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Summary
To give employees a greater understanding of financial options, as a result of redundancy and leaving service early.
Aimed at
Anyone considering leaving employment early, taking early retirement or early severance terms, due to redundancy.
Learning Objectives
- Explain the key financial issues relating to leaving service early and the available options
- Provide support in decision making when offered early severance or redundancy
- Explore choices which need to be made about occupational pension before leaving
- Identify where income is expected to come from and how it is taxed differently
- Understand the State Pension and different types of workplace pensions
- Learn about the risks and reward involved in savings and investments
- Find out how to ensure the estate is passed to the intended beneficiaries
- Understand the next steps and where to receive further guidance and investment advice
Course Structure
Statutory redundancy and personal taxation
- Rights to redundancy pay
- Statutory redundancy pay
- Taxation of severance payments
- Potential for tax refunds
- Income tax
- Tax refund claims
Workplace specific redundancy terms
- Exit payments
- Pension options
- Re-employment
Workplace pensions
- Defined Benefit schemes
- Defined Contribution schemes
- Workplace pension explained
- Options on leaving the pension scheme
- Tax allowances
The State Pension and other support
- Explaining the State Pension
- State Pension eligibility
- Support and benefits you may be entitled to
- Pension scams
Repayment of debt
- Personal budgeting
- Mortgage and debt
- Financial goals
Making the most out of the situation
- Understanding investment risk
- Risk and return in the real world
Taxation
- Income tax in retirement
- Tax allowances
- ISAs
Estate planning
- Inheritance tax
- Wills and intestacy
- Power of attorney
For further details please contact events@affinityconnect.org or contact Training on 0800 019 6076.