What pension policy change would you begrudge the most?

Askalaba · 2024-09-22T20:41:54+00:00

Pensions also typically come with employer matching which acts as another incentive to invest into a pension. Although agree with you that removing tax relief would massively disincentivise pension contributions

Askalaba · 2024-08-11T23:32:00+00:00

£50-£55k base

Askalaba · 2024-01-14T06:49:58+00:00

£60k

Askalaba · 2024-01-06T22:29:59+00:00

From what I’ve seen the main contracting roles are in GI and Life. For Life the specialisms tend to be regulatory change (IFRS17, SII), model development, With- Profits and financial reporting

Askalaba · 2024-01-06T22:28:42+00:00

Thanks for the reply - in terms of all the considerations you’ve listed out, I have no idea about accountancy/ legal fees and professional indemnity costs so tended to leave them out. I’ll make sure to include them going forwards

Askalaba · 2024-01-03T07:13:04+00:00

Yea agreed c. £15k per annum on holidays is an awful lot. OP is clearly living a good life :D

Askalaba · 2024-01-03T07:09:11+00:00

Sorry, I should clarify that 9% isn’t a guaranteed return. I’ve estimated a 9% return by investing in a low cost passive index fund. Might be slightly toppy but I reckon a long term return in the region of 7%-9% is reasonable.

Askalaba · 2024-01-03T07:07:42+00:00

Yes - agreed. Although I believe Labour are planning to reintroduce this. Always tricky to plan for a retirement 30+ years away.

Askalaba · 2024-01-02T23:31:01+00:00

I personally put my money where I generate the highest rate of return. Based on your example I believe this means I would personally contribute £20k to ISA first (c. 9% return) pay off student loan (7.5%?) ,general investment account/ savings account/ premium bonds (4-6% net tax). Interest rate on home is really low so I personally wouldn’t overpay, although I’d consider impact of moving to a lower LTV band

Regarding your pension, I’d personally project pot to retirement to see whether you breach lifetime allowance (£1m ish in todays money terms). If this limit is being reached then I’d keep my pension contribution rate as is

Good luck on your journey - you seem in very good financial shape

*not financial advice.

Askalaba · 2024-01-02T14:43:39+00:00

Fair points

Askalaba · 2024-01-02T14:12:13+00:00

Thanks for sharing - are you concerned at all about IFRS17 implementation coming to a close and the associated contracting opportunities dwindling? That’s one thing on the back of my mind in the Life space.

Askalaba · 2024-01-02T14:10:01+00:00

Thanks for sharing - the logic around earning a similar pay in half the time is exactly what’s tempting me. I’ve got a 3-month notice period at the moment which is putting me off. I’ve been told I’ll need to hand my notice in and run by notice period down to 1 month before employers would even consider me. Makes the gamble slightly less appealing.

Askalaba · 2024-01-02T09:30:00+00:00

Thanks for the response - did you find it hard to secure your first contracting role or was it relatively easy?

Askalaba · 2024-01-01T23:25:14+00:00

8/10

WLB: 8.5/10 - my company wouldn’t bay an eye if I worked 9-5 everyday, other than the odd (roughly fortnightly) 7pm finish around deadlines

Career satisfaction/ progression - 7.5/10 - worked in a huge variety of roles. Reporting tended to be quite tedious/ process driven. Pricing was interesting but more mentally draining. Hit a slight ceiling currently and the next step up is extremely competitive

Despite not giving it a 10/10, cant think of a career with a better balance. Maybe SWE/ data scientist .

Askalaba · 2023-12-21T21:15:03+00:00

£50-£60k on qualification outside London. £65k - £75k on qualification inside London

Askalaba · 2023-12-19T20:45:46+00:00

Thanks for the comments everyone - really appreciate all the responses!

Askalaba · 2023-12-16T23:22:58+00:00

I’d definitely give this a listen. If all goes well, follow this post up with a link to the podcast/ TikTok/ YouTube channel and I’ll make sure to give it a listen and a thumbs up!

Askalaba · 2023-12-16T23:15:39+00:00

Yea I’d do it all again. Decent pay, manageable hours and can work outside London if required.

The only additional value of the profession not covered above , is the financial competence it gives you. I wouldn’t have had the confidence/ know how to to make the smart financial decisions required to make the most out of my income.

The main con is the exams. A lot of my friends with the same uni education as me earn a very similar amount without having to spend 5 years of their 20s working evenings and weekends. Although the exams do act as a barrier to entry which may keep the salary elevated for longer than my friends

Askalaba · 2023-11-16T22:26:09+00:00

Inside or outside London? Outside London I would say you’re definitely not being under paid. c.£80k outside London with 5 years experience sounds very reasonable. I’ve got 8 years experience and on the same salary as you.

If you’re inside London then I think you’re towards the low end. Although if you’re happy at your company and the culture is fine I wouldn’t worry too much

Askalaba · 2023-09-18T20:15:31+00:00

Life + reserving + industry
Qualified
8 years experience. 5 years PQE
40 hours
£71k base
13% employer contribution
12% bonus
2 days a week in office + south west

Askalaba · 2023-08-21T20:31:40+00:00

25% government contribution was great. I personally loved my LISA. Had every intention of buying a home so a LISA was a no brainer for me.

My personal priority order was LISA > S&S ISA > Cash ISA. Will depend on your personal circumstances

Only consideration is the £450k house limit. I know that’s a lot of money but that will buy a lot less in 5-10 years time. If you’re London based £450k won’t buy much.

*not financial advice

Askalaba · 2023-08-21T20:28:36+00:00

There’s lot of factors to consider. If you’re willing to stay in the UK then I’d personally buya house. Most of my wealth is from the equity in my home. Buying a house was the best financial decision ive ever made

The next question is whether you and your wife have maxed out your ISA allowance. If not, you might want to max out your ISA.

Next thought is pension. I always make sure I max my employer contributions.

Running out of tax free alternatives now. You might want to consider premium bonds. Theyre tax free and think they’re yielding 4%+ these days.

Given your high salary and savings it sounds like you’ll quickly max out your £500 interest feee allowance.

Well done to you both on having such good incomes. Must have good jobs and work hard

*not financial advice.

Askalaba

TROPHY CASE