Opinion: Retiring, redundancy…what this means for your cash

A significant number of people working in the energy sector are approaching retirement and a substantial number are also being offered redundancy packages.

Receiving redundancy and retirement quotations at the same time can be daunting. It is an area full of complexity where taking professional advice can prove hugely beneficial.

The first £30,000 of a redundancy payment is tax free and the balance subject to income tax. This can push people into the 40% or 45% income tax brackets. It can also mean that their personal allowance worth £11,000 in 2016/2017 is lost partially or completely.

For the full story visit our sister site Energy Voice.