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Lady Nearly 60 - Retirement or Redundancy?
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I work for a college (in Finance) and this year in June, I shall be 60 (one of the last ladies who can retire at that age). I was facing the decision of retiring and living on a basic state pension (no private pensions to fall back on) and no rich husband to support me (only a poorly paid partner :-) or staying at work and either still collecting my state pension, or foregoing it, so that presumably I can collect a higher pension at a later date.
Given that there is no way I can survive on a State Pension and as much as I would have liked to retire, I was beginning to accept the fact that I would have to carry on working.
However, yesterday the Principal of the college called a meeting and announced, surprise, surprise that times are hard, there would be no pay rises this year and that there would have to be 'redundancies' or 'compromises', to the tune of approx 30 F/T workers, I am assuming these to take place at the end of this academic year in July.
I am now worried that they will take the opportunity to get rid of me as 'natural wastage?', presuming they won't have to pay me any redundancy after I reach the official retirement age?
Can anyone help with any advice or experiences please? I may be worrying about nothing but I think I need to be prepared.
Given that there is no way I can survive on a State Pension and as much as I would have liked to retire, I was beginning to accept the fact that I would have to carry on working.
However, yesterday the Principal of the college called a meeting and announced, surprise, surprise that times are hard, there would be no pay rises this year and that there would have to be 'redundancies' or 'compromises', to the tune of approx 30 F/T workers, I am assuming these to take place at the end of this academic year in July.
I am now worried that they will take the opportunity to get rid of me as 'natural wastage?', presuming they won't have to pay me any redundancy after I reach the official retirement age?
Can anyone help with any advice or experiences please? I may be worrying about nothing but I think I need to be prepared.
Answers
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No best answer has yet been selected by cemeterybird. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.The law has been changed in this area over the last few years. My reading of this http://www.berr.gov.uk/whatwedo/employment/dis crimination/age-discrimination/page26488.html tells me that your employer cannot force you to retire before 65 or your normal retirement age if later - yours isn't later. In which case your employer would have to consider you for redundancy in the same way as other employees.
Check with Age Concern - they are the undoubted experts in this.
Check with Age Concern - they are the undoubted experts in this.
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