Being Made Redundant.

Fruitbat31

Hi

I have just been told this afternoon that they are combining two jobs and that they will make one person redundant tomorrow. Its between me and a colleague. They are going to score us on performance of job and the lowest leaves tomorrow afternoon.

I have been with the company coming up to 4.5 years. Does anyone know if one can complete a sharesave scheme if you are made redundant?

Any other tips would be greatfully appreciated as I know I will be cut tomorrow.

Fran

There's info on the ACAS Website about redundancy.

Spendless

Fruitbat31 wrote:

I have been with the company coming up to 4.5 years. Does anyone know if one can complete a sharesave scheme if you are made redundant?

When my husband changed jobs last year he was over 4 years into a 5year sharesave scheme and just over a year into a second 5 year sharesave scheme.

We were able to keep paying into both if we wished until the 5 years were up. The 1 year one we came out of and got the cash back. The 4 year one we continued paying into until the time was up.

As hubby was no longer an employee of the company he couldn't exercise the right to buy shares at the end of the time, we had to take the cash.

In our case this didn't matter as the companys shares are currently worth a lot less than the share option price.

However we were still able to receive our cash bonus. We could have also left the money in for a further 2 years (without contributing) to gain another bonus. We chose not to do this.

So for us. Yes we could continue paying into a sharescheme after husband left or we could have took all the cash out at that point. We got the cash plus a cash bonus once ths scheme was up. The only thing we couldn't do was exercise the right to buy the shares at the 'given' price.

You would probably need to check the t+ c of your scheme though.