Voluntary Early Release Schemes
Voluntary Release Schemes are made available only to employees affected by an organisational review where redundancies are anticipated and a “pocket of difficulty” has been identified. They are not open generally for employees and the use of these schemes must be approved by Cabinet.
The two schemes available are Voluntary Early Retirement (VER) and Voluntary Redundancy (VR).
For schools employed staff, talk to your Head Teacher or schools support team.
Voluntary Early Retirement (VER)
This scheme is only available to employees aged between 55 and 59 years at the date of leaving who are members of the pension scheme. Applications are considered against set criteria including the needs of the service and affordability.
If approved for release under VER, no redundancy payment is paid and employees will receive their pension early with no loss of benefits. The Council will meet any extra cost to the pension fund.
Voluntary Redundancy (VR)
This scheme applies to employees who are under age 55 or age 60 and over at the date of leaving, or employees of any age who are not in the pension scheme.
Employees aged 60 or over are also entitled to receive their pension if their VR application is approved. Employees can use the redundancy calculator to help them calculate the number of week’s pay they may receive.
Please be aware that estimated redundancy figures are calculated using basic pay only. Once approved for release, final figures will take account of average earnings.
A range of support is available to provide information about financial and retirement planning. For more information speak to your departmental HR team.
Financial considerations for early leavers, pensions and pre-retirement workshops are available for employees to book on. Dates for future workshops are detailed in the Corporate Learning and Development Programme.
Further information is available at ‘frequently asked questions’
Employees should refer any questions to their manager in the first instance.