Redundancy pay and impact on pension funds (FOI)

Request

Can you tell me over the last 10 years how much has been paid to employees in redundancy pay and give a breakdown of how much it has cost the pension fund?

Response

Over the last 10 years £19,990,206 has been paid to employees in redundancy pay.

There are no costs to the pension scheme from Voluntary Redundancy (VR) which is funded by the employer.

Where an individual is able to take Voluntary Early Retirement (VER) the employer funded redundancy cost is used to compensate the pension scheme for early retirement. The level of compensation is calculated by the Actuary in accordance with the regulations. There is no additional liability on Public Employees Contributory Retirement Scheme / Public Employees Pension Scheme resulting from VER because the scheme is compensated.