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help-pilon

livewire600 · 2009-03-21 11:44:29

gosh why is everything so complicated??? i have been made redundant and have serveral letters (forms from 1st, 2nd and 3rd consultantion meeetings as well as personal letter to myself) all these confirm and i quote "my last day of employment will be 31st march 2009 and that i am not required to work my notice and shall be…

Comments

savingholmes Posts: 29,137 Forumite

25 March 2009 at 10:40PM

If you specifically have a PILON clause in your contract it is taxable - if there isn't one then normally the company can let you have the money tax free - providing they sometimes make people work their notice. That is it is not a custom and practice right to always receive PILON

If you receive PILON and your last day of employment is 31 March - you can then claim. If you are put on garden leave and paid the three months or whatever instead then there is no PILON as you will have worked your notice rather than been paid it in lieu

Hope that helps (I may do this for a living LOL)

Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £1.5K Net savings after CCs 11/2/26 (but owed £1.4K) so £2.9K
3) Mortgage neutral by 06/30 (AVC £34.8K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 40.6/£127.5K target 31.8% 16/11/25
(If took bigger lump sum = 62.7K or 49.2%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.2K updated 16/1/26
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