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There is no way currently to easily switch between encoding types. From what I've seen you can only specify the encoding type when using the open file dialog or if you use the document classes features based on a filename extension type.

Notepad++ has a feature like this with an encoding selection right in the toolbar. You can even assign hotkeys to whatever encoding you wish too. The encodings are switched immediately unlike TextPad where you have to reload the entire document for this to be achieved.

I'd love to see this in TextPad and would make life much easier when dealing with a deluge of files in different encodings.

I think this is (most likely) only meant for reading files, as in having a file be opened in UTF-8 by default (or when no other encoding can be detected), but then the human reader somehow finds out it's actually Windows-1252 or else and just wants to re-load (or re-interpret) the file with a different encoding. Which would also make it much simpler to just guess multiple encodings (until the text looks fine). Another advantage over closing and opening the same file anew would be that the text cursor position can be kept (even if encodings would differ drastically byte wise at least the current line could remain the same).

How the file is later saved is unbound to this. But that file dialog's selection could then be automatically set to the choice which has been made in the editor already, to make things easier.