Company won't let me retire!

[IMATERP]

I could probably push for more money if they are so desperate for me to stay but funnily enough money is not really the issue. I've never been driven by money but I have always been sensible with money which is why I can consider retiring at 55. They can't stop me retiring of course but the job that I am doing is quite unique and there is no one else to do it and we have recently lost some key staff. I can sort of see where they are coming from, just walking out of the door will make it difficult for them. I have been there 35 years and my company pension is looking pretty good, certainly don't want to jeopardise that.

In the immortal words of Nancy Reagan - "Just say No!"

In the immortal words of Donald Trump - "Your Fired." By the way, he really got a lot of practice with this concept on reality TV.

 

[Lakewood90712]

Here is the way one young man handles the situation :

 

[Meadbh]

I have been there 35 years and my company pension is looking pretty good, certainly don't want to jeopardise that.

I am not familiar with British laws and regulations on pensions, but surely if your pension plan is vested, there is nothing they can do to take it away from you. I think it would be helpful to verify the security of your pension to remove any question. Next, look at your contract, if you have one, or relevant labour laws, and determine how much notice you are legally required to provide. It’s then up to you to make the decision. Or are you one of the many people who suffers from One More Year syndrome?

 

[Dash man]

I really like the "stop showing up" answers!
However, I have worked for a couple of dirt bags in the past that would lie to HR about your "retirement come June" conversation. Cover yourself with a certified letter to HR announcing your retirement. My guess is that HR will start the ball rolling and notify your boss formally. Then it is out of his hands.

Certified letter? I just copied HR on the email to my manager.

 

[Dash man]

I just recently heard of a fellow that was going to retire, and instead he was fired.

Could your boss fire you, so you don't get a pension ?

Without a pension, you would have to return to work....

It doesn’t work that way anymore thanks to ERISA laws. Pensions are vested and protected.

 

[RunningBum]

I am not familiar with British laws and regulations on pensions, but surely if your pension plan is vested, there is nothing they can do to take it away from you. I think it would be helpful to verify the security of your pension to remove any question. Next, look at your contract, if you have one, or relevant labour laws, and determine how much notice you are legally required to provide. It’s then up to you to make the decision. Or are you one of the many people who suffers from One More Year syndrome?

A quick scan of previous posts shows that the OP was in the Class of 2015 here...deferred to 2016...then in the Class of 2017...what do you think?

I think Evergreen might not be implying that they would take the pension away, but rather that the company may not survive without him, thus the pension could disappear. They will find a way to carry on. 2+ months is plenty of time to prepare. Ask them what would happen if you got hit by a bus tomorrow. If they don't have a plan to replace any employee, they should.

 

[bw5972]

Hi,

I've been a member on here for some years now, finally ready to throw it all in. Went to my boss today and told him that I intend to go in June and he has told me that I'm far too valuable and that he won't let me go. I live in the UK not North Korea, surely I can do what I like!

Can an employer stop you from retiring?

Didn’t you hear, Lincoln freed the slaves.

 

[Bigdawg]

I could probably push for more money if they are so desperate for me to stay but funnily enough money is not really the issue. I've never been driven by money but I have always been sensible with money which is why I can consider retiring at 55. They can't stop me retiring of course but the job that I am doing is quite unique and there is no one else to do it and we have recently lost some key staff. I can sort of see where they are coming from, just walking out of the door will make it difficult for them. I have been there 35 years and my company pension is looking pretty good, certainly don't want to jeopardise that.

My plan and a potential plan for you could be to go to 4 days/week for a few months followed by 3 days/week for a few more months until the new person is fully up and running. Also try to keep the 5 days pay while you go to 4. If you like your company and they have been good to you the proposed plan would be a win win. Good luck.

 

[MRG]

No one is irreplaceable. What was their plan if you were run over by the beer truck?

 

[harley]

Cybernetic implants and voodoo. The Working Dead.

 

[UnrealizedPotential]

I don't know what your company rules are, but I would certainly look into the possibility of receiving all pay that is due on the day you leave. This would include checking company, as well as the rules of the country you reside in as to what your rights are. Otherwise the company could delay paying you what you are due and possibly deny paying you altogether. Yes, companies are being sued because of this practice. My former company is being sued right now in a class action lawsuit.

 

[jonat]

When I chose to take an early retirement package, several levels of managers tried to convince me to stay, and I was offered a "retention bonus". But it wasn't about the money - Megacorp had made a rather sweeping change in how and where employees would work, and I just didn't want to work in the new environment.

 

[vince]

Sounds to me like they should be paying you a lot more money.

 

[EastWest Gal]

I could probably push for more money if they are so desperate for me to stay but funnily enough money is not really the issue. I've never been driven by money but I have always been sensible with money which is why I can consider retiring at 55. They can't stop me retiring of course but the job that I am doing is quite unique and there is no one else to do it and we have recently lost some key staff. I can sort of see where they are coming from, just walking out of the door will make it difficult for them. I have been there 35 years and my company pension is looking pretty good, certainly don't want to jeopardise that.

Severing the work relationship as a valued professional is very complex and individual. Don’t burn bridges in the process. Going less time, and easing into retirement is not a bad option.

No pension for me, but if you are that valued and follow the rules, your pension will not be in jeopardy.

I understand where you are coming from. I spent a good portion of my career in “burnout”. However for a few years I worked a schedule and the type of work where I was happy to go to work. Just not happy with my “superiors”. Then I worked with a great group but my hours were too long and the work was unusually stressful. In 2014 I found the E-R forum and decided to retire. Well, the very week I was set to retire, I got an offer from the same company for ridiculously easy money, and they were desperate. So I worked independently for contract work for about 2 years, then told them I was “done “ July, 2016. But four months later when our hospital went to an electronic medical record, I took the training and was horrified how disastrous it would be without someone to create templates for our newborn notes. So I went to the hospital every day for 2 weeks , and created templates for all to use. I got well paid for my self-taught computer skills.

In May I got a call from my former director, asking me to help out in the one position in my career that so really enjoyed. Given the political instability of the ACA in spring of 2017, I took the position. I got a contract in December where I’m paid significantly more than I was, much less work, and with cheap benefits.

If you are that valued, make it work for you, not them. And maybe they can hire someone to do your valuable work, and you can train the person the way you see fit. Going part time and controlling your schedule is a huge step toward ER. Mostly I feel like I’m doing what I want with my time.

 

[Car-Guy]

Well, if they want you that much, tell them "Show me the money".

And lot's of it.

 

[gromit]

Maybe the OP forgot to mention that his boss has a job title of "Warden"?

 

[Sunset]

It doesn’t work that way anymore thanks to ERISA laws. Pensions are vested and protected.

Many pensions are determined by Age and years of service, fall below the magic numbers and you get less.

So if OP is fired today, does he get a full pension or a lot less ?

 

[Chuckanut]

Many pensions are determined by Age and years of service, fall below the magic numbers and you get less.

So if OP is fired today, does he get a full pension or a lot less ?

Good question. I think we all agree that OP's #1 job at the moment is to fully understand how his pension works and how to ensure he gets it.