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Iarnród Éireann Voluntary Severance update:

23 November 2012

It has been brought to our attention that the provisions of the minimum funding standard (MSF) have been reintroduced for defined pension schemes and is concentrating on the 1951 scheme at the moment.

The calculation of the additional contributions to the scheme depend on service, age etc. and will need to be costed on a case by case basis by the actuary.

From 2013 onwards these costs would need to be recognised when preparing a business case for voluntary severance. It is expected that from 2013 the MSF will mean the cost for the organisation for letting people go on Voluntary severance will rise and this may well impact on any decision to let someone out on Voluntary severance. Hence it would be prudent for those considering voluntary severance to take this factor into consideration and depending on your personal circumstances look to exiting on voluntary severance before 2013.

Voluntary severance is a big and personal decision and it is important that all factors are considered before making a decision.

 

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