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I will be made redundant at the age of 63 if I take my company pension and retire will this affect my redundancy?

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I'd imagine being made redundant and then taking your pension might be a better way to go ... unless you lose the pension or the redundancy payment is minimal as to make it pointless. Check how the redundancy will affect your pension.



yes. You will not be able to claim redundancy if you have already retired. If you will get a good redundancy lump sum, then hang on for it! But many companies scale back generous redundancy payments if people are very close to retirement. Or did you mean it the other way round - will being made redundant affect my company pension? No it won't. And if you don't need the redundancy pay out and it is more than the tax free 30k, then you could consider getting it paid into your company pension. manzanilla



Ususally, the best advice is to take the redundancy, tip the excess over £30,000 pay-off, if there is one, into the pension scheme and then take early retirement. That is the most tax efficient. You had better check if that is possible, especially if you are in a final salary pension scheme because the trustees have to agree to the retirement.  Mike



Talk to both your HR person in charge of redundancy and the pension dept. They might come up with different answers.  And whatever you get told and are going to rely on get it in writing. Generally I'd say - be made redundant and then take the pension. Some companies will be generous and might say that, assuming normal retirement age for your company is 65, that you can take the redundancy and immediate retirement without a reduction. This would let you boost your pension with a lump from your payout and retire on the full pension as if you were 65.