[F1402CThe termination awards to which section 402B appliesU.K.
(1)This section has effect for the purpose of identifying the extent to which section 402B applies to termination awards in respect of the termination of the employment of the employee.
(2)In this section “relevant termination award” means a termination award that is neither—
(a)a redundancy payment, nor
(b)so much of an approved contractual payment as is equal to or less than the amount which would have been due if a redundancy payment had been payable.
(3)If the post-employment notice pay (see section 402D) in respect of the termination is greater than, or equal to, the total amount of the relevant termination awards in respect of the termination, section 402B applies to all of those relevant termination awards.
(4)If the post-employment notice pay in respect of the termination is less than the total amount of the relevant termination awards in respect of the termination but is not nil—
(a)section 402B applies to a part of those relevant termination awards, and
(b)the amount of that part is equal to the post-employment notice pay.
(5)Section 309(4) to (6) (meaning of “redundancy payment” and “approved contractual payment” etc) apply for the purposes of subsection (2) as they apply for the purposes of section 309.]
Textual Amendments
F1Ss. 402A-402E inserted (with effect in accordance with s. 5(10) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 5(3)