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Paying redundancy payment into pension fund
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# 1
Old 29-11-2010, 5:04 PM
MoneySaving Newbie
Join Date: Nov 2010
Posts: 1
Default Paying redundancy payment into pension fund

I am looking to pay the taxable portion of my redundancy payment into a pension fund to minimise my tax liability. Can this be done and how would I go about it?
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# 2
Old 29-11-2010, 7:19 PM
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Join Date: Dec 2008
Posts: 833

Well redundancy pax is taxed as earbed income so i dont see why not. All you need to do is write a cheque wilth an additional contribution form, and send it to your pension provider.
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# 3
Old 29-11-2010, 7:26 PM
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Join Date: Nov 2010
Posts: 352

You definitely used to be able to do this - going back to when I was working in an HR dept - so (unless the rules have changed) talk to the fim making you redundant to give them a heads up. They should be able to advise how it's done.
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# 4
Loughton Monkey
Old 29-11-2010, 9:11 PM
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Join Date: Jul 2010
Location: Loughton, Essex
Posts: 8,356

First of all, you need to know your total taxable earnings for this tax year (assuming redundancy occurred this tax year). Only then can you calculate the maximum 'efficient' contributions that will attract the maximum tax relief. Would be pointless to calculate it based on tax paid so far - because assuming the worst (no further income) you would be entitled to a tax rebate - and negate some of the pension contributions.
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