I've finally finished with grievance and it wasnt upheld but its exhausted me. I've been offered a settlement agreement which I will accept but I am confused over the PILON payment. Employers are paying me 12 weeks but the agreement says 'the parties agree that the Pilon is equal to or exceeds the amount given by the formula in section 402 d (1) of the income tax (Earning and Pensions) act 2003 (ITEPA) and that accordingly, your Post Employment Notice Pay is nil'
Does anyone know what on earth this means? I have a meeting with my solicitor tomorrow but fear a sleepless night....does this mean my PILON calculated is nil?
Week four, thank you. The entire settlement is made up of 4 elements; redundancy, ex gratia, PILON and accrued holiday as I've been off sick for a few months. Would you know which is taxable? And which the nil PENP applies to?