Redundancy for a second time within 10 years

M

MariaG

New Member
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HI All,

I was just informed I am being made redundant in 01 March 2024 .
I turn 50 in December.
Its my second redundancy , last one was 28 Feb 2014.
The below calculations were given to me but are these incorrect ?
I used the SCSB relief (and retained my pension) in the 2014 redundancy calculation.

Option A below is using SCSB and retaining the 12k pension , can I reuse this SCSB exemption again please?
Or do the calculations need to be redone again?
What are my best options , I have a pension from the old previous company that has approx 100k in the pot
My current pension also has approx 100k in the pot


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If you take Option B, you gain 5,794 compared to Option A but forego 12k tax-free pension.
Unless you really need that extra 5,794 now I would go with Option A and save the 12k from the pension plan.
 
when they mention tax free lump sum from "the Pension plan" are they talking about the pension from the company he is leaving. If he transfers that pension to his new employers scheme, would he be able to take the full tax free amount (20% /max 200k) from the new pension scheme when he retires ?
 
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