Appendix 1 to Staffing & General Minutes: 19 May 2003
VOLUNTARY SEVERANCE AND COMPULSORY REDUNDANCY TERMS: SUPPORT STAFF (APPLICABLE AT SUMMER 2003)
Category
Compulsory Redundancy Terms
Voluntary Severance Terms
(1) Under age 50 with two or more years'
continuous service.
Statutory Redundancy Payment, which
increases with age and length of service
according to the attached table. Rises to a
maximum of £6240 at age 49 with 20 or more
years' service (24 weeks' pay at the statutory
weekly rate of £260).
Voluntary Severance Payment, which increases
with age and length of service using the attached
table. The number of weeks' pay which the table
produces is doubled. The actual weekly pay is used
rather than the statutory weekly rate used for
compulsory redundancy. Rises to a maximum of 48
weeks actual pay at age 49.
(2) Age 50 or over with two or more years'
continuous service and not in Local
Government Pension Scheme.
As category (1) above but Statutory
As Category (1) above but Voluntary Severance
Redundancy Payment increases to a maximum Payment rises to a maximum of 52 weeks' actual
of £7800 at age 61 with 20 or more years'
pay.
service (30 weeks x £260)
(3) Age 50-59 with two or more years'
continuous service and in Pension
Scheme for at least two years.
Pension Scheme Premature Retirement Terms.
This includes immediate payment of pension
benefits without any actuarial reduction PLUS
Statutory Redundancy Payment as Category
(2).
Pension Scheme Premature Retirement Terms as
for compulsory redundancy PLUS voluntary
severance payment based on age and length of
service using the attached table. The actual weekly
pay is used rather than the statutory weekly rate
used for compulsory redundancy. The payment is
guaranteed to be at least 20 weeks' pay at the actual
weekly rate or double the Statutory Redundancy
Payment (whichever is the higher figure). Rises to
a maximum of whichever is the greater of 30 weeks'
actual pay or double Statutory Redundancy Pay.
(4) Age 60-64 with two or more years'
continuous service and with 2-24 years'
service in the Pension Scheme.
As Category (3) above.
As Category (3) above.
(5) Age 60-64 with 2 or more years'
continuous service and with 25 or more
years' service in the Pension Scheme.
Statutory Redundancy Payment as for
Category (3) and (4) above.
Enhanced Redundancy Payment as Category (3)
above.
Normal age retirement pension benefits may
be drawn (unreduced).
Notes:
1.
"Actual weekly pay" includes London weighting, any other allowances received and any contractual overtime. It does not
include re-imbursement for excess travel or non-contractual overtime.
2.
For a member of staff between 64 and 65 Statutory Redundancy Payments and University Voluntary Severance Payments
are reduced by one twelfth for every complete month by which the age exceeds 64.
3.
The granting of voluntary severance terms is at the University's discretion.
RJB/RF/ERETIRE/VOLSEV/RED/GUIDELINES
15.05.03
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