Severance and redundancy

A summary of what you need to do when you leave employment due to severance or redundancy.

Leaving employment as part of redundancy?

If you’re leaving employment due to severance or redundancy, or are considering being part of a Voluntary Severance Scheme (VSS) or a voluntary redundancy exercise, then you may have questions about your financial future.  Please contact your employer in the first instance. 

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Who to contact for information

Your employer should be able to give you specific information about any severance or redundancy package and the options available to you. This includes:

  • details about your salary, including your pensionable pay
  • how much severance or redundancy pay you are likely to receive and whether it will be subject to tax
  • an estimate of how much of your severance or redundancy package you may be able to put into your pension and the impact that will have on your benefits

You can find more general information in the Read as You Need guide to severance and redundancy and on the severance and redundancy FAQs page. 

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Need financial advice?

You may wish to get financial advice before making any decisions. Check our list of advisers and websites for extra support.

Getting an estimate will give you an idea of how much your pension is worth. 

To request an estimate, you need to log in to your online myRPS account.

Getting an estimate

What to read next...

My circumstances have changed

Make sure you understand how life changes can also affect your pension. 

 

Transferring in or out 

Find out how to transfer your savings in or out of the Scheme and what impact this might have. 

Leaving the Scheme and opting out

What happens to your benefits if you decide to leave the Scheme or stop working for your current employer.