Common use of Voluntary Redundancy Clause in Contracts

Voluntary Redundancy. Where the arrangements for redeployment have not identified a suitable alternative role for the Executive and voluntary early retirement has not resolved, or is unlikely to resolve, the situation, the Company may, other than in exceptional circumstances, invite applications from Executives for voluntary redundancy. Whether or not such applications are accepted will be at the absolute discretion of the Company. This section applies only to Executives not covered by voluntary early retirement, i.e. those below age 50 or those aged 50 or over who do not qualify for a pension under the Company’s Pension Fund. If the Application is accepted the following will apply to the Executive:- Voluntary Redundancy and Pension Executives below age 50 who are members of the Company’s Pension Fund will have payment of their pensions deferred and paid at normal retirement age. Deferred pensions of such Executives will be increased during the period of deferment by the greater of:- 1. the annual increases as awarded in respect of pensions in payment; or 2. the statutory increases in accordance with the Social Security A▇▇ ▇▇▇▇. The Social Security A▇▇ ▇▇▇▇ requires that the deferred pension in excess of the Guaranteed Minimum Pension will be increased by the lower of the increase in the Retail Price Index or 5% per annum, over the period of deferment. Voluntary Redundancy and Payments (a) Cash payments will be made on the basis of the higher of:- (i) a cash payment calculated by reference to the Executive’s period of employment as outlined in paragraph 3(b) of this Schedule; or if higher (ii) 6 months’ salary (see also paragraph 7) of this Schedule each on the conditions outlined in paragraph 3(b) of this Schedule. The Executive’s entitlement to payment under the Profit Sharing Scheme will be determined by the Profit Sharing Scheme Deeds of Trust and Supplementary Deeds.

Voluntary Redundancy. Where the arrangements for redeployment have not identified a suitable alternative role for the Executive and voluntary early retirement has not resolved, or is unlikely to resolve, the situation, the Company may, other than in exceptional circumstances, invite applications from Executives for voluntary redundancy. Whether or not such applications are accepted will be at the absolute discretion of the Company. This section applies only to Executives not covered by voluntary early retirement, i.e. those below age 50 or those aged 50 or over who do not qualify for a pension under the Company’s Pension Fund. If the Application is accepted the following will apply to the Executive:- Executive: Voluntary Redundancy and Pension Executives below age 50 who are members of the Company’s Pension Fund will have payment of their pensions deferred and paid at normal retirement age. Deferred pensions of such Executives will be increased during the period of deferment by the greater of:-of: 1. the annual increases as awarded in respect of pensions in payment; or 2. the statutory increases in accordance with the Social Security A▇▇▇ ▇▇▇▇. The Social Security A▇▇▇ ▇▇▇▇ requires that the deferred pension in excess of the Guaranteed Minimum Pension will be increased by the lower of the increase in the Retail Price Index or 5% per annum, over the period of deferment. Voluntary Redundancy and Payments. (a) Cash payments will be made on the basis of the higher of:-of: (i) a cash payment calculated by reference to the Executive’s period of employment as outlined in paragraph 3(b) of this Schedule; or if higher (ii) 6 months’ salary (see also paragraph 7) of this Schedule each on the conditions outlined in paragraph 3(b) of this Schedule. The Executive’s entitlement to payment under the Profit Sharing Scheme will be determined by the Profit Sharing Scheme Deeds of Trust and Supplementary Deeds.

Voluntary Redundancy. Where the arrangements for redeployment have not identified a suitable alternative role for the Executive and redeployment, etc and/or voluntary early retirement has have not resolved, or is are unlikely to resolve, the situation, the Company mayCompany, other than in exceptional circumstances, shall invite applications from Executives for voluntary redundancy. Whether or not such applications are accepted will be at the absolute discretion of the CompanyCompany and in making its assessment the criteria outlined in paragraph 3 above will apply. This section applies only to Executives not covered by voluntary early retirement, i.e. those below age 50 or those aged 50 or over who do not qualify for a pension under the Company’s Pension FundScheme. If the Application is accepted the following will apply to the Executive:- Voluntary Redundancy and Pension Executives below age 50 who are members of the Company’s Pension Fund Scheme will have payment of their pensions deferred and paid at normal retirement age. Deferred pensions of such Executives will be increased during the period of deferment by the greater of:-of: 1. the annual increases as awarded in respect of pensions in payment; or 2. the statutory increases in accordance with the Social Security A▇▇▇ ▇▇▇▇. The Social Security A▇▇▇ ▇▇▇▇ requires that the deferred pension in excess of the Guaranteed Minimum Pension Pension, in respect of pensionable service since 1 January 1985, will be increased by the lower of the increase in the Retail Price Index or 5% per annum, over the period of deferment. The terms for Voluntary Redundancy and PaymentsRedundancy, other than pension, are as follows: (a) Cash payments will be made on the basis of the higher of:-of: (i) a cash payment calculated by reference to the Executive’s period of employment as outlined in paragraph 3(b) of this ScheduleAgreement; or if higher (ii) 6 9 months’ salary (see also paragraph 7) of this Schedule each on the conditions outlined in paragraph 3(b) of this ScheduleAgreement. The Executive’s entitlement Reference to payment under the Profit Sharing Scheme will be determined by the Profit Sharing Scheme Deeds of Trust and Supplementary DeedsDeeds will indicate the situation with regard to payments under the Scheme.

