Help, Where do i go from here?

Huwheels

Hi All,

I'm after a bit of advice, or general direction pointing as I don't want to waste any opportunities over the next 6 months.

I am due to be made redundant at the end of this month, and am currently actively looking for another job.

I have a few questions, and i was wondering if people can help me?

1) I have been offered the opportunity to do some manual labour, but on the basis that i am self employed. I have looked into this a bit, and this work would be for perhaps 1-2 months Max (as i would hope to find something as a permenant PAYE by then). Can i remain registered as SE, even if i find a Full time job somewhere else? Are there any hassles or concerns to avoid? Is it worth it for 1-2 months work?

2) With my redundancy Pay, I am looking to pay off any outstanding debts & Finance (car) but will hopefully be left with a small amount which i wish to invest towards a House etc. I currently have an ISA, but if i have more than the yearly investment limit - where is best to invest the rest?

3) I have a pension with my current company, but i do not wish to trust them to look after it until i reach the claimable age. Can i transfer this money (albeit not very much) to a private pension? if so - any recommendations?

4) I guess i am in the position to switch careers, and have no firm ideas which way i want to go. If you were in my position - what career path would you take?

I appreciate all of that is a lot to take in, i hope i have given as much info as needed. I really am at a cross road in my life, and would appreciate any other experiences in order for me to make the right decisions!

Thanks in advance

McKneff

I can only give an opinion on No 1 and 3
The employer cannot dictate the terms ie self employment. Its theHMRC who decides if the job fits the self employed status criteria so you need to contact them.

Your company cannot do anything with your pension, its not in their hands anymore. But of course you can transfer it. Possibly best to wait till you get a 'proper' job, they may have a pension you can join so you could in effect transfer it into that one.

What are you working at now, what is it you would like to do.
What intersts do you have.

My son is in some sort of ISP registration company, he says Its blumming great getting paid for a hobby and for doing something i enjoy so much. Food for thought. eh.

As for a career change, if you want to do it, do it now while you have the impetus. You might regret not doing so it 10 years time.

stephonice

Huwheels wrote: »

Hi All,

I'm after a bit of advice, or general direction pointing as I don't want to waste any opportunities over the next 6 months.

I am due to be made redundant at the end of this month, and am currently actively looking for another job.

I have a few questions, and i was wondering if people can help me?

1) I have been offered the opportunity to do some manual labour, but on the basis that i am self employed. I have looked into this a bit, and this work would be for perhaps 1-2 months Max (as i would hope to find something as a permenant PAYE by then). Can i remain registered as SE, even if i find a Full time job somewhere else? Are there any hassles or concerns to avoid? Is it worth it for 1-2 months work?

2) With my redundancy Pay, I am looking to pay off any outstanding debts & Finance (car) but will hopefully be left with a small amount which i wish to invest towards a House etc. I currently have an ISA, but if i have more than the yearly investment limit - where is best to invest the rest?

3) I have a pension with my current company, but i do not wish to trust them to look after it until i reach the claimable age. Can i transfer this money (albeit not very much) to a private pension? if so - any recommendations?

4) I guess i am in the position to switch careers, and have no firm ideas which way i want to go. If you were in my position - what career path would you take?

I appreciate all of that is a lot to take in, i hope i have given as much info as needed. I really am at a cross road in my life, and would appreciate any other experiences in order for me to make the right decisions!

Thanks in advance

Hi, you haven't said how old you are. I am 48 and have just been made redundant after 12 years with the same company, with a finishing date in July. As I am expecting a large severance payment, I am in the very fortunate position of being able to think for a bit about my options and I know that not everyone is.

Are you being made redundant as part of a larger redundancy situation ? If, like me, you are (greater than 99 employees) you ought to ask about the Rapid Response funding provided - my understanding from the Job Centre reps that have visited us is that because of this large redundancy, once you sign on for Job Seekers, you have access to this training funding from day one, not after six months which is the normal situation.

Might be worth having a think and then looking at what training you might benefit from. Apparently, you just need to ask them and, as long as they think it is reasonable for what type of job you might want to look for and doesn't last longer than 12 months, you should get it funded. I asked if this continues even if you get a job before the end of the 12 months and I was told it would.

Hope this helps as a possible option.

stephonice

There is a link to a page that explains more about Rapid Response but as I am new user I cannot post links.

Just Google rapid response and it will take you to a government document that gives details.