Leaving Work, Financial Advice needed

C

conastatu

Guest
For medical reasons, I have decided to leave my job. There aren't other options in my current field, so my aim is to go back to college to qualify in a related field. Unfortunately, while trying to make my current employment situation work for me, I have missed the chance to go back to college this year. However, my doctor's advice is that if I continue in my job until the next educational year starts, I will most likely end up in severe depression.

Generally I'm financially conservative. I think I have saved well over my 12 years in employment, but have not done much on investment. (the odd PIP and PEP here and there). I have spent a lot of my career traveling and working in foreign countries so I have never invested in property.

I am worried about the best way to invest my 'nest egg' for the next while. I am hoping to get temp work to cover my costs and to do a groundwork course for my new qualification for the next year. Also, I don't know if there are possibly any grant aids or social welfare help that I would be entitled to in going back to education.

Any comments or help would be very welcome. I definitely need to leave my job for my health, but I am very worried at the prospect as it makes me feel financially vunerable.
 
Check out with your nearest SW office but I think if you're out of work for more than 6 months and claiming benifit you're entitled to a further education allowance which is the same as keeping your UB while studying. This is dependant on whether you're a post grad afaik as well so make sure you tell them everything. See about your SW entitlements and part-time work. See here under the Dept. of SW site for back to education courses and how to qualify. Good luck and I'm certain from the little info you supplied about your current circumstances that you are making the right decision. Your health is your wealth.
Ec
 
If you voluntarily leave your job then any claim for UA/UB may be deferred as a result. If you are not genuinely available for and seeking work then you would not be entitled to UA/UB. If your doctor can certify your reasons for leaving work then you may be entitled to some illness/disablement sort of payment. If you are unemployed for a while after leaving file a [broken link removed] claim with Revenue to claim back tax due back as credits spread over the year go unused.
 
Thanks Eclato and Clubman for that. The Social Welfare site is very informative.

The other thing that occured to me was my pension. Currently, 5% of my pre-tax salary is deducted monthly and paid into my company pension scheme. I've heard that people who have left this company previously have had a lot of difficulty in transfering their pension payments to their new employer's pension plan. I have no idea how all of this works. Seeing as I won't have a new fixed employer for a while can I leave any money that I have contributed to date in the current pension plan until I get a new job with a new pension scheme? I really haven't a clue on this.

Thanks again.
 
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