# Retirement age? take redundancy or wait?



## aoc (24 Oct 2013)

Colleague is 65 in Nov - possibility of redundancy this year.

What is age for retirement - is this a guideline or is it a requirement to retire?
Is it 66 when reach pension age?

If you wait until retirement are you entitled to any payout - similar to redundancy?


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## Gerry Canning (24 Oct 2013)

aoc;  lots of jobs have 65 as retirement age , so come November colleague has to go in any event.
If he can get redundancy before 65 , take it, as redundancy is not normally paid if you have passed normal retirement age. ie in Nov.
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On retirement on his company pension he would be entitled to take a lump sum.
Would he have a good pension?
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Contributory pension is I believe 65 until Jan 2014. So if he retires at 65 THIS year he will get Contributory Pension (unless he is State-Employee).

Hope this helps.


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## aoc (24 Oct 2013)

there is no age in contract etc.... 

so are you saying would lose redundancy entitlement if not made redundancy before 65th bday??

no company pension........no state employee

[broken link removed]
The State Pension (Transition), formerly called the  Retirement Pension, is a payment to people aged 65 who have retired from work  and who have enough social insurance contributions.

The State Pension (Contributory) is paid to  people from the age of 66 who have enough Irish social insurance contributions.

have the above changed with budget????


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## aoc (24 Oct 2013)

ok - eventually goy thro to Nera - there is no upper age cap for redundancy.

so, my next question is after redundancy and at 65 - do you have to sign on or what are the options as regards to social welfare?


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## Gerry Canning (24 Oct 2013)

aoc; 

My understanding is that since he is 65 before 2014 , he gets state contributory pension straight away from Nov 13. 
{if I am wrong would others advise}please.
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Means he will be one of the last to NOT have to wait to 66 for state contributory pension.
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So from 65 apply for pension.
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From what you say ; taking the redundancy seems the better option?

{i am not a pension expert} just what I have picked up.


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## Dr.Debt (24 Oct 2013)

Gerry Canning, you're mixing up a lot of very critical issues there. 

There is nothing to say that you need to retire at 65, if it is not specifically stipulated in the terms and conditions of your employment.

When it comes to redundancy a 50 year old, 60 year old and 70 year old all need to be treated in an equitable manner. A 70 year old (for example) is fully entitled to receive statutory redundancy pay.


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## aoc (25 Oct 2013)

Dr. Debt - yes i have clarified your point that there is no age limit to redundancy, I just had to check.

When this person is made redundant - what is the situation, they are in receipt of a partial widow's pension, so am I correct in saying that this will be her only social welfare payment entitlement, she will just inform them that she is no longer employed?
I would like to have some information to give them when they are informed, helps stave off the panic i have found over the years!!


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## Black Sheep (27 Oct 2013)

She would probably be entitled to Jobseekers Benefit so if that is payable at a higher rate she can opt to put her widows pension on hold and accept whichever is the most financially beneficial.

By the way she could request a review of her widows pension as she may be entitled to a higher rate because of any extra PRSI she has paid since she was originally assessed


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## aoc (29 Oct 2013)

I have spoken to her and advised her to go to citizen's advice office and check re entitlement. i did advise her to check re her widow's pension - i was wondering apart from which would give her most money, would she be entitled to fuel allowance etc?


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## aoc (29 Oct 2013)

thanks cashier - yes i know that, i am just trying to gather some information for her. all she would have would be her redundancy and her home... no other investments etc.

Another question - if someone is entitled to  6 weeks redundancy notice, can you give them more - say 8 weeks? my thinking is obv Xmas is coming and would like to give as much notice as possible - aware that they would only have to agree to the 6... but trying to give as much notice as possible.


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## Gerry Canning (29 Oct 2013)

Dr.Debt said:


> Gerry Canning, you're mixing up a lot of very critical issues there.
> 
> There is nothing to say that you need to retire at 65, if it is not specifically stipulated in the terms and conditions of your employment.
> 
> When it comes to redundancy a 50 year old, 60 year old and 70 year old all need to be treated in an equitable manner. A 70 year old (for example) is fully entitled to receive statutory redundancy pay.


 
 Dr Debt;
Points taken;please consider this.

1. I presumed he was getting in excess of Statutory Redundancy .
If his Company has 65 as retirement ;there would  be no requirement to pay him any other than Statutory Redundancy!

Hope this better explains my input. ( iam not anexpert on this)


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