SAYE schemes post-redundancy

Mackle

Good morning,

I was made redundant recently, and had been participating in a SAYE scheme for the past three years.

A letter from the SAYE administrator has come through the door containing amongst other things, a direct debit form so that I can continue to save money in to the SAYE scheme. There doesn't seem to be anything advising on whether the option price is still valid for any new amount I save in.

Also, I was on a three-year plan rather than five or seven, and my three years actually reached maturity on 01/09/2016 so don't know how this affects things?


Finally, if I carrying on contributing in to SAYE, what happens if I join a new organisation that also offers SAYE? Can I have both running together? Do I have to close the old one before signing up to the new employers? And would it purely be a matter of looking at the option prices and forecasts for both shares, or when it comes out of salary at source is it more tax efficient than transferring later?

xylophone

Is the administrator aware that you have left the company?

I'd suggest you telephone to clarify.

Mackle

xylophone wrote: »

Is the administrator aware that you have left the company?

I'd suggest you telephone to clarify.

Yes they are aware that I have left, it's to enable me to continue participating with the scheme now that I can't SAYE directly from my former employers payroll, hence a direct debit form.