Taking voluntary redundancy? Don’t forget about your pension

The value of your pension may be worth far more than any redundancy payment, plus the pension can also affect how much of a redundancy payment may be tax-free 

Your redundancy payment, tax position, pension benefits, future income needs and plans for work or retirement can all interact. Before making what may be an irreversible decision, it can, therefore, be worthwhile obtaining impartial advice from an appropriately qualified financial adviser who can look at the full picture.

Shaun O’Connor, senior consultant, Insight Private Clients, outlines the impacts on your finances, including your pension, when considering an offer of voluntary redundancy    

Shaun O’Connor, senior consultant, Insight Private Clients.