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Redundancy lump sum into pension fund

lstmd · 2021-12-31 21:45:07

I'm being made redundant after almost 25 years service. Part of the payment includes 8 weeks pay in lieu of notice. My end date is the 28th of February. I have two questions. If my end date is the 28th of Feb and I'm paid until the 28th of Feb will I be taxed on the 8 weeks notice payment I receive at the 28th of February…

31-12-2021 9:45pm

#1
lstmd

Registered Users, Registered Users 2 Posts: 113 ✭✭

Join Date: February 2010

Posts: 74
I'm being made redundant after almost 25 years service. Part of the payment includes 8 weeks pay in lieu of notice. My end date is the 28th of February. I have two questions.
If my end date is the 28th of Feb and I'm paid until the 28th of Feb will I be taxed on the 8 weeks notice payment I receive at the 28th of February or will it be treated as part of my lump sum payment and be paid tax free?
If the payroll department suggest it should be taxed can I transfer the 8 week notice payment to my pension fund and transfer both the 40% tax and net amount to my pension fund?
Thanks

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