Read our cookies policy.
Anonymous101 wrote: »
Companies are not in the business of paying people that don't want to be there. Especially when they're actively trying to cut costs. Its mutually beneficial you don't work the full 12 months and given that you're retiring I'd think it extremely likely that you can come to some sort of an agreement.
uk03878 wrote: »
The one years notice in the financial services industry has been used before and confirmed by arbitration
However, the contract has to be fair - they have to give you 12 months notice for them to fire you as well. It can't be loaded one way or the other.
If you are on 12 months notice and they are allowed 1 months notice - then that is unfair and probably unenforceable
MK62 wrote: »
Depends how the "package" is structured......if it's purely "salary", then they are probably already in breach of contract, but if it's made up from base salary and a plethora of variable bonuses/commissions etc, then they may well have some wiggle room.
SB1961 wrote: »
Very many thanks for the various replies.
Commenting on some of the points mentioned:
- Unfortunately redundancy is not an option for a number of reasons
- If I resign I have 12 months notice and working this long a notice period I would not look forward to
- I am unable to work elsewhere in the same type of job as I have a two year non compete contract
- What would I do in retirement; DIY, gardening, tidying up my Man Cave, walking the dog, cycling, loose weight and get fit, probably some more charity work which I have done for 25 years, more motoring trips which I enjoy, travelling and possibly in a year or so look for a part time job just to ensure I keep myself occupied but not in the finance sector !
Since my post I have asked my new employer if I can reduce my working week from 5 to 4 days. I am waiting a response, however I am thinking that even if they say yes, that trying to do 5 days work in 4 days, which is probably what will happen, will be more stressful and won't have the desired plan of being less days work = less stressful !
It does seem to stack up financially and seems viable and certainly sensible from a health perspective to consider early retirement but not an easy decision.
Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support