The Old redundancy chat this morning

Sounds like a great position to be in. I was made redundant in 2008, and after a bit of gardening leave, was invited back as a contractor. Made more money than before and it went straight into the pension fund!
 
Kowalski said:
Nice one 1finny.

I would get the company to show you how the redundancy payment has been calculated, just to make sure you are comfortable with it. I used to have to calculate them in a previous role.
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10 % percent for every additional month. I had a simlar situation years ago where the company were desperate to keep someone on through administration . i managed to get my redundacy packaged doubled from 4 years to 8 years for doing 6 months additional
 
65 is a good retirement age - usually people want to do something different with their lives.

Your State Pension is 66 and you probably have some occupational/private ones that you can take when you retire so I would be surprised if your retirement income is a lot lower. No NIC to pay when you stop working, no travelling to work costs.
 
As a Contractor had that chat dozens of times. Nowt special to me tbh but when people have been somewhere very long term I can see how it must be daunting.
Hope it goes well for you.
 
Good if you can get a good package to retire with but why are they making you redundant instead of letting you reach retirement age naturally? They could have you train up your replacement along side…&
 
xxlshirts_fit_all said:
Good if you can get a good package to retire with but why are they making you redundant instead of letting you reach retirement age naturally? They could have you train up your replacement along side…&
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There is no such thing as ‘retirement age’ anymore. You can work until you want to stop - as long as you are capable and do a good job.

In this case she clearly wants someone younger because she knows she can’t count on me sticking around for the next 3 years or so.

I get it
 
I'm coming up on 65 and I dream of having that chat!

I've decided I'm retiring before next summer (my state pension won't kick in for about six months at that point) but the piece of advice I've been given off a few who have already passed this way is twofold. 1 - Don't worry about it, retirement is great and 2 - if you can retire in the summer.

You really can't lose in the scenario you describe.
 
Good luck mate sounds like an awesome position to be in! She obviously thinks you are great to ask you to do the upper role for six months and no doubt there is a much wider picture going on. If you negotiate a good final deal then you could open the door to helping out on a consultancy basis later, if you still wanted to, lots of people do that.
 
Redwurzel said:
65 is a good retirement age - usually people want to do something different with their lives.

Your State Pension is 66 and you probably have some occupational/private ones that you can take when you retire so I would be surprised if your retirement income is a lot lower. No NIC to pay when you stop working, no travelling to work costs.
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Have a few beers and a meal in the afternoon midweek with fans like me, and talk Boro, under Roseberry Topping or overlooking Huntcliff and put the World to rights.
 
Obviously only you know your personal circumstances, but as someone who reti early at the start of the pandemic I can only highly recommend it. And as people said to me for years beforehand, you don’t actually need as much money as you think. Good luck.
 
Ingleby_Flash said:
Obviously only you know your personal circumstances, but as someone who reti early at the start of the pandemic I can only highly recommend it. And as people said to me for years beforehand, you don’t actually need as much money as you think. Good luck.
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I'm getting out at the end of my current contract in March 2024 so I hope that rings true!
 
Muttley said:
I'm coming up on 65 and I dream of having that chat!

I've decided I'm retiring before next summer (my state pension won't kick in for about six months at that point) but the piece of advice I've been given off a few who have already passed this way is twofold. 1 - Don't worry about it, retirement is great and 2 - if you can retire in the summer.

You really can't lose in the scenario you describe.
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I took early retirement two years back at 60 and I have never looked back. I was invited to go and speak with a School regarding working in a similar role and I turned it down. I have my woodwork and woodturning hobbies to keep me busy and I have also completed a lot of work at my son's house for him.

Although I went to work during the pandemic I struggled when we returned full time and just thought enough was enough. I wasn't happy with the new academy, my role had changed from keeping students in school to trying to get them out. We all had to take pay cuts and I wasn't prepared to do that and also have the stress levels from the role.

I feel much better in myself now the stress has been lifted.
 
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zzzzz said:
As a Contractor had that chat dozens of times. Nowt special to me tbh but when people have been somewhere very long term I can see how it must be daunting.
Hope it goes well for you.
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When I first got paid off from Smith's Dock I worked for a company in Selby Power Station called Thompson's on a shutdown. Towards the end of the contract, anyone being paid off got a letter stapled to their clocking card. It was like getting the black spot from Blind Pew. 🤣 🤣 🤣
 
1finny said:
New CEO joined 4 months ago and there was always going to be change.
I kind of figured I’d be in the firing line (65 next year) and thought she’d get to September before making the call.
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We got a new CEO 18 months ago, all the auld buggers shelved their retirement talk & waited for a restructuring that could see them leave with a nice payoff. No sign yet, so they are starting to head off of their own volition grumbling about the unfairness of it.
 
newusername said:
We got a new CEO 18 months ago, all the auld buggers shelved their retirement talk & waited for a restructuring that could see them leave with a nice payoff. No sign yet, so they are starting to head off of their own volition grumbling about the unfairness of it.
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Got my 2nd meeting in the morning
 
I stopped work at 55, my business went bust during the pandemic and had to support myself by drawing part of my pension. Now at 57, I can calculate that I only have 15 years of pension remaining.
Is it better to find a job and work for another 10 years, then retire and live an old age looking forward to the ill health. Or live my currently life of debauchery, I am young enough to enjoy my current life and dont worry about what to do when old age catches up with me.
Live for now and not for tomorrow.
 
Norman_Conquest said:
I took early retirement two years back at 60 and I have never looked back. I was invited to go and speak with a School regarding working in a similar role and I turned it down. I have my woodwork and woodturning hobbies to keep me busy and I have also completed a lot of work at my son's house for him.

Although I went to work during the pandemic I struggled when we returned full time and just thought enough was enough. I wasn't happy with the new academy, my role had changed from keeping students in school to trying to get them out. We all had to take pay cuts and I wasn't prepared to do that and also have the stress levels from the role.

I feel much better in myself now the stress has been lifted.
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If I make it to 60 (nothing is a given even though I'm 39) I'm going to do exactly this. Life is too short.

Get rid of the stress, enjoy my hobbies and perhaps do some part time work if needed.
 
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