Incentivised Early Retirement Scheme -- T&Cs

S

Silica

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Is it possible to get a guarantee of what one's pension will be, if you take the scheme?

My other half (in a 3rd level college) has been offered the IERS, to retire next september (to see out the current college year and students). His pension would be begged to the salary of the grade he retires on.

But if public sector wages are cut, by next september that salary & pension could be 10%. So, in effect, he's agreeing to retire, not knowing what his pension will be.

Also, it seems there's no guarantee that he'll get the discretionary extra years: the current private college scheme (which would give him 3 discretionary years now) is being taken over by the State next month . . . and we don't know how many years service he'd be given next Sept.

Is it reasonable to try and get something in writing . . . or is this an unknown, and we just have to take a leap in the dark?!

Thanks for any advice.
 
Thanks Tentman, that's what we were looking for on the salary query. Still not sure how we're covered on the fact that the pension might change, and the discretionary years aren't guaranteed?
 
I'm afraid I'm not au fait with the education sector. However if he's getting 3 yrs added he should get that offer guaranteed in writing from his current employers. He should also get clarification that his pension entitlements will not be compromised by the transfer to the Dept.
 
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