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Voluntary Severance Scheme/Early Payment of Pension

Whenever we undertake reorganisations, we look firstly at how we help those affected. Our first priority is to redeploy staff into other roles where we can. However it is not always possible to do so, and sometimes redundancy is unavoidable. To provide terms that are better than statutory minimum payments we have had Voluntary Severance and Early Payment of Pension Schemes in the past. The last scheme finished in April 2014.

A new Voluntary Severance and Early Payment of Pension scheme was launched on 1 October 2014. We’ve changed some aspects of the previous scheme to reflect the realities of the current financial challenges being faced by HEIs in the UK. In order to be financially prudent we have imposed an upper limit on the amount we can spend overall on voluntary severance.

The following will apply to the scheme as before:

• For each application received we will calculate an overall amount by using the statutory provisions to determine the number of weeks’ pay to be used for compensation. This will then be multiplied by 1.5. Instead of applying the statutory cap definition of a week’s pay, we will use actual salary.

• There will be a maximum cap per individual of £100,000. This will include the costs of severance, any additional payments QMUL has to make into the pension scheme, cost of contribution to staff for legal advice, and outplacement services.

• The £100,000 cap will ensure that the maximum number of people are able to receive more than the statutory minimum payment.

• A Panel which will oversee all proposals and applications for voluntary severance.

• As with previous schemes there is no automatic entitlement to severance, offer and acceptance are entirely voluntary on either side, and decisions on approval will be made based on the best interests of Queen Mary.

Details of the scheme can be found below

Voluntary Severance Scheme/Early Payment of Pension [DOC 167 KB]
VSSEPP Case Management Form [DOC 112 KB]
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