Voluntary Exit via Enhanced Settlement Agreement

Tyler_Durden_UK

I've worked for the same company for roughly 30 years, they have recently been taken over by a large American company. It would seem they are streamlining the business as I was called into a meeting recently and given 2 options - Accept a lump sum and voluntary leave my job, or under go a process of training, if at the end of this training I haven't made satisfactory progress I could still loose my job, but would receive no lump sum payment. I should add that I'm in my late 50s and prior to this have had not indication that my performance work wise was not satisfactory. 

I have been given 10 calendar days to make a decision and take legal advice 

The problem with that however is that due to the dates, those 10 days have 2 weekends and a bank holiday, so thats 5 days gone and I'm also on annual left for another 3 of those days which only leaves 2 days in which I could seek legal advice.

Can anyone comment on this process please. If I accept the lump sum and leave my job would l still be able to claim job seekers allowance. Also should I be renumerated for any untaken annual leave days ?

Flugelhorn

are you in a union? not sure that they are following the proper process for the UK here (they can't just dive in and ignore the law) 

Tyler_Durden_UK

Flugelhorn said:

are you in a union? not sure that they are following the proper process for the UK here (they can't just dive in and ignore the law) 

I'm not in a union I'm afraid, I've had a read on the acas website and it seems to be legal. What elements of it do you think aren't following correct legal process?

Robin9

This could be a wonderful opportunity for you.

Have you done your sums ?  Is the lump sum enough to pay a decent chunk off your mortgage ?  Have you any investments that could provide a monthly income?  Is there a company pension you can take as well ? 

Sit down today and list all your incomes and expenditures.

I took voluntary redundancy at 53 -  best thing I did. Found a part time job within walking distance of home. Better quality of life.

Labtebricolist

I’d crack on and take the legal advice (which I assume the company is paying for).  Lawyers in this area are well set up to respond quickly if you do it first thing tomorrow.

Hoenir

How good is the enhanced offer?  

Andy_L

Flugelhorn said:

are you in a union? not sure that they are following the proper process for the UK here (they can't just dive in and ignore the law) 

If its a voluntary exit most redundancy legislation doesn't apply - they are offering you a bigger payout to "buy you off" 

FIREDreamer

Tyler_Durden_UK said:

I've worked for the same company for roughly 30 years, they have recently been taken over by a large American company. It would seem they are streamlining the business as I was called into a meeting recently and given 2 options - Accept a lump sum and voluntary leave my job, or under go a process of training, if at the end of this training I haven't made satisfactory progress I could still loose my job, but would receive no lump sum payment. I should add that I'm in my late 50s and prior to this have had not indication that my performance work wise was not satisfactory. 

I have been given 10 calendar days to make a decision and take legal advice 

The problem with that however is that due to the dates, those 10 days have 2 weekends and a bank holiday, so thats 5 days gone and I'm also on annual left for another 3 of those days which only leaves 2 days in which I could seek legal advice.

Can anyone comment on this process please. If I accept the lump sum and leave my job would l still be able to claim job seekers allowance. Also should I be renumerated for any untaken annual leave days ?

Take the money and run.

A takeover by a foreign company is not generally a positive thing in my experience (twice!).

Tyler_Durden_UK

So, I've had legal representation (which my employer paid) for. I am indeed going to take the money and run, I'll be getting a reasonable settlement that will allow me to pay off some of my mortgage and have the luxury of a number of months breathing space to decide what my next step will be. 

Tyler_Durden_UK

Robin9 said:

This could be a wonderful opportunity for you.

Have you done your sums ?  Is the lump sum enough to pay a decent chunk off your mortgage ?  Have you any investments that could provide a monthly income?  Is there a company pension you can take as well ? 

Sit down today and list all your incomes and expenditures.

I took voluntary redundancy at 53 -  best thing I did. Found a part time job within walking distance of home. Better quality of life.

Robin9 said:

This could be a wonderful opportunity for you.

Have you done your sums ?  Is the lump sum enough to pay a decent chunk off your mortgage ?  Have you any investments that could provide a monthly income?  Is there a company pension you can take as well ? 

Sit down today and list all your incomes and expenditures.

I took voluntary redundancy at 53 -  best thing I did. Found a part time job within walking distance of home. Better quality of life.

I'm hoping it is, I can use some of the settlement to pay off some of my mortgage, I'm in the middle of selling my house and down sizing, when that completes, I should be mortgage free, luckily I do have some savings and will have the luxury of being able to spend a few months working out my next step is. Would love to find something part time to cover the bills and allow me to live a little. 

Cobbler_tone

Strange approach. I’ve heard of VS (ie an old style compromise agreement) where a solicitor would sign off. This doesn’t read like that though and sounds enforced. To me it sounds like enforced redundancy, or the offer to train you in another role. Then it comes down to the argument of whether it is a ‘suitable alternative’, ie is the role significantly different.
eg if you were a forklift driver and they wanted to train you to be a lorry driver, that is ‘significantly different’ and redundancy should be offered. If it is one admin role to another, you would expect to be trained but it could be a ‘suitable alternative’.
So (if it applies) I would be comparing the payment to the equivalent redundancy and see if they are offloading you on the cheap.
That said, you might have just wanted to get out of there.