Pensions Options – Redundancy or Leaving Service

What is redundancy?

It refers to such a process where employees are terminated from their employment because of various business reasons. Most frequently such reasons are associated with bad economic conditions such as the category of the job becoming not required or hugely diminished, lack of funds or projects, business relocation, and business discontinuance generally.

Pensions Options – Redundancy or Leaving Service
Pensions Options – Redundancy or Leaving Service

The impact of redundancy on pensions

If you become redundant, then your employer will stop making payments into the workplace pension.

Based on the circumstances, you will be able to keep where all pensions are, transfer it to some new workplace or some personal pension or get early retirement. State or existing pensions will not be affected.

How to qualify redundancy scheme?

To qualify for a redundancy scheme you must:

Be 16 years or more
Be employed which is insurable
Made redundant that is dismissed from the job
Worked continuously for the employer for a minimum of 104 weeks more than 16 years of age
Pensions Options – Redundancy or Leaving Service

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Pensions Options – Redundancy or Leaving Service
Pensions Options – Redundancy or Leaving Service
Pensions Options – Redundancy or Leaving Service
Pensions Options – Redundancy or Leaving Service
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