Bold leap into retirement

katejo

https://forums.moneysavingexpert.com/discussion/comment/81882867#Comment_81882867

I am at a university and past staff giving notice have all worked to the end of the notice period.

NormalNorman

https://forums.moneysavingexpert.com/discussion/comment/81883025#Comment_81883025

Yeah, when I worked in public sector organisations pestered to the bitter end seemed to be the way.

Cobbler_tone

https://forums.moneysavingexpert.com/discussion/comment/81883025#Comment_81883025

In my business it would depends why you were leaving. If you were leaving for a competitor you'd get gardening leave. If you are retiring you get a day a week off to prepare. If it's just another job you'll just work it. A bit like most businesses I'd imagine.

german_keeper

I've always wondered about the legal position with giving notice, specifically when the individual isn't looking to work again and isn't bothered about a reference for a new job. Even when the notice period is contractual what can the employer do if someone just walks out at the end of the day and doesn't go back. Maybe even doesn't say anything on the way out about not coming back.

Presumably by law the employer has to pay the employee for the work done, or does the non fulfillment of the contract give the employer rights to withhold wages?

diveunderthebonnet

https://forums.moneysavingexpert.com/discussion/comment/81883591#Comment_81883591

Most people in that situation would just tell their employers that they were unwell and get their wages till either a sick note was required or they give their notice.I do not think in law you can withhold wages with out a court order.

cfw1994

https://forums.moneysavingexpert.com/discussion/comment/81882965#Comment_81882965

You said “we were struggling a bit and felt the need to lay-off one of our draughtsman”.

Had you had full and frank conversations with your employees before deciding to lay off the younger one?

Was the older one aware of the situation, in it’s entirety?

i am obviously guessing, but I suspect the answer is “no”. If I’m wrong, then I apologise.

Without that, it’s kind of a one-way street you have painted, expecting staff to do something loyal to you whilst not being entirely open with them. Which in all honesty is how most businesses operate.

I was at a large global organisation, and did let my immediate manager and their boss know of my intentions, but that was because I did have a long tenure and knew them both very very well. I think for most people giving the minimum notice required more often than not makes sense.

Roger175

https://forums.moneysavingexpert.com/discussion/comment/81883941#Comment_81883941

My final comment on this one, as it is pointless me trying to elaborate further, but yes, everyone was involved and fully informed. The slightly older guy actually prepared his own fee bids so he knew all the work which lay ahead. The reason he left was actually to move to a job nearer to home (he had about 1hr commute each way). As I said, he knew he was leaving when we gave the other guy his notice and was very embarrassed and apologetic when we pointed this out. I think he just didn't know how to handle it and bottled.

The point I was trying to make in my original post was simply that not all Employers are large corporates who can more easily ride the disruption caused by staff leaving and in smaller (more friendly) organisations, a bit more notice makes things so much easier to manage the transition. If you know you're going anyway, why not make it easier for your Employer, a common curtesy in my view.

Roger175

I should just add to my last post, that anyone who's never worked for a small family run firm probably has no concept of how friendly the working environment can be and probably wont understand the concept I'm trying to explain.

In our firm (now dissolved, since we've retired), we didn't treat each other as Employer/Employee - we all just mucked in and got the job done. The partners (of which I was one), tried our hardest to accommodate our staff's needs and whilst we didn't formally work flexi-time, they didn't even need to ask if a doctor's appointment came up or there where child-care issues, we just accommodated such things - it was give and take.

Most of our staff stayed with us for many years and we actually had very little turn over, but from time to time this is inevitable in any organisation.

ClashCityRocker1

My situation is different to Roger175 as I work for big Government dept - I will keep all options open until exactly 4 months before I go as I hope they will launch a redundancy exercise I can apply for.

…telling your employer that you plan to go before you need to is all risk and none of any reward is likely to be yours!

But actually in the case Roger175 describes if there is a level of trust on both sides sit could have worked ok - only thing that gives me qualms is if he got wind that you thought of him in the terms you describe in your first post he might not have felt obligated to help you out much at all.

lilahloo

Over the last week I've read the whole of this thread with interest.

I had a lightbulb moment a few weeks ago and came on to the forums to try and get my thoughts together before contacting Pensionwise and maybe an IFA. Some of the information in this thread has been useful and has also given me more questions to think about/research - like what's a SIPP and should I have one?

I was a single parent for years. Child is grown and left home now. Living on a single income and not being a high earner has made me very risk averse with money and I've always thought I'd have to work until I'm 67 (at least). The thought of which did not fill me with joy.

Until a few years ago I was happy at work but we had yet another big restructure and it's just not the same place anymore. I haven't enjoyed it like I used to, but didn't hate it enough to do anything about it - I didn't want to start again at my age and the pension scheme is good and we had hybrid working since covid.

We've recently been told we have to return to the office - which hasn't gone down well with anyone, not just me. I chose to move further away from the office because of the hybrid working. I always knew there was a risk we'd be asked to return and while the commute isn't unbearable, the thought of being in the office is. The thought of it makes me want to cry.

My lightbulb moment came when bemoaning my fate to a friend. The pension I'm paying in to is a DC pension and while my pot isn't large, it dawned on me that it could plug the gap until I can get the State Pension in 7 years. I have a small DB pension I can take now, another DB pension that will start at 65 (I've requested a valuation from the administrators).

I can't tell you the sense of relief and excitement I felt. Although I think most of you on here will relate.

I've put my figures into Guiide and they seem to stack up. I don't dare get my hopes up too high that I can do this. But for now I think I'm going to start claiming my DB pension - it's £6,000 pa, and pay more in to my work pension for however long I have left there.

I think the biggest hurdle I'll need to overcome is spending my savings - something that lots of you have mentioned. I've spent my working life squirreling away money for a rainy day. It's going to be a big mindset change.