Redundancy is unfortunately once again a feature of the Irish economy. Many businesses are suffering a significant loss of revenue and have been forced to cut costs. The aviation, tourism, hospitality and leisure sectors have all been hit hard by the pandemic and, as time goes on, other sectors are sure to be affected by the economic consequences of the lockdown.
Anyone facing redundancy will have a lot of decisions to make: What to do with a lump sum? What to do with your pension and associated benefits? How to handle the tax implications of the various options available to you? And, most importantly, will you have enough?
In this short video presentation, Goodbody Head of Pensions Jim Connolly explains how to maximise your income, minimise your taxes and protect your beneficiaries when weighing up a redundancy package. Jim cuts through the complexity and jargon and arrives at a simple formula for understanding any redundancy situation.