Bold leap into retirement

Pat38493

MallyGirl said:

michaels said:

MallyGirl said:

IamWood said:

MallyGirl said:

I will give my mandated 3 months. I know they won't recruit to replace and will just share out what I do amongst other roles.

Of course, my company policy is mandatory garden leave at the point of sending the resignation email or receiving a termination phone call.

The login would be blocked at that point.

How lovely. That happens here sometimes when someone in sales is going to a competitor but not if retiring.

I wonder if they would know what you were (not) going to do next.....

In my case my ShareSave access before the 3 years is up is different if retiring vs leaving for another job. If you leave you just get the money back, if you retire you get the proportion of share options you have accrued so it is better to officially retire. As long as the shares are above the option price that is, otherwise it makes no difference.

I'm not sure what ShareSave is, but legally surely it would be age discrimination to set conditions that you can never work again (if that's what "formally retired" means).

bjorn_toby_wilde

Not sure what the legal situation but many companies have policies like that.  Mine did and from memory all the unvested share options automatically vested on my leaving date. I don’t think they include a clause which states that you should never work again.

The lines are blurred I think when it’s a discretionary benefit. We had bonus scheme rules which were similar. Resignations meant no bonus for the final period. Retirement meant you earned bonus up to the day you finished.

Pat38493

bjorn_toby_wilde said:

Not sure what the legal situation but many companies have policies like that.  Mine did and from memory all the unvested share options automatically vested on my leaving date. I don’t think they include a clause which states that you should never work again.

The lines are blurred I think when it’s a discretionary benefit. We had bonus scheme rules which were similar. Resignations meant no bonus for the final period. Retirement meant you earned bonus up to the day you finished.

Understood, but I guess they have to take your word for it that you are retiring and not going to another job (immediately or some time later).

pterri

bjorn_toby_wilde said:

Not sure what the legal situation but many companies have policies like that.  Mine did and from memory all the unvested share options automatically vested on my leaving date. I don’t think they include a clause which states that you should never work again.

The lines are blurred I think when it’s a discretionary benefit. We had bonus scheme rules which were similar. Resignations meant no bonus for the final period. Retirement meant you earned bonus up to the day you finished.

I THINK (and could be wrong) that the idea of share options is that they reward you (if the increase in value) for staying at a company. If you go to another company with no dis benefit then the company is less likely to give you preferential pricing for shares, it can be very valuable so I don’t think it’s unreasonable. If you ‘retire’ then it’s actually quite generous that they allow you to retain that benefit in my opinion. Other views are available. 

I had some options. I bought the shares at €48, they shot up within a year to €96. I was looking forward to the, I think five years, before I could buy more at the €48 or cash out. Anyway, they crashed to €2. I was aware of the deal but must admit I’m not sure everyone understood that even with a discount they are ultimately on the hook if the shares go south.   

bjorn_toby_wilde

pterri said:

bjorn_toby_wilde said:

Not sure what the legal situation but many companies have policies like that.  Mine did and from memory all the unvested share options automatically vested on my leaving date. I don’t think they include a clause which states that you should never work again.

The lines are blurred I think when it’s a discretionary benefit. We had bonus scheme rules which were similar. Resignations meant no bonus for the final period. Retirement meant you earned bonus up to the day you finished.

I THINK (and could be wrong) that the idea of share options is that they reward you (if the increase in value) for staying at a company. If you go to another company with no dis benefit then the company is less likely to give you preferential pricing for shares, it can be very valuable so I don’t think it’s unreasonable. If you ‘retire’ then it’s actually quite generous that they allow you to retain that benefit in my opinion. Other views are available. 

I had some options. I bought the shares at €48, they shot up within a year to €96. I was looking forward to the, I think five years, before I could buy more at the €48 or cash out. Anyway, they crashed to €2. I was aware of the deal but must admit I’m not sure everyone understood that even with a discount they are ultimately on the hook if the shares go south.   

The options I received were performance related, but you’re right, they can go south and you end up in negative territory. That’s ok if you haven’t exercised but obviously not good if you have.

I think they had a concept in HR (and actually used these terms) of bad leavers and good leavers. Can’t remember exactly how it worked but retirement was seen as a good leaver and a bad leaver would be resigning and going to a competitor.

Cobbler_tone

On my share scheme if you leave for another job or get dismissed you are a ‘bad’ leaver and they take back 12 months of matching shares and anything still in the holding period gets taxed.

If you retire or get made redundant you are a ‘good’ leaver and keep all your shares which can be taken tax free. If you keep the shares they become subject to CGT.

No idea what happens if you ‘retire’ get the lot tax free and then say get another job 6 months later? I’ve often wondered how this would ever get flagged.

cloud_dog

NoMore said:

Am I the only one who is gonna give my employer minimum amount of notice and don’t care about a replacement or not ? Am I selfish ? I just work for a large employer who has very little care for our area of business so don’t see why I should care about them when leaving. 

If you read back a while you might see that my original intention was simply to tender my resignation on 2nd December and with all my remaining annual leave I would have literally walked out the door one or two days after resigning.

I was (still am really) feeling very fed up with my employers senior management's choices, but what swayed it for me, e.g. giving then 4/5 months notice was leaving my colleagues in the proverbial.  Similarly that was one of the reasons I agreed to extend to the end of March (previous replacement interviews hadn't gone well), but now all will be good.  Counting down the days and weirdly enjoying the feeling that knowing I am going gives me during work.

cloud_dog

Yorkie1 said:

cloud_dog said:

next week we are off to York for 3 days  

York is really busy and Christmassy at the moment. If you have the option to park where you are staying, and take buses or walk, it might be worth considering doing that ... some days (particularly weekends) are absolute gridlock at times as people drive into the car parks rather than using the park and ride.

Have a wonderful visit!

We tend to stay at the Premier Inn at Monks Cross and grab the Park and Ride just round the corner 😃

eastcorkram

Well that's me done. Last day finished. 

48 years, 1 month and 19 days after starting work. Not all of that in one job!

Still no plans of what I'll get up to, but after Christmas, will need to find something I guess. 

SouthCoastBoy

eastcorkram said:

Well that's me done. Last day finished. 

48 years, 1 month and 19 days after starting work. Not all of that in one job!

Still no plans of what I'll get up to, but after Christmas, will need to find something I guess. 

Congratulations here is wishing you a long and happy retirement