Dealing With Redundancy

Life Planning On Redundancy

These days there is no guarantee of a job for life with economic or business changes forcing many employers to re-evaluate their business strategies. Inevitably many people, with sometimes lifetime service, are given no option but to take a Redundancy Package.

Quite often these packages have linkages to pension scheme options as well as different ways in which any tax-free payments are calculated.

Understanding Pension Options On Redundancy

If you are a member of a Defined Benefit Scheme, you may need to weigh up whether the best option for you is to remain a member of the scheme (even though you may still be some years off retirement age).

Alternatively, should you take a transfer value to maximise your tax-free lump sum entitlements and maintain easier access to a pension pot that you could access from time to time?

Financial Issues On Redundancy

If it is relevant, do you need to consider using some of the tax-free payments to clear debt or finance children’s education and, if so, what are the financial consequences now and into the future?

All of these scenarios have long term implications and require serious consideration and experienced advice before anyone decides to accept an employer’s redundancy offer.

Questions you may have..

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