Redundant March 21'

General_Grant

MrFrugalFever said:

GrumpyDil said:

Sorry but disagree about standard practice to get legal advice. My redundancy terms would result in a payment in excess of 30000 and there was no suggestion of needing legal advice when we went through a redundancy process a few years ago. 

i was part of a mass redundancy process of layers of management within a large corporation and we were offered 'Enhanced redundancy' which meant that we had Statutory redundancy, company enhanced payment, PILON and (Gardening Leave - optional). Anyone who was due to receive in excess of £30,000 HAD to have it signed off by a solicitor. Redundancy pay is tax exempt and i believe it was due to the pay being enhanced and outside of the statutory that triggered the need for a solicitor. 
Redundancy could not have been accepted formally without the sign-off from a solicitor.

Dandyytf, it sounds as though your company are offering terms that go above and beyond the United Kingdom Statutory Redundancy guidelines (perhaps benefits which could be HMRC tax linked) so yes, a legal advisor would be best in this situation.

Only the first £30K of redundancy amount is not taxable.  Anything beyond that is subject to tax.

Contractual amounts (eg PILON) are not included in the redundancy amount and therefore taxable even when total payment is below £30K.

Dandytf

Considering I recently shifted 5.6k credit over to 15% lendable loan.
it seems sensible to use 5k to clear it off from redundancy payment, to free up un needed 150 per month, if I'm unsuccessful finding part time employment.

getmore4less

GrumpyDil said:

Sorry but disagree about standard practice to get legal advice. My redundancy terms would result in a payment in excess of 30000 and there was no suggestion of needing legal advice when we went through a redundancy process a few years ago. 

It is surprising the number of people that think what their employer does is normal/standard or even a legal requirement because their employer did it.

Some companies don't use standard redundancy procedures preferring settlement agreements.

Dandytf

That's mine sent to Solicitors as required.
Continuing with job apps.
thanks mser's advice appreciated. 

Dandytf

Thanks mser's
Job offer recently., been hectic continuing WFH whilst job searching/agreeing Redundancy details.
Told today I'm free to start new role from mid March which is very good, hopefully.
Financially seems almost overwhelming, not huge amounts, though have never handled larger sums, including Redundancy payment soon. Share save refunded (cash refund) and small Pension balance possibly returned though likely to be held until I could transfer over to new Scheme.
I'll rest as Priority over weekend, and make one or two call to DWP etc next week.
Quite a challenge returning to Full time hours after three years of part time hours.