Best time to take redundancy

christabelle23

My OH is being is being offered redundancy next year and can go either in April or December. He has been with company for 35 years and will get a pension of approx £16K per annum and can take a lump sum also. Is there a best time to do this with regard to tax etc. We are hoping to clear mortgage £80K with this money. We dont have a lot of savings and are not very up on what to do. He will only be 59 at redundancy and does hope to try and get some part time work if he can. I work in NHS full time at present.
Any advice would be gratefully received.

Jarndyce

You might be better off seeking advice from an independent financial advisor (usually free and possibly provided by your OH's employer as part of the redundancy support package). What is best for you will depend on your precise circumstances and earnings etc.

All I can advise is that the first £30,000 of a redundancy payment is tax free, and that lots of things (including redundancy terms, your own health etc etc) can change between now and December (and even April) 2012.