This is one of a series of questions posed by the FT writes Josephine Cumbo.
“If you really want to maximise the cash, putting it into a pension means it will attract tax relief. That’s a 20 per cent boost straight away, and through your tax return you can claim additional relief depending on your marginal income tax rate. This will depend on your earnings to date and salary when you get a new job. You should consider speaking to a financial adviser about this.” says an adviser.
Redundancy is a big issue and you need to think about whether you are financially secure and independent, or you still need earned income from employment. When you are clear about which is more important, that should remain your focus.