Public Sector Exit Payments Cap
26 November 2020
The Restriction of Public Sector Exit Payments Regulations 2000 were laid on 14 October, coming into force 21 days later on 4 November 2020.
Payments that go towards making up this amount could be many and varied but will be linked to the cessation of employment and could include redundancy pay, pay in lieu of notice, severance pay, and any payment made in to the pension fund that enable an employee to take their pension payment early.
Payments made from the pension fund do not count towards this calculation
The website of the Local Government Pension Scheme (LGPS) has an FAQ section to help members understand the implications of this Government measure that was the subject of consultation in the summer of 2015.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.