Redundancy payment not made into pension

dodgy_gooner

I have just taken voluntry redundancy from a large Bank and requested that a certain amount of my package (Everything over the £30K tax free) be paid into my pension to keep that money tax free as well.

It was all agreed but upon receiving may payslip today they have paid me the full amount and I have paid a huge amount of tax. Having done this is it going to be possible for me to pay them back and for them to correct their mistake as I have emails confirming they will pay this money into my pension ?

getmore4less

Can't you just stick it in yourself.

Tax return end of year should sort it out.

You may want to look at a P50 as well to deal with the potential overpayments from income and other taxable pay.

Cook_County

getmore4less wrote: »

Can't you just stick it in yourself.

Tax return end of year should sort it out.

You may want to look at a P50 as well to deal with the potential overpayments from income and other taxable pay.

This would be far, far more expensive for all parties becausse of NIC. Did you do salary sacrifice? Have you asked your solicitor - or the employer as yet?

dodgy_gooner

I have not spoken to my employer as I only received my payslip today in the post, I will speak to them first thing on Monday as the payment is not made into my bank until Tuesday.

getmore4less

Cook_County wrote: »

This would be far, far more expensive for all parties becausse of NIC. Did you do salary sacrifice? Have you asked your solicitor - or the employer as yet?

To do that they would need to sacrifice salary as there is no NIC on redudnacy.