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Retirement

Planning your retirement? Join our Retirement forum for advice and help from other Mumsnetters.

Original poster

Take the voluntary redundancy?

103 replies

Middlechild3 · 12/02/2025 06:06

Hello, I've been 39 years at the same employer doing a variety of niche roles. Age 59, 60 in August at which point I can take my pension. Chance to volunteer for redundancy,generous package of 21 months pay plus potential for extra 3 months in lieu of notice. Sounds good but I'm single, have no family, close or extended whatsoever, very few close friends post COVID, so no emotional safety net. The one consistency ever in my life has been this employer and various colleagues and acquaintance s. I had only just started thinking of a retirement plan as in an age to stop, didn't intend to work until 67 but around 63 or 64. I'm not mentally ready to not work. I've had some great roles at my employers but the now the work is dull but pay, terms, conditions much better than I would get elsewhere. There is a risk of Compulsory Redundancy on a lesser package if not enough volunteers for Voluntary Redundancy. Please give objective views. I've run scenarios past a financial advisor and I'll be ok money wise but flip flopping on what to do. Part of me is terrified at the thought of leaving and having nothing, no job, no family, no partner, no kids grandchildren and days and days of nothingness to bursts of feeling energized at the thought of change. I do sometimes think I've got stuck in life, so a shake up and big change may help get me unstuck in other areas of life too. I'm not where I want to be personal life wise. Sorry it's so long, so much going round in my head and deadline dates looming. For my circumstances it would be so much more than just leaving a job.... But maybe it's time. Any thoughts much appreciated

OP posts:
ShouldIRetrain · 18/02/2025 18:11

Glad you are happy with your choice. I was in a similar position last year after working at the same place for 35 years. I was asked to stay but I knew immediately that I wanted to go. It was the best decision I have ever made!

BellaPommefritio · 18/02/2025 18:12

You could make a 'timetable' with all your swims, sport meetups and park runs and see what time it leaves you with- you might see that you can pop for a coffee or a drink after some of these things which fills a bit more time and also helps you form friendships. Keep up with work friends via Whatsapp, and see if anyone wants to form loose cinema/coffee plans. You'll find you stay in touch with the ones you were closer to, it doesn't matter if some friendships drift x

MissHollysDolly · 18/02/2025 18:14

Don't count on the CR package being less than the VR. If you're made redundant, get a lawyer and they'll get you up to the VR or more. As for whether to retire now or not... only you can answer that

BellaPommefritio · 18/02/2025 18:15

Ps I can relate to the workplace being a replacement family due to childhood issues, and being there most of your life, but redundancy can be a change for the better :)

Redcrayons · 18/02/2025 18:16

How exciting for you.

friendlycat · 18/02/2025 18:19

Well done.
In time this really could be the making of a whole new life for you.
You obviously already have interests and activities that you enjoy and will now be able to expand on these and form some new friendships.

Sometimes just being brave and asking whether somebody fancies a coffee after a class/activity can lead to a new found friend.

I have a new friend that I cherish locally that I met from this very forum MN !
She responded privately to a message that I had put about my local town. We met for a coffee and hit it off and we now meet regularly for lunch. It's great.

Beaverbridge · 18/02/2025 18:30

You, ve done the right thing, good luck. Lots of exciting times ahead. My friends husband was in the same position and swithered about it. Place shut down 6 months later with a rubbish redundancy package.

Londongent · 18/02/2025 21:48

Glad to see that you are embracing this and seeing it for the opportunity that it is. All the best, with a positive attitude this can turn out very well for you

Unexpecteddrivinginstructor · 19/02/2025 03:36

They are probably partly superficial friends at the moment because you have had to dash off to work and don't (understandably) have the time to invest in the friendship. I imagine once you have the time if others also have the time you will be able to invest in friendships more.

NattyTurtle59 · 19/02/2025 05:51

I took voluntary redundancy at 59, although it wasn't as generous as yours OP. Financially it really wasn't a sensible move, but I have not one regret. I did a bit of temp work, then part time, then retired a year early. I have no partner, no kids, and as yet haven't started doing any volunteering - but I love my life and the days fly by. My advice would be go for it, but only you can know how you will actually feel.

NattyTurtle59 · 19/02/2025 05:53

Sorry, should have read the whole thread! I see you are taking the VR, well done, I'm sure you will find life just gets better.

