| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? 09:34 - Sep 27 with 3420 views | unbelievablue |
After tax, that is.
I'd do £50k, maybe £40k. Market is pretty buoyant for my sort of work, I've been here 2.5 years so a decent stint. I could take a few months off and focus on other stuff (trying and failing to write a book), maybe travel a bit, etc. and then go hell for leather for new work in the new year. |  |
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| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? on 11:53 - Sep 27 with 450 views | ElephantintheRoom |
| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? on 10:57 - Sep 27 by EJP |
Do you have a staff handbook as there should be information in there about it? The company I work for gives a lump sum on retirement (and they cover the tax too). |
Your first action ought to be to check what pension pots you have - and what the transfer values are. Add that all together - and see what your ‘pot’ is.
Then do a bit of fantasy stock investing by researching blue chip shares and what dividend they pay. Almost certainly every one of them will pay more than anything you’d be quoted by a pension company via an annuity.
IF that gives you a viable amount of money, open a self investing pension plan and transfer all your pensions into that. Then buy some blue chip shares and ignore the share price. When you turn up your ties your nearest and dearest will inherit your untouched pension pot - whilst if you were in a pension annuity the pension company would keep most of it
Simplistic - but that’s the gist of it. Ignore ‘independent’ financial advisers when they tell you not to - and take out the max tax-free cash and invest in shares via an ISA (or a ‘classic’ car which you can sell tax free |  |
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| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? on 12:20 - Sep 27 with 387 views | JimmyJazz |
| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? on 11:22 - Sep 27 by bluelagos |
Your first 30k (from memory) is tax free btw
You only get one go at life and no one ever lays on their death bed wishing they'd spent more time at work.
If you can get a payoff and are confident you can get employed easily enough, what's stopping you? I took an extended break after negotiating an exit from one employer, best 6 months ever. Money in your pocket, new job lined up and not a care in the world job wise
Whole world to see/experience and you see a fuk sight more in 6 months than in 2 weeks. |
Yes 30k, I was made redundant 8 years ago now - been in work since after a 4 month period. Was offered an option of the legal minimum which came to about 16k or the redundancy package which was just under 30k so that it was all tax free. Had to agree to the 29k package within a couple of weeks or it was off the table, the package gave a number terms and conditions, don't criticise the employer, don't say you've been made redundant etc. The 'don't say what's happened' clause is a bit difficult when you go to a new job interview, are you supposed to lie about why you left?
It's Hobson's choice really |  |
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| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? on 12:20 - Sep 27 with 386 views | SmithersJones |
| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? on 10:30 - Sep 27 by JimmyJazz |
Does anyone have any advice on how to retire? I could ask our HR dept but that doesn't sound like a good idea. I assume it's different to just resigning. If you advise you are to retire is there generally a retirement payment made, or am I being unrealistic? Do people literally just have to wait/hope to be offered early retirement? |
It depends totally on the type of pension you have but if, like most people, yours is a defined contribution scheme then as far as your employer is concerned retirement is no different to resigning. Basically you’re leaving their employment and what you do afterwards is no concern of theirs. So what you need to do is check with your pension provider(s) what you need to do. Of course that’s a lot less loaded than a conversation with your HR department. | | | |
| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? on 12:24 - Sep 27 with 371 views | heavyweight |
| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? on 11:41 - Sep 27 by soupytwist |
People who've been made redundant often tell the story about how they turned it into something advantageous. My experience is a bit different.
I got what roughly equated to 9 months salary after tax when made redundant after 16 years at the same company in 2018. Not bad.
I spent about four months looking for another job, becoming increasingly concerned about my employability while my family and I carefully lived off the payoff and my wife's salary (more than mine thankfully). I took a part-time role which increased to full time after a few months.
Come the pandemic I was about to switch jobs but that didn't happen when companies were busy furloughing their existing staff. I left where I was anyway as it made sense to be not working given my wife's job at the time and we thought we could make it work.
I returned to employment in 2021 and have been earning about three-quarters of my 2018 salary ever since.
I've probably done the whole career thing wrong, but it wasn't all "walked out of one job with a bundle of cash in my pocket (although I did have that) and into a much better paid job a week later". |
It can work both ways - have been through it twice.
2008 ,. in my mid 40's - got about 9 months payoff, found a roughly equivalent job after 6 months or so, so a net gain although as I needed income at the time the last few months of not working were increasingly worrying as I searched for work.
2020 , in my late 50's, got the statutory minimum ( 1.5 weeks for each of my 8 years employment - b@stards!) - went through the process of going to industrial tribunal as the redundancy was a bit dodgy and the company caved about a week before it was due to go to court - albeit about a year later. Managed to get an extra £15k
Finding equivalent work (Business Analyst, vaguely IT related) is very much harder at this age - but I got a well paid contract for a year.
All set to retire until Truss managed to more than double my mortgage payments forcing me back to work again. Now in a job where my salary is the same as I earned in 2001.
On Monday my mortgage will be paid off so now I'm looking to retire for a 2nd time. My understanding notice periods are not enforceable when you retire - tell them one day and you can be gone the next. [Post edited 27 Sep 2024 12:30]
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| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? on 12:27 - Sep 27 with 351 views | unbelievablue |
| Similar note to Clive's thread: what £ would you take tomorrow in redundancy? on 12:24 - Sep 27 by heavyweight |
It can work both ways - have been through it twice.
2008 ,. in my mid 40's - got about 9 months payoff, found a roughly equivalent job after 6 months or so, so a net gain although as I needed income at the time the last few months of not working were increasingly worrying as I searched for work.
2020 , in my late 50's, got the statutory minimum ( 1.5 weeks for each of my 8 years employment - b@stards!) - went through the process of going to industrial tribunal as the redundancy was a bit dodgy and the company caved about a week before it was due to go to court - albeit about a year later. Managed to get an extra £15k
Finding equivalent work (Business Analyst, vaguely IT related) is very much harder at this age - but I got a well paid contract for a year.
All set to retire until Truss managed to more than double my mortgage payments forcing me back to work again. Now in a job where my salary is the same as I earned in 2001.
On Monday my mortgage will be paid off so now I'm looking to retire for a 2nd time. My understanding notice periods are not enforceable when you retire - tell them one day and you can be gone the next. [Post edited 27 Sep 2024 12:30]
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I'm a BA (albeit less IT now). Are you currently contracting? Feel free to DM. | |
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