Group Income Protection Lump Sum Offer

granta

Cobbler_tone said:

Saorsia12 said:

Qriz B - thank you for your reply - the redundancy would be 12 weeks pay and 5.5 weeks holiday pay I think - but at the weekly rate of my salary pre phi - so not based on current shadow salary/phi payments , so it wd be £400 a week so £4,800 and £2,200 - but redundancy was never discussed  as they want me to accept the phi and do a termination.

You will have to excuse my ignorance Saorsia12, as I had never heard of GIP and had to google it and read up a little.
With your potential redundancy do you not have much service? I'm probably misunderstanding the link between GIP and service as you cite 22 years. 12 weeks statutory redundancy is only 8 years service if you are over 49.
I clearly don't know the intricacies of GIP but would be surprised if it meant a business was not able to make someone redundant if the role no longer existed (i.e. compulsory redundancy, although they wouldn't be able to use your absence as a selection criteria in a pool) so I guess the £80k is a type of compromise agreement.  
Personally, I wouldn't take any pressure to take an immediate 'deal' and you can submit a FOI request for a HR1 to see what is going on (it might help to establish the likelihood of redundancy) if they are not being clear on that aspect. For me, that is the part you need to establish as you may take it when your role wasn't actually impacted.
All the best.

FOI requests don't help here, they are for public sector organisations.
You might mean a subject access request? It's worth a try via that route but still may not extract th information they need

Saorsia12

Thanks Cobbler Tone - redundancy hasn’t been discussed with me yet so the 12 weeks is termination payment plus holiday of 5.5.

Saorsia12

Granta - thanks for your reply - the insurer us Unum - I had a look online at one of their policies and they do offer direct payment but as I can’t see their gip policy relating to me I don’t know if it’s available.  I am low cost to the employer but it’s reduction of the headcount they are after - two rounds of redundancy worldwide, 20,000 people gone.  I’m low hanging fruit and the offer does say they can revise it or offer it at a later date.  If it was a bit higher I’d take it but I’ve got to make it work for the next seven years until my pension date 67.

Cobbler_tone

I’d at least wait until any formal redundancy consultation, as opposed to a general reduction of headcount.

Saorsia12

Thanks Cobbler - it’s a case of take the insurance offer of £80k plus employer termination £7k or refuse and carry on with monthly gip payments and hopefully not get selected for redundancy.  It’s all a bit roulette wheel.  Can you please explain the redundancy consultation bit, would they hv to show me why I had bn made redundant?  My role was ended years ago but this is the first time in twenty years they hv done mass redundancies.

QrizB

Saorsia12 said:

 If it was a bit higher I’d take it but I’ve got to make it work for the next seven years until my pension date 67.

You could potentially take your works pension before 67. It will be actuarially reduced to reflect the additional years of payments, but might still be enough.

What type of pension is it, defined benefit or defined contribution? What did your most recent pension statement say about accrued benefits?

Marcon

Saorsia12 said:

Thanks Cobbler - it’s a case of take the insurance offer of £80k plus employer termination £7k or refuse and carry on with monthly gip payments and hopefully not get selected for redundancy.  It’s all a bit roulette wheel.  Can you please explain the redundancy consultation bit, would they hv to show me why I had bn made redundant?  My role was ended years ago but this is the first time in twenty years they hv done mass redundancies.

In that case your employer did you a massive favour by not making you redundant then, since it's the role (not the person) which is redundant, albeit the end product is the same if you're the person holding the post in question.

That bit of extra information certainly twists the picture. I suggest you get yourself some proper professional advice based on sight of all relevant documents - your contract, any correspondence you've had with your employer/the insurer and so forth. People here can make well meaning comments and suggestions, but they are not a substitute for an opinion based on full information of your particular circumstances - and there's enough at stake for you to make it worth paying for proper advice from someone insured to give it.

MyRealNameToo

Saorsia12 said:

Can you please explain the redundancy consultation bit, would they hv to show me why I had bn made redundant?  My role was ended years ago but this is the first time in twenty years they hv done mass redundancies.

Consultation occurs before anyone is told they are being made redundant, what must happen and how changes a little depending on if more or less than 20 are being considered. See https://www.acas.org.uk/your-rights-during-redundancy/how-your-employer-must-consult-you 

Assuming it's more than 20 they have to tell you why they are letting people go, how they are going to choose who to let go when it will happen etc. In principle they should also genuinely listen to those with ideas on how redundancy can be avoided. In most organisations there are often some who want to go so voluntary redundancies may make a reasonable proportion of those shed. 

Saorsia12

Thanks My Real Name - I hvnt seen any of that - I will read your link.

Saorsia12

Marcon - Thank you - I thought I had an employment lawyer to negotiate for me but he’s gone awol and I’ve bn trying to find another but they seem difficult to get hold of - any suggestions?