08 Aug 2017, 12:25
08 Aug 2017, 13:52
08 Aug 2017, 16:16
Your contributory pay is less than your actual pay because it is reduced by the Lower Earnings Deduction (LED), currently £3,328 a year, before calculating your pension contribution.
If you work full time, you can pay in 4.5% of the first £3,328 of your annual salary. That’s around £150 a year.
If you earn less than around £15,300 a year, your employer will match what you pay in pound for pound. If you start earning more than this, your employer will carry on contributing, but not pound for pound. They’ll keep doing this until you start earning around £30,600 a year. These limits increase each year with inflation, so they will change over time.
08 Aug 2017, 17:27
08 Aug 2017, 18:31
09 Aug 2017, 19:11
I pay into Bonusplan and I believe RM’s contribution to my fund is around £100 per year, but it will obviously vary from person to person depending on earnings. So only about £250 in total is going in per year. But factoring in tax relief and PSE, it’s only actually costing me about £100.
Always had it in my mind to have an investment fund with £1 / £2 a week... Will compare Flexiplan with what banks can offer.
10 Aug 2017, 11:56
I pay into Bonusplan as well and that sounds about spot on to me Robert. I seem to remember the literature saying that RM put in the same as we as individuals put in. And I suppose thats about right after tax/NI/PSE
I reckon Alexei is as well to start contributing to Bonusplan - even though it will be done away with in the near future and its relatively small potatoes in the grand scheme of things - if only because there maybe some kind of accomodation for those already paying into it come next year when the changes are afoot.
jetblack wrote:The stock markets are overvalued (have a look at historical price to earnings ratios and the impact of QE on the FTSE) and the banks are offering 2.5% to tie your money up for 5 years (inflation is at 2.9% BTW). It still costs 17% to borrow on your credit card mind you (even when the Bank of England base rate is 0.25%). You really need to be a bank, if possible
You already know what my answer is Alexei - but I am not a financial adviser and make no pretence at being one
Sufficed to say that if the next 12 months goes like the last 12 months my line manager will be getting a phone call from myself re. the shoving of jobs up certain managerial arses.
This is a conversation that I have rehearsed a thousand times in my head and one that I look forward to very much indeed.
11 Aug 2017, 18:10
Alexei wrote: I think your answer is Flexiplan, but i could be wrong and you're suggesting neither!
11 Aug 2017, 18:48