TERMINATION OF EMPLOYMENT

1. Where this occurs due to redundancy, actions should not be precipitate e.g. redundancy payments should not be locked away immediately into limited access accounts.

2. On the other hand, the money must be placed in a secure environment to produce the best possible income for an uncertain duration.

3. State benefits will be limited, and any cash or income may produce benefit restrictions. Bear in mind that employee benefits e.g. group life assurance, will be lost.

4. Similar considerations are needed where termination is because of ill health. The main differences lie in the fact that a pension may be payable, and the form of illness may incur increased expenditure. Your protection planning may have included a policy which pays a lump sum on diagnosic of certain illnesses.

5. You may like to look at Redundancy Cover

REMEMBER You should not use any information contained on this page as the basis of any action until you have discussed matters with your financial adviser.