07 Jul 2019

A question about : Redundancy question

I currently earn 52k a year and have a pension of 17.5k taking me to approx 70k per year, as such most of my income is paid a the higher rate.
In March 2016 I am expected to be made redundant, whilst i currently have, and are drawing one pension I intend to defer the NRA 65 element of my company pension until I am 65, I have paid into the scheme for 45 years this coming August, the redundancy package is in two parts I could take the 65 pension unreduced or if I opt out of the scheme which I am thinking of I would then defer the pension to 65 so that would qualify me for two years pay as compensation and that would equal to circa Ј 104k.
My concern is the levels of tax and NI I would pay on that with it all being in the same tax year (15/16) ie could I end up paying 60% of that amount, any advice would be welcomed.

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    Category: 
    Redundancy & Redundancy Planning
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