VR notice and how do I stand

Rack_Failure

Hi
Where I work there is a lot of people being made redundant but the department I'm in is not affected. The business has opened up VR to mitigate number of compulsary redundancies. I applied some time ago for VR (suits me) and have been told I have a job match but will need to wait until my replacement can be released. This seems to be dragging on. My questions are:
At what stage will I know I'm being given redundancy notice? is it 90 days?
If I'm put on redundancy notice is it binding or can either party draw out?
At what stage does it become binding? This to allow me to plan for the future, apply for other jobs.
Is there any legislation regarding VR or does the VR applicant just have to hope that all works out for him?

I ask this as it suits me well to get VR as the package and pension on offer is to good to turn down.

Thanks in advance.

getmore4less

VR you mutualy agree the terms,

If you want it irevocable/binding make sure that term is in the agreement.

What terms have you agreed so far?

Start negotiating other terms while waiting.