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Redundancy support

Sometimes redundancy is welcome, especially if you're ready to move on and there's a good financial package on offer. But for many, redundancy is a shock, both emotionally and financially.

Your employer may offer free support for your wellbeing and help you get ready to find another job as part of your redundancy package – so make full use of these if they are available to you.

They may also have an Employee Assistance Programme (EAP) which offers free advice. If you have a Union, you may be able to speak to them for help and support through the process. 

We've put together a list of useful links and resources to help you navigate redundancy.

The Government website is a good place to start, and the MoneyHelper website has a range of information on your legal rights during the redundancy process.

The Advisory, Conciliation and Arbitration Service (ACAS) is an independent public body that provides free and impartial advice to employers, employees and their representatives on employment rights, best practice and policies and resolving workplace conflict. When things go wrong they can help resolve disputes between employers and employees. Their website has lots of useful information to help you.

The Citizens Advice website also has information to help you understand your rights, especially if you feel your redundancy may not be fair or you have been dismissed from your job.

The Government website has useful resources to help you:

  • claim benefits
  • cope with redundancy
  • get another job and improve your skills

They also have a list of job search websites you could sign up to.

The Government Help for Households website can help you see what support is available to you while you're out of work, including: 

  • help with household bills and childcare costs (including free school meals)
  • Universal Credit and other income benefits
  • transport costs

If your role is at risk or you're being made redundancy, MoneyHelper's redundancy pay calculator shows you your legal rights, guidance on next steps and what you need to know financially. You'll get a clear idea of how much redundancy pay you should expect to receive and how long that will last based on your expenses. They also have some tips on what to think about when it comes to your pension if you're being made redundant.

Your Legal & General pension

Just because your work situation has changed, your pension with us may not have to. There are a number of options available to you depending on your situation.

The plan will continue and your pension fund will remain invested and will continue to benefit from any investment growth. We will continue to deduct any charges that are relevant to your plan.

Depending on the type of pension plan you have, either we or your employer will contact you with the options you have.

You will be able to transfer the value of your pension plan to another provider. 

You may be able to:

  • continue to make payments to your pension plan if you want to, or become self-employed or not working
  • ask your new employer to make payments to your pension plan with us

You can check with your employer or on your scheme website to find out more about what is applicable to your plan.

New employer?

If you start working for a new employer, they will be required to automatically enrol you into, or ask you to join, their workplace pension scheme. 

Help us to keep in touch by logging in to legalandgeneral.com/mya and updating your personal details. While you're there please make sure the email address we hold for you is correct. If you've not already registered for Manage Your Account it's simple and takes minutes. You'll need your pension account number. Once registered you'll be able to check how your savings are doing on a regular basis.

Whatever you decide to do with your pension plan, you’ll be able to take your money in a variety of ways at your selected retirement age or any time after age 55 (rising to 57 from April 2028). The longer you leave your plan invested however, the more opportunity there is to benefit from any investment growth, although this can’t be guaranteed as the value of your plan can go down as well as up.

We’re here to help. If you have any questions about your pension plan, please contact us on 0345 070 8686. Lines are open from 8.30am to 7pm, Monday to Friday and 9am to 12 noon on Saturdays. Call charges will vary. We may record and monitor calls. Please be aware our helpline staff cannot provide financial advice. Alternatively, you can speak to a financial adviser, who may charge for their services.

Supporting your mental wellbeing

Your mental health can suffer for all sorts of reasons. Although it can be difficult to take that first step to finding the support you need, remember that you're not alone and there's lots of free help available to you. 

We've brought together a list of useful resources to support good mental health. We also have a wellbeing hub to help with financial stress, debt and uncertainty.

Mind is a mental health charity that provides a free helpline and lots of useful resources. Visit Mind's Get help now page where they provide quick links to emergency advice and other helplines, crisis coping tools and how to ask your doctor for help. They also have resources if you're seeking help for someone else.

NHS Every Mind Matters website has practical guides to managing mental health issues as well as signposts to organisations and helplines that could make a huge difference to your emotional wellbeing. 

You can find a mood self-assessment tool on the NHS website. It's a quick tool to help you assess how you’re feeling and get support. NHS audio guides give short, practical tips to boost your mood and lots of useful resources for a range of mental health topics like anxiety, loneliness, low self–esteem and depression. 

You might also like to try the NHS Mind Plan Quiz to get tips and advice tailored to support your needs. Just answer five questions to get your personalised mind plan. 

If you're in need of support your employer may have a wellbeing or mental health policy that can help, or you may have mental health first aiders that can support you. Look out for Employee Assistance programmes where you can get free advice too.