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Following last week’s Pension Line where we provided details of the effect the Exit Cap Regulations would have on a large number of our employers, we have taken the decision to stop all employers from producing redundancy, efficiency and employer consent estimates during the interim period, 4th November 2020 to such time as the LGPS regulations are altered and the software updated.
Our in house Technical & Training team will produce the estimates on your behalf. To do this we ask you to complete our estimate request form which will shortly be on our website which includes providing details of estimated compensation package so that you will be able to see if, together with the pension strain cost, a member is likely to be over the £95k cap and their accompanying options. The form should then be returned to pensionsbenefitssecure-mailbox@devon.gov.uk
We are currently updating our leavers form on our ESS portal to provide the additional information required to process such leavers.
As we move through this interim period we would ask that you inform the Employer & Communication team if:
1. You are planning any redundancy exercises with a leaving date before or on 31st March 2021
2. You have any cases where redundancy notice was given prior to 4th November 2020 and the compensation package including pension strain costs, is expected to be over £95k.
Thank you
Peninsula Pensions
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