Such saving confers immediate pension rights, with no vesting period.
When the last tire leaves the two-million-square-foot plant, Mr. Collins, 45, will be just three months short of the 23 years he needs for a full and immediate pension and lifetime health insurance.
But as the war of words between RBS and the Government intensified last night, RBS disputed Treasury claims that Sir Fred's pay-off was "discretionary".It said: "Anyone who retires at the request of the employer is entitled to an immediate pension with no discount for early payment".
(AP) NEW JERSEY HACKENSACK: SHERIFF'S PLEA AGREEMENT The Bergen County prosecutor says he may ask a judge to throw out a plea agreement with the former sheriff, Joseph L. Ciccone, who admitted to corruption charges on Jan . 11and agreed to step down but then angered the prosecutor by seeking an immediate pension.
One common current payout system for retirees offers an immediate annual pension at age 50 that provides for life "x" percent for each year of past service, while the retiree pulls down a second income on a new other job.
A package of measures in August doubled child benefit but dashed hopes of an immediate rise in pensions and public-sector wages, and cut income tax in ways that seem to help the rich more than the poor.
When you go to work for the Devil, think in terms of immediate payoffs; his pension plan is weak.
An immediate cut in pension commitments by employers could allow manufacturers that have maintained final salary plans to weather the credit crisis and save jobs.
While Brexit may have had a less immediate impact on pension funds than many feared, the medium and longer-term outlook is uncertain.
But the creditors want immediate cuts in supplementary pensions, as well as a faster timetable for raising the retirement age to qualify for full pensions from 52 to 67.
