I actually retired in April but for about 3 years before I was waiting for redundancy. I mean waiting as The company was going downhill and I could not wait to get out.

The two that took redundancy while I was there could not have been happier. Long term employees that had a good payout and they found jobs fairly quickly after wards. Whether the jobs are around for you to walk into will be the problem. A Years pay sounds good- till you are off work for 3 years. But more destroying is working for a company that you do not enjoy working for. I know -I was there.

Look at the job market and see if there is enough for you to apply for before you make the decision.

Wish you luck but the decision hopefully is yours.