Voluntary Redundancy. Where the arrangements for redeployment have not identified a suitable alternative role for the Executive and redeployment, etc and/or voluntary early retirement has have not resolved, or is are unlikely to resolve, the situation, the Company mayCompany, other than in exceptional circumstances, shall invite applications from Executives for voluntary redundancy. Whether or not such applications are accepted will be at the absolute discretion of the CompanyCompany and in making its assessment the criteria outlined in paragraph 3 above will apply. This section applies only to Executives not covered by voluntary early retirement, i.e. ie those below age 50 or those aged 50 or over who do not qualify for a pension under the Company’s Pension FundScheme. If the Application is accepted the following will apply to the Executive:- Voluntary Redundancy and Pension Executives below age 50 who are members of the Company’s Pension Fund Scheme will have payment of their pensions deferred and paid at normal retirement age. Deferred pensions of such Executives will be increased during the period of deferment by the greater of:- 1. the annual increases as awarded in respect of pensions in payment; or 2. the statutory increases in accordance with the Social Security A▇▇▇ ▇▇▇▇. The Social Security A▇▇▇ ▇▇▇▇ requires that the deferred pension in excess of the Guaranteed Minimum Pension Pension, in respect of pensionable service since 1 January 1985, will be increased by the lower of the increase in the Retail Price Index or 5% per annum, over the period of deferment. The terms for Voluntary Redundancy and PaymentsRedundancy, other than pension, are as follows:- (a) Cash payments will be made on the basis of the higher of:- (i) a cash payment calculated by reference to the Executive’s period of employment as outlined in paragraph 3(b) of this ScheduleAgreement; or if higher (ii) 6 9 months’ salary (see also paragraph 7) of this Schedule each on the conditions outlined in paragraph 3(b) of this ScheduleAgreement. The Executive’s entitlement Reference to payment under the Profit Sharing Scheme will be determined by the Profit Sharing Scheme Deeds of Trust and Supplementary DeedsDeeds will indicate the situation with regard to payments under the Scheme.

Voluntary Redundancy. Where the arrangements for redeployment have not identified a suitable alternative role for the Executive and redeployment, etc and/or voluntary early retirement has have not resolved, or is are unlikely to resolve, the situation, the Company mayCompany, other than in exceptional circumstances, shall invite applications from Executives for voluntary redundancy. Whether or not such applications are accepted will be at the absolute discretion of the CompanyCompany and in making its assessment the criteria outlined in paragraph 3 above will apply. This section applies only to Executives not covered by voluntary early retirement, i.e. ie those below age 50 or those aged 50 or over who do not qualify for a pension under the Company’s 's Pension FundScheme. If the Application is accepted the following will apply to the Executive:- Voluntary Redundancy and Pension Executives below age 50 who are members of the Company’s 's Pension Fund Scheme will have payment of their pensions deferred and paid at normal retirement age. Deferred pensions of such Executives will be increased during the period of deferment by the greater of:- 1. the annual increases as awarded in respect of pensions in payment; or 2. the statutory increases in accordance with the Social Security A▇▇▇ ▇▇▇▇. The Social Security A▇▇▇ ▇▇▇▇ requires that the deferred pension in excess of the Guaranteed Minimum Pension Pension, in respect of pensionable service since 1 January 1985, will be increased by the lower of the increase in the Retail Price Index or 5% per annum, over the period of deferment. The terms for Voluntary Redundancy and PaymentsRedundancy, other than pension, are as follows:- (a) Cash payments will be made on the basis of the higher of:- (i) a cash payment calculated by reference to the Executive’s period of employment as outlined in paragraph 3(b) of this ScheduleAgreement; or if higher (ii) 6 9 months’ salary (see also paragraph 7) of this Schedule each on the conditions outlined in paragraph 3(b) of this ScheduleAgreement. The Executive’s entitlement Reference to payment under the Profit Sharing Scheme will be determined by the Profit Sharing Scheme Deeds of Trust and Supplementary DeedsDeeds will indicate the situation with regard to payments under the Scheme.