We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Final Salary Pension / Final Remuneration / Emoluments / Voluntary Redundancy

Options
The trust deed and rules for my pension defines "Final Remuneration" as the total emoluments averaged over 3 year but disregarding any sums chargeable to tax under Section 148 of the Income and Corporation Taxes Act 1988. On taking voluntary redundancy in 2001 i received  £50k (£31k payment in lieu if notice + £19k - service element / redundancy). The first £30k of this payment was tax free. Does any element of these payments qualify as emoluments, particularly the £30k tax free element?

Comments

  • Marcon
    Marcon Posts: 14,390 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    The trust deed and rules for my pension defines "Final Remuneration" as the total emoluments averaged over 3 year but disregarding any sums chargeable to tax under Section 148 of the Income and Corporation Taxes Act 1988. On taking voluntary redundancy in 2001 i received  £50k (£31k payment in lieu if notice + £19k - service element / redundancy). The first £30k of this payment was tax free. Does any element of these payments qualify as emoluments, particularly the £30k tax free element?
    No. An emolument is payment you receive in return for work carried out.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.