Advice please on notice period

My current employment contract (which is now 10 years old and my job description is a little out of date) states that my notice period is 1 month, the directors of the company where I work have spent the past 6 months discussing terms and conditions of a new employment contract for employees at my level and the draft contract (yet to be finalised and signed) states a notice period of 3 months - my question is if I give 3 months notice to leave say tomorrow, is the company within its rights to pay me for one month and to insist we part ways after one month or do they have to pay me for three months?
Any advice appreciated
Martina

Your statutory rights in relation to notice periods are outlined . Your contract of employment may stipulate longer periods of notice. If your contractual notice period is three months and you resign today then, as far as I know, you are entitled to three months payment whether or not the company actually requires you to work the full three months.