Breakdown of redundancy packages and pensions

As companies are offering a range of redundancy and pension transfer packages to staff and ex-employees, Diarmaid Blake offers essential advice

Ulster Bank, Bank of Ireland, AIB, Eircom and Aer Lingus have all offered a range of redundancy packages and/or enhanced transfer value of their pension scheme to current and ex-employees; it is important for people to fully understand these offers.

Redundancy packages and offers have become quite frequent over the past 12 months. Financial institutions such as Ulster Bank, Bank of Ireland and AIB have recently all offered redundancy packages to their employees.

Other former semi-state bodies such as Eircom and Aer Lingus over the past couple of weeks been offering Redundancy packages and Enhanced Transfer Value of their pension scheme to both their current and ex-employees. Unfortunately, with Covid-19 drastically slowing down our economy, even more redundancy packages are coming down the line across all industries in Ireland.