PHI Termination payments to end employment

I've been offered a 5 figure lump sum settlement over £30k and I understand this will be taxable over £30k. This is without consultation with my employer who will process the payment. Can I still ask for redundancy on top of the insurance settlement??

Comments

  • Undervalued
    Undervalued Posts: 8,813
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    Forumite
    You will almost certainly be required to sign a settlement agreement (for which you must receive legal advice). The terms of that will be whatever you and the employer agree. 

    No you would not normally get redundancy on top. After all, if your job was genuinely redundant they would have no need to pay you anything over and above your statutory redundancy entitlement and your statutory notice.
  • Thanks for help. Much appreciated. The offer is a lot but they have said payment is to mitigate their costs and not for the purpose of my disability so I guess will be taxed so will put into a pension. I'm not sure how to negotiate this amount to get it close to £100k in case they decide to withdraw it. I'm racking my brains over what to do..
  • Undervalued
    Undervalued Posts: 8,813
    First Anniversary Name Dropper First Post
    Forumite
    Thanks for help. Much appreciated. The offer is a lot but they have said payment is to mitigate their costs and not for the purpose of my disability so I guess will be taxed so will put into a pension. I'm not sure how to negotiate this amount to get it close to £100k in case they decide to withdraw it. I'm racking my brains over what to do..
    Consult a solicitor, that is a lot of money. Many offer either a free or reduced fixed fee initial meeting.
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