Except for members in a grade represented by the CWU, if you are retired on the grounds of redundancy, after age 55, you will receive immediate payment of your pension and lump sum. Your benefits will be calculated as:
- the pension and lump sum you have built up to the date you actually retire, calculated in the same way as for Normal Retiring Age (see the 'your benefits at retirement' page)
- an additional pension calculated as 1/80th of your CSDB Pensionable Salary over your last 12 months' Reckonable Service before your retirement, for each year (and part year) of your additional reckonable service credit
- an additional lump sum calculated as 3 times this additional pension.
Your additional reckonable service credit, in this case, is calculated as the lower of:
- 6 2/3 years
- the number of years of Reckonable Service you could have completed between the date you actually retire and age 65.
However, in either case, the additional reckonable service credit cannot be greater than your actual Reckonable Service up to the date of retirement.
If you were working part time at the date you retire on grounds of redundancy your additional reckonable service credit will be calculated on a pro rata basis (based on the ratio of your part time to full time hours at the date of redundancy).
If you are in a CWU-represented grade, you will only receive enhanced benefits on redundancy if the Company decides that they will apply to you. Otherwise, your benefits will remain preserved until you reach Normal Retiring Age or you choose to take your benefits early.