Zanzara · 19/02/2025 06:16

Your latest update sounds very positive OP! I wish you great joy in this next stage of your life. I'm in my early 60s, and early retirement is fabulous, not least because suddenly everyone has a lot more time to have fun. Go for it! 😊

JustWalkingTheDogs · 19/02/2025 07:02

If you're worried about purpose or the fact that your job makes you 'you' maybe do some volunteering or even. Part time job.

My friend took vr at the same age and had also worked for the same company since she was 16, she went contracting afterwards for a year or so as her skills in the industry were sought after.

Channellingsophistication · 21/02/2025 07:49

I took voluntary redundancy a couple of years ago at a company where I had worked for 32 years. Working there defined me a bit particularly during the time where my marriage broke up and I was suddenly single. It was the one thing that was the same in my life when everything else had changed, so it wasn’t just a job, it was more than that, a support, a community, a purpose. So I can understand your hesitation giving it up.

However, I’m really glad I took the redundancy, I got a pretty good package and a job straight away. My current job pays about the same and is a much easier less stressful job!

I think you should go for it!

DeepFatFried · 21/02/2025 08:56

I can understand the emotional aspects of ending a job like this.

My job had been my ‘life’s work’, a large part of my identity and my social life. It ended messily and a couple of years earlier than I planned due to COVID.

It did take me time to see myself as ‘retired’.

However. If you put this off what are you doing?just putting it off? Too spend another few years (to no major financial advantage) with the threat of redundancy hanging over you and watching your beloved organisation change and dwindle?

Do you do anything currently to build a life outside work?

I would go while you still have youthful energy to get going on the next stage of your life.

Especially if you can take advantage of the coming summer!

Start some outside activities now, think about part time work, maybe book a group or study holiday of some kind that chimes with your interests - a different way of being part of a family like a business or the army, as you say.

It is hard to begin with. I found it hard. 3 years on, I don’t, not at all!

madamweb · 21/02/2025 08:57

Middlechild3 · 12/02/2025 06:06

Hello, I've been 39 years at the same employer doing a variety of niche roles. Age 59, 60 in August at which point I can take my pension. Chance to volunteer for redundancy,generous package of 21 months pay plus potential for extra 3 months in lieu of notice. Sounds good but I'm single, have no family, close or extended whatsoever, very few close friends post COVID, so no emotional safety net. The one consistency ever in my life has been this employer and various colleagues and acquaintance s. I had only just started thinking of a retirement plan as in an age to stop, didn't intend to work until 67 but around 63 or 64. I'm not mentally ready to not work. I've had some great roles at my employers but the now the work is dull but pay, terms, conditions much better than I would get elsewhere. There is a risk of Compulsory Redundancy on a lesser package if not enough volunteers for Voluntary Redundancy. Please give objective views. I've run scenarios past a financial advisor and I'll be ok money wise but flip flopping on what to do. Part of me is terrified at the thought of leaving and having nothing, no job, no family, no partner, no kids grandchildren and days and days of nothingness to bursts of feeling energized at the thought of change. I do sometimes think I've got stuck in life, so a shake up and big change may help get me unstuck in other areas of life too. I'm not where I want to be personal life wise. Sorry it's so long, so much going round in my head and deadline dates looming. For my circumstances it would be so much more than just leaving a job.... But maybe it's time. Any thoughts much appreciated

Could you start some volunteering? I have built up a lovely community (not overnight, but over time) through volunteering. I feel much more rooted in my village now

Turmerictolly · 21/02/2025 09:08

You probably have this sorted but just ensure you have no penalties re; your pension if you're going before you are actually 60 years of age. I'm assuming they will pay you your full pension as it would have been had you retired at 67?

Original poster
Middlechild3 · 21/02/2025 10:10

Turmerictolly · 21/02/2025 09:08

You probably have this sorted but just ensure you have no penalties re; your pension if you're going before you are actually 60 years of age. I'm assuming they will pay you your full pension as it would have been had you retired at 67?

No. I have 2 pensions with my employer, one I can take from 60 in August (defined benefit). The other at 67. The 2nd is the 'active' one. (Both gvt pensions). No more contributions will be paid in once I have left my employer. I am catching up with a financial advisor again to work out how to minimise tax and maybe put some of the lump sum into pension, overhaul finances.

