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help-pilon

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  • savingholmes
    savingholmes Posts: 29,049 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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 £172.5K Equity 36.11%
    2) £1.8K Net savings after CCs 13/9/25
    3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
    (If took bigger lump sum = 54.5K or 42.7%)
    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 £4.8K updated 13/9/25
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