Have you received a Settlement Agreement from your employer? Our employment team have extensive experience in advising employees on the terms of their Settlement Agreements and have put together the following 5 top tips to help you secure the best package possible:
- It is likely that you will have had a meeting with your employer at which your exit and the settlement agreement was proposed. You should make a contemporaneous note of that meeting because the manner in which it was conducted may give you the leverage you need to force your employer to increase your exit package.
- When the Settlement Agreement is presented, you should resist the temptation to make any comment to your employer about your intentions to accept it or its contents until after you have sought advice from your solicitor. A misplaced comment may make it more difficult to negotiate a better package.
- Dig out your contract of employment or ask your employer to retrieve a copy from you personnel file. Both you and your solicitor will need to check that you are being properly compensated for the loss of all your contractual benefits such as notice, bonus, commission, holiday pay and shares.
- Don’t just think about the money. Very often reaching agreement on other matters can help you move on to new employment more quickly and easily. For example, agreeing a departure announcement or reference and keeping a work laptop or mobile phone/number could be advantageous.
- Check all of your insurance policies for any legal expenses cover. Your employer may be more likely to agree to any request to increase the settlement sum if it is made aware that you are not afraid to make a claim because you have support with your legal costs.
We have many years’ experience of successfully advising and negotiating settlement packages and agreements.
Please feel free to contact us if you need advice on your Settlement Agreement. You can contact your usual adviser or call 01737 854500 and ask for a member of the Employment Team. We have offices in Redhill, Wimbledon, Woking, Camberley, Teddington and Oxted.
Although correct at the time of publication, the contents of this newsletter/blog are intended for general information purposes only and shall not be deemed to be, or constitute, legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Please contact us for the latest legal position.