OP posts:
Turmerictolly · 21/02/2025 12:33

The reason I said that, was that there was a post on the pensions forum of MSE about a person who was taking early retirement at something like 59 yrs and 9 months the old. I didn't understand it all but the experts on there were saying, wait until your actual 60th birthday as otherwise the actuarial reduction applies to whole/part of the pension? As I say, I didn't understand it all as it was complex but I think it's worth checking out whether there might be issues going at 59 as opposed to 60.

crazycrofter · 21/02/2025 12:43

I think in your situation, you have to do this - you know you won't have this organisation forever, so at some point you'll need to build yourself a support network to last into old age. Far better to do it now, while you're still young enough to try different things.

Original poster
Middlechild3 · 21/02/2025 16:29

Turmerictolly · 21/02/2025 12:33

The reason I said that, was that there was a post on the pensions forum of MSE about a person who was taking early retirement at something like 59 yrs and 9 months the old. I didn't understand it all but the experts on there were saying, wait until your actual 60th birthday as otherwise the actuarial reduction applies to whole/part of the pension? As I say, I didn't understand it all as it was complex but I think it's worth checking out whether there might be issues going at 59 as opposed to 60.

I'm not claiming my pension early, but at 60. I think I know what you might be talking about as in my last day of employment is likely to be sometimes in March. With up to 3 months PILON I would need to check this included pension contributions which, if so would only leave 2 to 3 months short of 60. I won't be able to stay in employment until then. Financial advisor will work through all this.

OP posts:
viques · 21/02/2025 16:38

Take the money.

You probably have many transferable skills that you can either monetise with part time work, or offer to charities etc as a volunteer.

Then look around your local area, are there places where you can follow a hobby or interest, is there a U3A in the area, a Womens Institute,a quiz group, knitting or crafting circle, a walking or running group, is there a local NT who need volunteer gardeners, a cinema group, an animal sanctuary that needs dog walkers?

Most of the people I know who are retired have to be booked weeks in advance because they are so busy with activities and social lives! You will find your tribe.

caringcarer · 21/02/2025 17:43

I think if work is your everything with no family or friends you need to start hobbies now. There are often walking groups that meet once or twice a week go for a 5 mile walk and end up having a pub meal or even just a coffee afterwards. You'd meet a few people who also have time on their hands. Could you take up a new hobby like photography? College perspectives are coming out now for September. I'd suggest you get one and look through the part time and leisure courses. There will be something you would enjoy. I did an interior decorating course a few years ago it was 3 hours twice a week. My friend did a furniture restoration course which was one evening a week. I retired early at 57 and my DH and my friends were all still at work. I found things to do. I started looking after my garden better, planting flowers and fruit bushes. I cook more meals from scratch which my family enjoys. I go for a walk around a lake near to me on my own sometimes with my dog and take a hot chocolate with me and sit on a bench on the way around just watching the ducks and geese. I read more, don't get up so early in the mornings, no more 6am for me. I did many little jobs around the house I had been putting off. I watch some Netflix. I joined a gym with a spa attached and did do a few aquarobics classes but more often I just went for a little swim and relax in steam room, jacuzzi and sauna. I met others who enjoy the same and we'd have a coffee afterwards or sometimes lunch there. I get my hair done sometimes. DH has retired in September and now we can go on holidays outside of school holidays. I was a teacher for 20 years so this is still a novelty for me. Financially you'd do well to take the package but if you don't feel ready to retire you don't have to volunteer. You are not being forced out. You should consider starting hobbies now though as you will retire at some point and it will feel more comfortable if you have hobbies and make a few friends. As others have suggested there is always volunteering. My local library has been looking for a volunteer for about 2 years. Finally my cats and my husbands dog are wonderful company. Cats Protection League has some voluntary openings now. If you're good at managing things they have management and admin opportunities as well as fostering cats while their owners are in hospital, or in a woman's refuge.

caringcarer · 21/02/2025 17:57

Just seen your update OP. Have a long and joyful retirement. 💐

bumblebee1000 · 21/02/2025 18:13

Take the enhanced payout, I was offered quite a good deal as my dept was closing down, teaching, ...some colleagues declined the offer and thought it would increase as college did have a habit of doing this but they didnt and colleagues only got the min amount so are still a bit bitter about it all !