As things stand, higher rate tax relief on pension contributions will be unavailable to people with earnings over £180,000. The relief will be tapered away for people with earnings between £150,000 and £180,000. This means that you would be paying 40% and 50% income tax on the redundancy lump sum (the amount over the tax-free payment of £30,000, and assuming you have employed earnings for that tax year) but limited to 20% income tax relief on the pension contributions.

With these large sums of money at stake, and the complexity of the pension tax relief rules and transitional anti-avoidance measures in place, you should seek professional independent financial advice to maximise any planning opportunities.