Severance and redundancy

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

Leaving employment due to severance or 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. 

Read on for some general details and please contact your employer in the first instance if you require anything further. 

An open cardboard box with someone's belongings poking from the top
Where to find information about severance and redundancy 

Your employer

Please contact your employer in the first instance. They 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 pot/Personal Retirement Account (PRA) 

Our online information

You can find general information about how severance and redundancy can affect your pension on our FAQs page:  

A financial adviser

You may also wish to get financial advice. See the guidance and advice page for details.

What to read next...

Guidance and advice

If you need help to understand your options, you can find guidance and advice to support you in making the best decision for your circumstances.

Your Retirement Modeller

Log in to your myRPS account and find the Retirement Modeller under 'My Library' to see what your Personal Retirement Account could be worth when you take it, and your options for how you take it.

Get an estimate of your pension pot

Log in to your myRPS account and go to the 'My Pension' section to request an estimate of your pension pot and options.