Redundancy

I am taking redundancy and I need help understanding my options

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Redundancy And Your Company Pension (40 second read)

  • Are you facing compulsory redundancy or considering taking voluntary redundancy?
  • Have the implications of how you take your redundancy payment been properly explained to you?
  • Have you previously taken redundancy from a job where you were a member of a pension scheme?

When being made redundant you may pay less tax on your redundancy payment if you sign a waiver of your right to take a tax free lump sum from your pension scheme. At some point in the process a form will be put on front of you asking you to indicate your choice.

The most obvious issue which you must consider is the projected benefit from retaining the right to take a tax free lump sum versus the amount of tax you will save now, however there are a number of other issues which also need to be considered.

This is an important financial decision so it is critical that you obtain independent advice in relation to it. Too often people are given little guidance and they make a guess at the correct option, often under pressure from their HR Department to return the option form. It’s an area in which a good Financial Adviser can make a significant difference for their client.

If you are being made redundant or are considering voluntary redundancy we can help you.

Indeed, if you have been made redundant in the past and you don’t know what choice you made regarding your redundancy payment you should seek advice. We can show you how to recover your right to take a tax free lump sum from your pension.

Contact us today on 01 546 1100 or book a no-obligation coffee with us here.

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The material and information contained on this website is for general information purposes only. Neither the writer nor Highfield Financial Planning Ltd makes any warranty as to the completeness, accuracy or reliability of the information or the suitability or availability of products or services, referred to on the website, for any purpose. You should not rely on any information contained on this website as a basis for making any financial, legal, taxation or other decision. The information presented does not include all the considerations which are relevant to the topic discussed as to do so would render it un-readable. When considering any financial issue you should seek the advice of a suitably qualified adviser.

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Best Pension Advice is a trading name of Highfield Financial Planning, the most client focused financial services company in Ireland. We provide superior advice on Retirement Planning for all types of pension available in the Irish market. As Specialist Investment Advisers we can also help you to manage the investment of your pension to achieve your income objectives in retirement.

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