I had a similiar predicament(3 payments left to make) but it seems to be a very grey area, I would imagine if you are discharged you could keep it but don't think your discharge would be that soon. If you have made your last payment then I would fight your corner. The thing with it is that anything statutory is yours , ie notice(or lieu although technically this is wages so they mayyyyy want a portion) and the stat payment, ie ten years service is ten weeks money ... They will surely have an interest in anything extra ie anything deemed a bonus...

I would be really honest with them and state your case...

My deductions were my double time for final weeks £1688 (2 weeks double time plus my final 3 payments)was taken but everything else was mine as everything else was statutory.

Does that help or further confuse

Welcome to the forum sweetcaroline.

Have a read of the following article which may help to explain how things could progress if this happened:

(Link Removed 2020).

Thank you for the link, and to cbkerr. The payment would be a lot more than the statutory and i feel they would take a large amount off me. Have to hope i am not selected and if i am then just have to contact the trust deed and hope for the best.
Thanks

You should check the wording of your trust deed, sweetcaroline. If you don't have a copy then ask your trustee to supply you with it.

Your obligations are determined by the legal contract that you signed at the start. It may specify that anything that you receive within 3 years of the date of signing has to be made available to the trustee. If you are outside of that period then your trustee would not have any right to those funds.

However, it may just state that your trustee has a right to take anything you receive prior to your discharge, in which case I imagine you may be forced to part with the non-statutory element of any redundancy.

Worth checking at least!

Hi sweetcaroline

From the information provided, it would appear that the non statutory part of any redundancy may be treated as aquirenda which basically are sums received before your discharge and as such may vest in your Trustee. On that basis the Trustee may be entitled to them.

I suppose as this is still speculative, you could approach the Trustee and discuss paying the balance of contributions and equity early. This could allow the Trustee to wind down the case and seek his discharge, before any decision is made on redundancy. Alternatively the Trustee may see this as an opportunity, however speculative, to continue as normal on the basis that this may arise.

Mark

Any chance whatsoever you could get them to delay the redundancy.....

No that would be the last release date.If all payments have been made and i am waiting on discharge would they know if i have received a large payment?

Hello sweetcaroline.

As you'd probably expect, all of the professional advisers here can only advise you to be open and transparent with your trustee.

Thanks for the posts and advice been told today that I am safe in my job for this round. . I would have let them know about the money as I would still b debt free a lot sooner if I had not entered the trust deed.

That's great news sweetcaroline. Lets hope the final 6 months of your trust deed flies in now.