Voluntary redundancy

[Worsethingshappenatsea]

Hi have worked for High Street bank in branches customer facing for nearly 30 years and due to restructuring have been offered chance to apply for VR.

Package is 2years full pay first £30k is tax free total payout would be around £65k.

I am nearly 50 married mortgage free and no debts with adult DC husband already took VR and early retirement with good pension.

Am very tempted to apply as feel like the days of bank branches are definitely numbered as closing branches at fast rate no compulsory redundancies at this stage but we are being pushed towards telephony roles working shift patterns between 8am-8pm including weekends .
I guess I'm scared of putting myself out there as worried Job opportunities limited for my age group and would need to find another job Would ideally like to work civil service, police admin local council admin role hybrid working.

Also have good package currently with final salary pension , Bupa , death in service and 6 months full sick pay then 6 months half pay.

Feel like need to be brave and just go for it so looking to hear any success stories or helpful advice !

Thanks

Do it ! That's a decent payout and you can apply for another part time job

I would not hesitate, I'd snatch their hand off.

Doesn’t hurt to apply , but I would take into account they may not actually take you up on it , which can be a bit unsettling when you get into the mindset of thinking you will be leaving . In my experience they are going to prefer to get rid of under performers and staff with lower VR packages first .

I would take it and also consider NHS and other public sector roles.

Go for it. No one is going to come along and hand you that much cash ever again.

I was late 40s and had been off the work market for nearly 10 years when I got my current job - first job I applied for. I'm not sure why you think that at your age, with your work history, it'll be hard for you to get another job?!

I’d bite their hand off for it.

Guessing it’s only 12 months before you can return so you can always take a contact centre job next year if nothing else comes up.

I guess I'm scared of putting myself out there as worried Job opportunities limited for my age group and would need to find another job

I’m 52 and have had no problem finding a new job, why do you think job opportunities would be limited?

Completely different industry but my husband took redundancy two years ago and it was the best thing he did. We paid off the mortgage and he had several months at home before finding another job which actually paid more than the previous one so it was win win

2 years pay?! What are you waiting for?

You may be in with a good chance as you still have 17 years until your state pension so they could probably make good savings with getting rid of your role. Remember you will lose private health care and go down to one month full sick pay and one month half pay on first joining the Civil Service ( it builds up gradually to five months full and five months half pay). Have you looked at salaries for your type of role? Also, many government departments are running exit schemes or reducing their headcount too.

Thanks everyone advice looks pretty unanimous and after a particularly crap day today dealing with abusive customers I should trust my gut and go for it !!
I think I've just been there so long have become institutionalised by the bank and it's hard to believe there's other options out there but previous colleagues who have taken VR in the past have never looked back.
Will update once I have my outcome 😊

I'd say take it whatever.

As an addition, can I ask how far off 50 you are and also recommend you check your pension rules.

Some older defined benefit schemes let you take your pension if you're made redundant (even voluntary) over 50. Wouldn't be worth it if you're on a defined contribution scheme as would lower the monthly payout.

You should also ask if you can put a tax free lump sum into your pension, colleagues taking VR often do this as a further way of reducing tax.

Wow, I would be out the door in a flash. I took voluntary redundancy at 59 and I only got six months salary, and was renting. Best thing I ever did.

I am late 40s and job hunting at the moment - highly qualified and a long work history - but finding it much harder than I did last time. I think it is because remote working has significantly opened up the pool of people who might be able to do any given job. For example, a lot of jobs in my sector are in London but now someone in Bournemouth or Birmingham might well put in an application because they only need to be in the office twice a week.

Have a good look around now at other jobs to see what’s available before taking the VR, would be my advice.

Back to update - I got it 🥳 will be leaving 1st August
More good news too I've got an interview for a Police staff job I liked the look of an applied for.
Hoping I get it but if not it's a confidence boost getting to interview stage and will be practice for future interviews.

Good for you. I took VR after 32 years at my company (big corporate) at 53 and got a new job straightaway. That was 2 years ago and no regrets at all.

I’m really pleased for you. Good luck with the interview.

Thanks that's good to hear ! No one ever regrets leaving our place they all pop in to visit looking 10 years younger and relaxed 🤣

Thanks

I think it's rare that anyone ever regrets redundancy full stop. Well done. I'm actually finding this thread quite hard going to read as it's making me envious 😂

Back to update I got the job 😊 so I leave the bank on 1st August and start new job on 5th August.
Thanks for all the encouragement on here gave me the push I need feel like it's meant to be