Hi Dougie, some things are meant to be. 59 isn’t exactly the ideal age to go job hunting but it’s the perfect age to retire, especially with PPMS. Your brain & body want and need to retire.
Are you sitting comfortably? The good news is you have choices… If you are chosen for redundancy, your pay out is based on your length of service and age. The longer your service & how many years to State Pension age are left, will determine the calculation of the payout. My knowledge is NOT up to date & some details may have changed. Even so, the basics are along the right lines.
Gov’t rules state a minimum redundancy (still based on service & age).
Some employers give a good redundancy package which exceeds the minimum that the law states.
90 days paid notice of redundancy has to be given. Some employers let you go early but still pay the equivalent of 90 days work. Others keep you working the 90 days but have to allow paid time off to go job hunting.
E.G: A healthy person aged 26 with 2 years service, will receive at least 1 weeks pay per year of service, hence a minimum of 2 wks salary.
A person aged 57 with 10 yrs service will receive 1.5 times their weekly salary x 10yrs PLUS the added half),.
A person aged 68 with 5 yrs service will receive double weekly pay x 5 yrs.
Many people are delighted when redundancy is very close to their Company pension scheme starting. If you have a Company pension with this employer (plus any deferred pensions with past employers), you can claim those too. This gives another tax free lump sum plus monthly income(s).
With PPMS you are entitled to Personal Independence Payments (PIP). It’s not automatic, you apply for the benefit and could receive monthly income based on your mobility and your care needs (each are separate).
Another possible benefit, is whatever Job Seekers Allowance is called nowadays. I have no idea of the criteria to qualify.
In a nutshell Dougie, in your position, it has to be a good thing for you to finish work.
The nature of PPMS means our health slowly deteriorates every day. Fortunately some things are totally unaffected. Other aspects are unnoticeable. It eventually dawned on me there is no stopping it. I left work in 2011 & never regretted it.
As for where you can obtain some info to your own situation, you could try the H.R dept plus the Company Pension Scheme provider. They’re each trained to give you correct info, though unlikely to advise what to do.
I hope this has helped a little Dougie. Good luck with your employer and look forward to having Summer and the rest of your life off work.