IPA now set up, Redundancy & compensation implications

Bnjracing

Well the good news that came last week about the ED has balanced neatly with the IPA being set up today. Thought we had dropped through the radar but not as bad as we were anticipating. Just a couple of questions though;

(1) OH is old enough to get early retirement and would have the choice of lump sum and small pension or large pension; question is if he takes early retirement while IPA in place even though discharged would OR want the lump sum therefore should he take the larger pension

(2) Redundancy payments : I read somewhere on here that not all of it would be taken by OR , could someone explain how this works

(3) OH is also due to some compensation from an accident - I know he can keep "pain n suffering" monies but do you tell OR

RAS

Hi

please be very very careful about taking out a pension before he is discharged and take very careful advice until the IPA ceases.

We have one OP who thought that the pension was secured from the OR, not the pension fund. So he lost all but £100 per month to the OR from the pension and they were considering taking the whole lump sum. He was not due to pay any IPA until he took out the pension and had no other assets.

Bnjracing

Yeah thought we would have to be VERY careful as to which route we took. Problem is if OH doesn't take early retirement before April 2010 he then has to wait until October 2013 due to new government legislation for pension to be allowed. As he works in the motor trade and things are looking a bit grim to say the least what is worrying me if he doesn't take early retirement is if he is made redundant say 2011/12 cos then all he will get will be redundancy which OR will take (cos IPA will still be in force)