Redundant after 4 months - any tips?

I've been called on a meeting a couple of days ago and senior management from my company told me that, as they're downsizing, either I'd have to accept another position (and swap some salary for equity, as they wouldn't be able to afford me) or they'll have to let me go. Having thought about it I'll opt for the second (I'm luckily in a sector in which finding another job is not too hard). I started this role in March 2018 - so I'm not entitled to any redundancy package but my contractual notice is 3 months. However I have a few questions for people more familiar with the process:

1- When they give me notice, do they have to specify in writing I've been made redundant and/or will it be helpful? I've been told that they are letting go a bunch of people (but less than 20). Performance wise I have had only positive feedback from my manager, and that has been confirmed by the fact they actually granted me a non-monetary bonus (more equity options) just 2 months ago.

2- As professional as I can be, 3 months is a long time and I'm not sure I'd be up to standards for the whole period. I have a PILON clause in my contract which I'd like to explore. The clause says:

The Company reserves the right at its sole discretion to make a payment of salary in lieu of notice.
However, should it choose to do so, you will be required to seek alternative employment and if you
fail to do so or if you find alternative employment during the period in respect of which payment in
lieu of notice is made, the Company reserves the right to reduce the amount otherwise payable to
you under this agreement.

From this I understand that only the company can decide whether they want to PILON or not - fair point. However what I don't understand if that if they PILON and I find a new job within a month, would I have to give back 2 months of pay? Of course this assumes my PILON gets paid in one go for the entire 3 months. For the record, I'll be actively looking for a new job pretty much straight away.

3- As my wife looks full time after our children, is she entitled to any benefit if I get PILON, or for that to happen we'd have to wait the 3 months notice - just in case I don't find another job?

4- As this is the first time it happens to me, does anybody have any other tips?


Thanks a lot!