IHR Offer

[Wuku]

I may be offered IHR soon, and have a few questions, if anyone can help please.
I'm in my mid 40's and have over 25 years service.

How much am I likely to get?
Is the money taxed?
What happens to my shares?
How does being retired on ill health affect my future employment chances?
What happens with my pension?
Are there any things I should be aware of, like Royal Mail trying to stitch me up?


Thanks for any help

[RobertT]

I may be offered IHR soon, and have a few questions, if anyone can help please.
I'm in my mid 40's and have over 25 years service.

How much am I likely to get?

34 weeks pay plus 12 weeks PILON.

Is the money taxed?

The PILON is, the rest isn’t.

What happens to my shares?

You will be given the choice of keeping them or selling them, you won’t lose them!

How does being retired on ill health affect my future employment chances?

That would depend on your medical conditions and the attitude of any potential new employers, but there’s nothing stopping you from walking straight into another job, if you can get one.

What happens with my pension?

It will be deferred.

Are there any things I should be aware of, like Royal Mail trying to stitch me up?

They wouldn’t do that!

[spiderj]

My pilon was untaxed.

Future employment you can work the next day if you want.

Do you think the current ihr package will exist forever?

I took ihr recently,best decision I made.

[bogstandard]

you should always worry about RM tucking you up

[Wuku]

Thanks for the replies!

Spiderj, if you don't mind me asking, what did you come away with in pocket? Did you sell your shares?
I feel like you I think, just about had enough now...

In relation to future employment, what I meant was does the information about your Ihr get passed on to a potential employer, or is it private?

[spiderj]

I was part time,25 hour contract.

Got the specified lump sum amount and all my shares which I was lucky to get a decent amount for.

633 at the rate on day of sale,untaxed with just the commission off which was about 25\30 quid.
As far as future employment goes RM will give you a reference,if it mentions your retirement reasons without your consent that's a no no.

Read up on it via union and between the lines in here and judge for yourself whether it will work for you.

Also get all offers in writing as they can be slippery beggars.

[spiderj]

Two types of ihr
With or without lump sum

Defers or immediately pension.
Hope that helps.

[Bishbashbbosh]

You won't get taxed on you PILON at this stage of the year because it is based on your yearly income, so unless you walk into another job, your pay won't be enough to incur tax

[Wuku]

Thanks, it all helps!

[RobertT]

You won't get taxed on you PILON at this stage of the year because it is based on your yearly income, so unless you walk into another job, your pay won't be enough to incur tax

If that was the case nobody would pay any tax until they’ve earned enough to reach the personal tax allowance.

In practice you probably will get taxed on the PILON but if your income for the whole tax year is below the PTA you should automatically get a refund.

Or you can claim a refund via a P50 form: https://www.gov.uk/claim-tax-refund/overview" onclick="window.open(this.href);return false;

[Bishbashbbosh]

Ok, you might get taxed, but if you don't get another job, you will get it back. Same difference

[Wuku]

I won't be walking into a new job straight away, not sure what I'm going to do yet. I'm pretty sure I want out though...

[Bishbashbbosh]

I won't be walking into a new job straight away, not sure what I'm going to do yet. I'm pretty sure I want out though...

Well, if you're haviñg an IHR referral, and it comes back positive for IHR, you may not get the decision after that, so make sure you know what you want before you get the referral

[Wuku]

I've been through the regular OH phone calls, and seen the OH doctor now. I know they have asked about IHR, because the doc told me. As for any decision, don't RM have to make reasonable effort to find me work somewhere in the office, if I should decline IHR. I thought that was my choice...

[aiden01]

I've been through the regular OH phone calls, and seen the OH doctor now. I know they have asked about IHR, because the doc told me. As for any decision, don't RM have to make reasonable effort to find me work somewhere in the office, if I should decline IHR. I thought that was my choice...

don,t think you have a choice unless you are covered under equality act [maybe wrong] but if there is no suitable duties available then ihr it is.