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How stupid is my plan?
Comments
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I was going by a £1 for £1 basis.
In very crude terms, every £1 of pension contribution would need about £10 in the ISA to give you similar benefits (assuming you meant S&S ISA. If cash ISA then make it more like £20 for every £1).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Alright! I give in.
In 20yrs when I end up with no pension due to cutbacks, and no ISA, I'm going to move in with one of you...0 -
The trouble is, it buys me time, doesn't add to my final salary, and when I retire FT I will have to retire PT too (which I wouldn't want to).
Are you sure that's true? The 'multiple appointment' factsheet on the USS' website seems to suggest otherwise:
http://www.uss.co.uk/Factsheet%20List/Factsheet%2014-%20Multiple%20Appointments%20FS.pdf0 -
Are you sure that's true? The 'multiple appointment' factsheet on the USS' website seems to suggest otherwise:
http://www.uss.co.uk/Factsheet%20List/Factsheet%2014-%20Multiple%20Appointments%20FS.pdf
You'd think, wouldn't you?
No, that doesn't apply, wish it did.
It's this one that applies to me;
http://www.uss.co.uk/Factsheet%20List/Factsheet%2021-%20Variable%20Time%20Employees%20FS.pdf0 -
It's this one that applies to me;
http://www.uss.co.uk/Factsheet%20List/Factsheet%2021-%20Variable%20Time%20Employees%20FS.pdf
Oh, OK. Variable time/hours is quite a but different from part time (PT), which is what you originally said.
That said, if the final salary section were likely to exist for decades into the future and you were likely to spend your working life in academia, then I'd be inclined to say opting out for the VT employment could be a good idea given the maximum reckonable service limit. As things stand however, there's talk of the final salary section closing for everyone in the next few years, in which case accruing as much service as possible in it in the short term (and therefore, not opting out for the VT employment) sounds much the better option.0 -
Oh, OK. Variable time/hours is quite a but different from part time (PT), which is what you originally said.
That said, if the final salary section were likely to exist for decades into the future and you were likely to spend your working life in academia, then I'd be inclined to say opting out for the VT employment could be a good idea given the maximum reckonable service limit. As things stand however, there's talk of the final salary section closing for everyone in the next few years, in which case accruing as much service as possible in it in the short term (and therefore, not opting out for the VT employment) sounds much the better option.
Well, technically I seem to have Concurrent Multiple Variable Time contracts!
It's the constant increase in contributions together with an equally constant erosion of benefits that make me wonder if I should just be saving instead (of the VT part). Particularly as my VT roles are likely to diminish, anyway.0 -
Do you have an example in mind?
The future for my final salary scheme is not looking rosy. I find it unfair that I pay in, having been 'sold' certain future benefits, only for USS to be able to reduce their obligations/increase my contributions.
Hence why I'm considering saving my own additional contributions - that way I'd be in control,
http://www.timeshighereducation.co.uk/news/is-it-the-end-for-uss-final-salary-pensions/2013456.article0 -
It's the constant increase in contributions together with an equally constant erosion of benefits that make me wonder if I should just be saving instead (of the VT part). Particularly as my VT roles are likely to diminish, anyway.
Try obtaining the same benefits for the same outlay out in the real world. Make hay while the sun shines as the saying goes.0
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