Redundancy and Your Pension

I am taking redundancy and I need help understanding my options

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Redundancy And Your Company Pension (40 second read)

  • Are you facing compulsory redundancy or considering taking voluntary redundancy?
  • Have the implications of how you take your redundancy payment been properly explained to you?
  • Have you previously taken redundancy from a job where you were a member of a pension scheme?
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When being made redundant you may pay less tax on your redundancy payment if you sign a waiver of your right to take a tax free lump sum from your pension scheme. At some point in the process a form will be put on front of you asking you to indicate your choice.

The most obvious issue which you must consider is the projected benefit from retaining the right to take a tax free lump sum versus the amount of tax you will save now, however there are a number of other issues which also need to be considered.

This is an important financial decision so it is critical that you obtain independent advice in relation to it. Too often people are given little guidance and they make a guess at the correct option, often under pressure from their HR Department to return the option form. It’s an area in which a good Financial Adviser can make a significant difference for their client.

If you are being made redundant or are considering voluntary redundancy we can help you.

Indeed, if you have been made redundant in the past and you don’t know what choice you made regarding your redundancy payment you should seek advice. We can show you how to recover your right to take a tax free lump sum from your pension.

Contact us today on 01 546 1100 or book a no-obligation Zoom call with us here.

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By Telephone 01 546 1100
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Email to [email protected]
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The material and information contained on this website is for general information purposes only. Neither the writer nor Highfield Financial Planning Ltd makes any warranty as to the completeness, accuracy or reliability of the information or the suitability or availability of products or services, referred to on the website, for any purpose. You should not rely on any information contained on this website as a basis for making any financial, legal, taxation or other decision. The information presented does not include all the considerations which are relevant to the topic discussed as to do so would render it un-readable. When considering any financial issue you should seek the advice of a suitably qualified adviser.

BOOK A FREE NO-OBLIGATION CHAT

By Telephone 01 546 1100
Use the Form on this Page
Email to [email protected]
Book a Zoom call with us here.
Happy to start the process? Click here to complete a factfind and tell us your objectives
The material and information contained on this website is for general information purposes only. Neither the writer nor Highfield Financial Planning Ltd makes any warranty as to the completeness, accuracy or reliability of the information or the suitability or availability of products or services, referred to on the website, for any purpose. You should not rely on any information contained on this website as a basis for making any financial, legal, taxation or other decision. The information presented does not include all the considerations which are relevant to the topic discussed as to do so would render it un-readable. When considering any financial issue you should seek the advice of a suitably qualified adviser.

About Highfield Financial Planning

We provide superior advice on Financial Planning services to business owners, professionals and their families. The principal of the firm Eoghan Gavigan has over 27 years’ experience in banking and finance across Treasury, Lending and Wealth Management and is a Qualified Financial Adviser (QFA) and a Certified Financial Planner (CFP). The CFP qualification is the world’s most respected industry designation, held by only a select number of advisers. As Specialist Investment Advisers we can provide you with detailed investment advice on your pensions and investments.

We want you to be comfortable in your dealings with us. We provide a number of suggestions here for ways that you may be able to obtain comfort that we are the right Financial Planner for you.

“

I would highly recommend Eoghan to anyone looking for expert financial advice. From my first meeting with Eoghan, the level of service has been exceptional. He's extremely knowledgeable, very patient and explains things in way that you can easily understand. I'm delighted with the product he found for me and I hope to be a client of his for years to come.

Gareth M21/9/2020
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I dealt with Eoghan regarding my pension. It wasn't a clear cut situation and Eoghan went above and beyond to explain all details and possible scenarios with me. Eoghan constantly kept me updated and aware of any new information without being prompted. Eoghan was efficient, knowledgeable, professional and a pleasure to deal with. I would not hesitate to use Highfield Financial Planning in the future and would recommend this reliable company with confidence.

Patricia Duggan21/3/2022
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Eoghan is a pleasure to deal with. Eoghan has a deep knowledge base and is always up to date with latest market developments. I couldn't recommend Eoghan highly enough.

Colm Ryan21/7/2022
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As a complete novice when it comes to pensions I was delighted to come across Eoghan. He explained everything that I needed to know and do. He is very professional yet explains everything in ‘lay’ terms. Even during Covid he kept in touch through Zoom and e mail. Thanks Eoghan

Sheila Weller21/5/2022
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My partner and I did a financial plan with Eoghan, with a number of scenarios for our future. The final product was very professional, and provided proactive investment and protection options which Eoghan carried out fully for us. We felt it was very good value for peace of mind for our financial future!

Tim Lee21/5/2021
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Excellent service provided by Eoghan since I took the decision to take my pension out of the Banks and use a financial advisor to help me maximise incomes from the market. He is always attentive and quick to offer current valuable advice. Happy to recommend Eoghan to anyone interested in getting sound financial advice.

Niall Hearn2/3/2020
“

For pensions and advice, Eoghan is an expert, professional and thorough. He has a knack for explaining and summarising this important and complex subject in layman's terms. This helps enormously, making you comfortable that you are making the right financial choices for you. He is also a patient and nice guy to deal with.

Bill Glennon18/9/2019
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As well as advising me on the performance of my existing personal pension & arranging life insurance policies, Eoghan is also now overseeing our business needs. So far, he has implemented an employee pension scheme & is advising on corporate co-director & key-person insurance. I have found him to be exceptionally knowledgeable and honest and wouldn't hesitate in recommending him to others for either business or personal pensions/investments etc.

Dawn Richardson10/10/2019
“

We first met when i was made redundant and needed help with moving my pension. Since then, he has advised me on my life insurance policy for my mortgage and helped me to get a much better deal than I had with my bank. He is extremely helpful and I can ask him anything without feeling like it's a stupid question!

Rachel Egan1/2/2020

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