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16-04-2019, 06:59 PM
21

Re: Yeeeesssss

Originally Posted by Rhian ->
Great news Primus!
I'm really pleased for you

I'm going to have a chat with my financial/pensions adviser very soon too

I don't want to be teaching past 55 if I can help it..
Yes rhian, life’s too short to get too old to enjoy things I’m quite surprised by just how big my pensions are...if I draw the whole lot, I will be in the higher tax bracket
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16-04-2019, 07:02 PM
22

Re: Yeeeesssss

Originally Posted by Floydy ->
Primus, this is fantastic news. Well done on getting everything sorted out

For a man such as yourself who has worked his way up and put in hard graft without shuffling paper about on a desk all his life, you have earned your retirement and I wish you a very happy one. make the most of it and find plenty of things to do with your time

I'm some years behind you but after a very long and torturous situation paying off some horrendous debts, my first milestone comes this October when I can dip into my pension at age 55, which I will use to settle a nasty consolidation loan and pay off everything I own too. Also, I'll get a new bathroom done, pay my wife's debts off, get our accounts back into the black and finally be able to get a job again working normal daytime hours.

But enough of me, you enjoy yourself bud. It's a long time coming, but now your retirement is here it's worth the wait
It’s quite surprising how things work out, there’s me thinking my pension is worth jack, when I can take a large lump sum right now, your turn will come mate, hang in there..
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16-04-2019, 08:22 PM
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Re: Yeeeesssss

Originally Posted by Primus1 ->
It’s quite surprising how things work out, there’s me thinking my pension is worth jack, when I can take a large lump sum right now, your turn will come mate, hang in there..
Thanks Primus, I will
I was surprised too how much it's worth, obviously after 25% the tax man grabs some but I'm not bothered because it's worth taking out as much as I need to do up the house and pay everything off rather than scrimp an save later on when I'm no longer working. It's all looking good and I can't wait until October to get this enormous weight off my mind.
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16-04-2019, 10:08 PM
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Re: Yeeeesssss

Originally Posted by Primus1 ->
It’s not really like that realist, I probably have a job for life there, it’s just that I was TUPE,d over from my last company to this company
I too was TUPE'd over when the huge IT dept I worked for was outsourced. We had very good Ts&Cs so TUPE was good.

If I had decided to simply up sticks and quit I would have lost out hugely. Towards the final 3-4 years there I really had had enough of the imbeciles in management who were useless. But I stuck it out because I knew my terms were good. Eventually they wanted to do a huge round of redundancies and so were obliged to first ask for volunteers.

At that point I enquired what it would be worth to me as a pay-off and it was very significant. Let's say between £50,000 and £100,000 was what they had to pay me for voluntary redundancy. All benefits I had earned through long loyal service. If I had simply quit, I would have gotten nothing. So I walked away with a big pay-off and a great pension and never looked back.

So all I am saying is don't throw that kind of money away. Depends how many years you have worked there of course.
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16-04-2019, 10:25 PM
25

Re: Yeeeesssss

Well with continuation of service it will be 30 years, but I doubt they would pay me off, they’re all about profit, but we live in hope as they say, and if it were offered I’d bite their arm off, if I can wait until next year, I’ll get an extra 20k on one of my pensions, I’ll just have to see, I just want out and this is a way,
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16-04-2019, 11:05 PM
26

Re: Yeeeesssss

Originally Posted by Primus1 ->
Well with continuation of service it will be 30 years, but I doubt they would pay me off, they’re all about profit, but we live in hope as they say, and if it were offered I’d bite their arm off, if I can wait until next year, I’ll get an extra 20k on one of my pensions, I’ll just have to see, I just want out and this is a way,
Wow ok, 30 years is around what I had. You'd be mad to give up that kind of pay-off imho. Understand, THEY HAVE to pay you that money IF you are made redundant. It's the law. Even the UK minimum redundancy is worth something but I'm sensing that like me your TUPE's Ts&Cs will involve some "proper" redundancy payments.

This is the UK minimum "Statutory Redundancy Pay"

Employees get:

• 1.5 weeks’ pay for each full year of employment after their 41st birthday
• a week’s pay for each full year of employment after their 22nd birthday
• half a week’s pay for each full year of employment up to their 22nd birthday

Length of service is capped at 20 years and weekly pay is capped at £525. The maximum amount of statutory redundancy pay is £15,750.

https://www.gov.uk/staff-redundant/redundancy-pay


Defo worth investigating what they would have to pay you and defo worth asking if they would like you to go VR route.
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17-04-2019, 03:17 AM
27

Re: Yeeeesssss

Congratulations
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17-04-2019, 07:27 AM
28

Re: Yeeeesssss

Originally Posted by Realist ->
Wow ok, 30 years is around what I had. You'd be mad to give up that kind of pay-off imho. Understand, THEY HAVE to pay you that money IF you are made redundant. It's the law. Even the UK minimum redundancy is worth something but I'm sensing that like me your TUPE's Ts&Cs will involve some "proper" redundancy payments.

This is the UK minimum "Statutory Redundancy Pay"

Employees get:

• 1.5 weeks’ pay for each full year of employment after their 41st birthday
• a week’s pay for each full year of employment after their 22nd birthday
• half a week’s pay for each full year of employment up to their 22nd birthday

Length of service is capped at 20 years and weekly pay is capped at £525. The maximum amount of statutory redundancy pay is £15,750.

https://www.gov.uk/staff-redundant/redundancy-pay


Defo worth investigating what they would have to pay you and defo worth asking if they would like you to go VR route.
Thing is realist, I signed one of their contracts, a few months after they took over, at the time I didn’t think I’d still be with them, nice as it would be to get any sort of payout, there’s no sign of any redundancies on the horizon, I wish there was....
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17-04-2019, 10:12 AM
29

Re: Yeeeesssss

Originally Posted by Primus1 ->
Thing is realist, I signed one of their contracts, a few months after they took over.
What kind of contract? Were'nt you TUPE'd from previous company? You didn't sign away those terms did you?
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17-04-2019, 11:49 AM
30

Re: Yeeeesssss

Originally Posted by Realist ->
What kind of contract? Were'nt you TUPE'd from previous company? You didn't sign away those terms did you?
Not sure , I probably did, would have to check the, contract, although isn’t their something about TUPE being valid even years later, even if you sign a contact that is deemed detrimental?
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