I took out lifestyle, or income protection insurance with the Post Office, about a year ago. It stipulates that you can't claim after you finish work at the end of a temporary contract. I wasn't worried as I am on a permanent contract with a local authority.
I have recently been informed that I am soon to be been made redundant. I was relieved that I'd taken out the insurance. However, the local authority has now put me on redeployment and most of the jobs coming up which would be ring fenced would be short term contracts i.e 6 - 9 months. These would at best give a chance to be on the redeployment list that much longer and get another contract. If I accept and If I keep paying my insurance each month will I still be eligable to claim the insurance after the temporary contract/ s end?
If not, and as I took out a large amount of insurance, it might now actually be better for me to turn down the temporary role so I'm still eligable for the insurance but I'd rather stay working if I can.
Also I have 10 years of LGPS pensionable service. I am 52 now and eligible for redundancy pension when I get made redundant in Jan 2010. In April 2010, the minimum age for getting a redundancy pension increases to 55. If I get just one 6 -9 month contract, which would end by about August 2010, I will not get a redundancy pension
LGPS confers flexibility on the employer to add up to 10 years extra pensionable service and / or increase the pensions up to £5000.
( Legislation in the shape of both The Local Government Pension Scheme (Benefits, Membership and Contributions) Regulations 2007 and The Local Government (Early Termination of Employment)(Discretionary Compensation)(England and Wales) Regulations 2006 permit employers to either enhance pensions or provide compensation in the event of redundancy or retirement in the interests of efficiency of the service.)
HR say that the borough has no policy in place. I have been told by HR that for employer discretion I need to write to the dept justifying my exceptional circumstances. Any pointers would be much appreciated
I'd be glad of any advice on this. Thanks.