Redundancy benefits

[malana3]

My 60 year old work collegue is convinced that his position is being considered for redundancy and should this occur realises that his prospects of obtaining further employment are poor. His primary concern is his repayment mortgage, which is due to mature in his sixty fifth year.
He has investments amounting to about £36,000, the majority of which is in his maximum holding of Premium Bonds.
In the event of redundancy, can any ABer's please advise as to what benefits he would be entitled to (he has a full NI payment record) and if any such benefits would be reduced due to his level of investments.
His wife is currently working and her continued employment, in the forseeable future, seems secure.
Thank you in advance for any advice offered.

[carolegif]

Why doesn't he try and get early retirement? My husband was going to be made redundant at 50, but because he had many years in the same company they retired him instead. this meant he drew his private pension which he saved, as he managed to get another job. In the end he retired fully at 60. At least if he gets his pension he could pay his mortgage whether he got another job or not.

[malana3]

Thank you Carolegif. Unfortunately his working career has been with many companies and he has no pension to come from our present employer. So far as I know he is relying on his State Pension when he's 65.

[mickrog]

pension credit.....check it out

[buildersmate]

Entitlement to contributions-based JSA, for a start - until it runs out or he finds another job.
Presumably he would consider paying off the mortgage using the PB investments? - the 'average interest' on PBs is about 2% right now - far less than the interest paid on a mortgage. Even though there is always a tiny chance of winning the 'Big One'.

[themas]

He won't be entitled to any means tested benefits because of the savings, & also possibly because of his wife's earnings (depending how much they are). This includes pension credit.

If his wife's earings are very low it is just possible she may have an entitlement to Working Tax Credit (savings are largely ignored for that).

[buildersmate]

Themas
Spouse's overlong, dangly earrings has never impacted Working Tax Credit as far as I know.

[Nosha123]

Can he get insurance against redundancy that would cover mortgage payments?

[buildersmate]

Since the risk of redundancy is high, so would be the premiums. Insurance companies aren't daft.

[themas]

BM Thank you - very droll!

[boxtops]

How long has he worked there? so he won't get much redundancy payment, from what you say? Has he got a mortgage protection policy which would cover him against redundancy (that would be my first thought)?