What should I do if I want to take early retirement?

If your company is contemplating redundancies they may ask for volunteers and offer early retirement packages. There are many personal considerations to take into account, including:

• age
• the financial package on offer
• the payment of any occupational pension
• the prospects of finding alternative work
• the taxable position
• payment of statutory pension.

Because of the complex nature of some of these issues you should seek as much advice as possible from, for example:

• a trade union representative
• pensions fund trustee
• the Benefits division of the Department for Work and Pensions.

The acceptance of an early retirement package would probably count as a termination of employment by mutual agreement rather than a dismissal, and, since there can be no redundancy without a dismissal, there would be no entitlement to a redundancy payment.