The Musgrave Redundancy Package 2026 is the primary concern for 82 Finance and HR professionals in Dublin, Belfast, and Cork after this week’s news. Following the announcement of a strategic partnership with Infosys, affected staff are entering a formal consultation period to discuss voluntary exit options. Understanding the tax implications of your lump sum and the long-term impact on your pension is vital to ensuring your financial security during this transition.

What is the Musgrave Redundancy Package 2026? The Musgrave redundancy package for 2026 consists of a statutory payment and an ex-gratia top-up. Because Musgrave is working with Infosys to automate IT and Finance, the voluntary redundancy window is expected to be short.

Statutory Redundancy Guide.

Calculating your Tax and Pension Options If you have a high-value pension, you need to be careful. Taking a large tax-free cash sum now could reduce your tax-free retirement lump sum later.

  • SCSB Relief: This is vital for Musgrave Finance staff with 10+ years of service.

  • Pension Transfers: You may want to move your fund to a Personal Retirement Bond.

Check our Redundancy Calculator (Internal Link) to see your estimated figures.

Confidential Musgrave Redundancy Review

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The Impact of the Infosys Digital Partnership

The 2026 restructuring is driven largely by Musgrave’s 7-year strategic deal with Infosys. This partnership aims to automate back-office IT and Finance operations using AI-driven platforms like Infosys Topaz. For affected staff in Dublin, Belfast, and Cork, this means your role may not just be changing—it may be transitioning to a third-party managed service.

When reviewing your voluntary exit offer, consider if there are “retention bonuses” available for those who stay to help with the knowledge transfer to Infosys. Often, these bonuses are taxed differently than a standard redundancy lump sum.

SCSB vs. Basic Exemption: Which is Better?

Most Musgrave employees in HR and Finance have significant years of service. This makes the Standard Capital Superannuation Benefit (SCSB) calculation vital.

  • The Basic Exemption: In 2026, this is €10,160 plus €765 for every year of service.

  • The SCSB Formula: This uses your average pay over the last 36 months, divided by 15, and multiplied by your years of service.

Important Note: If you choose the SCSB, it may “waive” your right to a future tax-free lump sum from your pension. As a regulated firm (C135240), we help you run these numbers to see which option leaves more cash in your pocket today without ruining your retirement.

Preserving Your Benefits in Cork, Dublin, and Belfast

Whether you are based at the Cork headquarters or the regional hubs in Dublin and Belfast, your “Leaving Service Options” letter will arrive shortly after your exit date. You typically have three choices for your pension:

  1. Deferred Status: Leave it in the Musgrave scheme (but you lose control over investment choices).

  2. Personal Retirement Bond (PRB): Transfer it to a bond in your own name. This severs the link with the employer and often allows for earlier access from age 50.

  3. New Employer Transfer: Move the value into your next company’s scheme once you find a new role.

Frequently Asked Questions about the Musgrave Redundancy Package 2026

Who is affected by the Musgrave Redundancy Package 2026? The current restructuring involves approximately 82 roles primarily within the Finance and HR departments. This transition is part of a 7-year strategic partnership with Infosys, affecting staff across Musgrave’s hubs in Cork, Dublin, and Belfast.

How is the tax-free lump sum calculated for the Musgrave package? Your redundancy payment consists of a statutory element (tax-free up to €600 per week of service) and an ex-gratia payment. We help you calculate whether the Standard Capital Superannuation Benefit (SCSB) or the Basic Exemption offers the highest tax-free amount for your specific years of service.

Can I access my Musgrave pension early if I take voluntary redundancy? Yes, in many cases. If you transfer your benefits into a Personal Retirement Bond, you may be able to access your pension from age 50, providing financial flexibility as you transition to a new role or early retirement.