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How stupid is my plan?

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  • dunstonh
    dunstonh Posts: 119,817 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
  • Puddylove
    Puddylove Posts: 507 Forumite
    Eighth Anniversary Combo Breaker
    Alright! I give in.

    :D

    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... :D
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    Puddylove wrote: »
    Alright! I give in.

    :D

    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... :D

    Alternatively you could just look round for another job elsewhere, nd see if they offer a better deal?
  • hyubh
    hyubh Posts: 3,726 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Puddylove wrote: »
    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.pdf
  • Puddylove
    Puddylove Posts: 507 Forumite
    Eighth Anniversary Combo Breaker
    edited 10 July 2014 at 11:41PM
    hyubh wrote: »
    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.pdf
  • hyubh
    hyubh Posts: 3,726 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Puddylove wrote: »

    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.
  • Puddylove
    Puddylove Posts: 507 Forumite
    Eighth Anniversary Combo Breaker
    hyubh wrote: »
    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! :D

    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.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Puddylove wrote: »

    In 20yrs when I end up with no pension due to cutbacks

    Do you have an example in mind?
    Free the dunston one next time too.
  • Puddylove
    Puddylove Posts: 507 Forumite
    Eighth Anniversary Combo Breaker
    kidmugsy wrote: »
    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.article
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Puddylove wrote: »
    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.
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