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| awemawson:
John, I'm sorry to hear of you redundancy, but take it as an opportunity and grasp it with both hands. I was made redundant aged 50, but it was I openly admit by my own maneuverings :thumbup: I'd worked for Ferranti for many years, and when they went bust my bit of the firm was bought by a third party maintainer. They were sharp young bright things and I was sure the older more expensive staff would be in their sights before long - I reckoned that I needed a lifeboat before that happened. I bought three Launderettes as they could run on their own without my presence. First years takings went into re-equipping. Second third and fourth years I spent buying four 'buy to let flats'. And darn me they still hadn't given me the chop. Then I spotted my opportunity. They decided that the engineers would 'work from home' and although I was then in sales support my office was still with the engineers as I had previously been their manager. Would I please arrange to sell the lease of the office as I'd arranged its purchase for Ferranti many years ago. I got the sale up to the point where they couldn't withdraw, then innocently asked where they wanted me to work. I told them I wasn't prepared to work from home and that I think they'll find 'cessation of work at a particular location' is the legal definition of redundancy ! Ah but we have this project we want you to do, you're not redundant said they! So why did you close my office says I! To cut a long story short I agreed to work for them as a consultant as and when I wanted so long as they met their obligations under my Ferranti contract, which had enhanced redundancy terms :ddb: Never looked back since - that was 15 years ago and I've never been so busy, but doing what I want, not jumping over other peoples hurdles :lol: |
| Jo:
--- Quote from: DavidA on June 24, 2014, 04:01:42 AM ---P.S. Do any of you run a spreadsheet to plan your financial position. In real time and into the future ? I find it very usefull. --- End quote --- :thumbup: I have such a spreadsheet up and it used to track how many years living my redundancy would pay for before the pension kicks in, my reduced pension entitlement from the age of 50, year on year if I continue working and also projects my spare income after expenditure and inflation for the rest of my life. It shows me that next time there are any redundancy opportunities I can afford to say yes, YES, YES :ddb: All I am now working for is quality of life in retirement :beer: Jo |
| awemawson:
Well while employed I had a spread sheet plotting and predicted what my 'pot' would be for my money purchase pension when I retired. It showed a very comfortable situation. (Our 'final salary' scheme had been cancelled).Then the government started aggressively taxing pension funds, and the very week they passed the legislation they increased MPs pensions by 25% - after that the 'pot' was nothing like what it would have been, and I am relying on my property investments now. My occupational pension after a full working life of significant contributions is less than £300 per month, though admittedly I drew down the absolute maximum when I bought this place to ensure that my various mortgages were all paid off. |
| Pete W.:
Hi there, John, I'm sorry to hear your news. I was made redundant at the age of 57 (I suspect it was partly because I'd been a bit too outspokenly critical of some of the top people's pet projects!). I survived, but I found looking for new employment very disheartening. It didn't help that the staff in the local Job Centre were mostly in their early twenties and gave the impression they'd never had a 'proper job'! I opted to start drawing my company pension when I was made redundant so I never received any unemployment benefit - the only benefit I got was twelve months exemption from National Insurance. Eventually, after a few odd-jobs for a couple of years, my old firm found they were short of staff and invited me back as a 'temporary systems engineer' on a contract with 1 week's notice on either side. They paid me what I'd been on when I left, plus cost-of-living rises, which I thought was quite fair. Not everyone has that sort of lucky break! I worked in that role for almost a year but I'd moved house in the meantime so eventually I resigned. It is a big change and re-adjustment, especially if it is unexpected, and it's important that you keep up your morale. I suggest that you have a project in the workshop that you can turn to and succeed at when you encounter the inevitable dark moments. In my case, it wasn't in the workshop - I started a succession of Open University courses and became B.Sc (Hons) at the age of 67. |
| gerritv:
One thing for the UK members to keep in mind when you start taking your pension. It is indexed/not indexed depending on where you retire. If in the UK , EU and most of the world your pension is indexed. If however you decide to move to one of the ex-colonies, your pension is frozen as of the day you arrive (if already taking the pension). This bit of discrimination is being foisted on WW II veterans in several ex-colonies. My wife is facing that situation in a few years. Gerrit |
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