Working notice can be used as a way to keep getting some sort of productivity out of employees over the course of the notice, so you don't have to pay lump sum severance (which your company might not want to do if they don't have a bunch of money laying around).
We went through this with our company. The only snag that we were told was that if your employer doesn't give you formal notice on the day you're supposed to be laid off (in your case 3 months from now) then you're still an employee, you still go in to work, and you retain your seniority as if the layoff notice never happened.
Half our office staff got cut when we went through it; some quit outright, some waited until the day they were supposed to be laid off and were let go, and some stayed on past their layoff date. It was a really weird way to "thin the herd" so to speak.
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