Redundancy
partnership
What happens if I am made redundant?
If you are under 50, your employer will pay you compensation for loss of job.
If you are over 50, your employer will pay you compensation when you leave. They will then pay you an Annual Compensation Payment (ACP) until pension age. At pension age they will pay you a further compensation lump sum based on the enhancement payable from pension age.
This package is designed to be worth the same as in premium.
Can I draw my pension early?
You can draw your pension whenever you like after you reach 50, but your pension is likely to be higher if you draw it later. Ask your pension administrator for more details of our redundancy payments, but talk to your pension provider if you want to draw your pension early.
