redundancy and voluntary severance schemes – Professional and Support Staff
APPENDIX A
PROFESSIONAL AND SUPPORT STAFF MEMBERS AND NON MEMBERS OF LOCAL GOVERNMENT PENSION SCHEME (LGPS)
COMPENSATION PAYMENTS
Condition
Statutory Redundancy
BU Compulsory Redundancy BU Voluntary Severance
BU Voluntary Severance
Support & Professional
Support and Professional
Option 1 for any LGPS
Staff
member of staff under 55 or Option 2 for LGPS members
over NRA, or non LGPS
over 55 and under NRA only
member of any age
If less than 2 years’
None
None
None, unless 2 years
None, unless 2 years
continuous service
discontinuous service
discontinuous service
Calculation used for “a
An actual week’s pay,
An actual week’s pay, no cap An actual week’s pay, no cap An actual week’s pay, no cap
week’s pay”
capped to a max of £450* applied
applied
applied
Multiplier of week’s pay for
completed years’ service for
which age was:
21 or under
0.5 weeks
0.5 weeks
1.67 weeks
0.5 weeks
22 to 40 years
1.0 weeks
1.0 weeks
3.33 weeks
1.0 weeks
41 years or older
1.5 weeks
1.5 weeks
5.0 weeks
1.5 weeks
Max no of weeks’ pay
30 weeks
30 weeks
66 weeks
30 weeks
Pension implications for scheme members as below are for guidance only. Individuals must obtain personal estimate before making decision
Aged under 55
Deferred benefits
Deferred benefits
Not applicable
Aged over 55 under NRA
Immediate payment of full
Not applicable
Immediate payment of full
(unreduced) accrued
(unreduced) accrued
benefits.
benefits.
Aged over NRA
Immediate payment of full
accrued benefits.
Immediate payment of full
accrued benefits.
Notes:
*The statutory maximum cap is reviewed annually, figure quoted for year commencing 01.02.13.
NRA = normal retirement age under scheme rules.
The above schemes subject to conditions as set out in accompanying document.
Not applicable