I will be made redundant shortly and will receive only statutory payment......Is it correct that I do not need to do the 'Option A or Option B' choice as would be the case if payment was more than statutory ?
Statutory is the minimum you are entitled to. If it's a company with low profit or a loss and they are making staff redundant to help keep afloat, then you most likely will only get the statutory amount.
If it's a very profitable company and are just changing things around to make more profit or moving operations elsewhere, then in many cases they offer more than the statutory amount as they can well afford it.
My guess is most redundancies are just paid statutory payments.