§ Bob SpinkTo ask the Secretary of State for Work and Pensions how many employees in his Department took early retirement, and at what total cost, in the last financial year. [172183]
§ Maria Eagle53 staff took early retirement from the Department for Work and Pensions in the financial year 2003–04, at a total cost in that year of £1,154,073.
1799WIn addition to costs in the year of early retirement there are subsequent costs until the individual staff reach age 60. Costs in subsequent years for these early retirements are as follows:
£ Costs 2004–05 470,215 2005–06 345,592 2006–07 286,207 2007–08 221,997 2008–09 69,477 2009–10 50,682 2010–11 47,166 2011–12 15,766 2012–13 2,359 For the same period there were 156 cases of actuarially reduced retirement. Actuarially reduced retirement enables staff aged 50 and over to retire early and receive an immediate payment of an actuarially reduced pension at no extra cost to the Exchequer.