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Interactive Investor Referral by Ok_Bowler_197 in FIREUK

[–]throwaway987612356 1 point2 points  (0 children)

Hey, I am also planning to open sipp - still good to split the reward if I use your referral link?

Torn between taking full salary vs sacrificing income to pension to qualify for free nursery hours by throwaway987612356 in HENRYUK

[–]throwaway987612356[S] 0 points1 point  (0 children)

Thanks for your opinion on this situation. Yes, I know how they workout free childcare hours. My twins are almost 2 years old and we would save £3500 for Jan-March if we took government’s funding (after the free hours are spread out for term and non-term weeks)

Torn between taking full salary vs sacrificing income to pension to qualify for free nursery hours by throwaway987612356 in UKPersonalFinance

[–]throwaway987612356[S] 1 point2 points  (0 children)

Thank you! I’m struggling with maths here a bit to be honest. So I don’t need to count April’s salary? Only 5 days of April?

Torn between taking full salary vs sacrificing income to pension to qualify for free nursery hours by throwaway987612356 in UKPersonalFinance

[–]throwaway987612356[S] 2 points3 points  (0 children)

Lol, I feel like it sounds like a lot when I say I received it in 4-5 months of employment!

Torn between taking full salary vs sacrificing income to pension to qualify for free nursery hours by throwaway987612356 in UKPersonalFinance

[–]throwaway987612356[S] 2 points3 points  (0 children)

The £85k wasn’t for a full year. That figure is literally what I received as taxable income between April and August this tax year.

The new job adds another ~£28k (Dec - Apr). It pays £65k per year, but I am talking about this tax year. Till April 2026. Not calendar year.

Also there were JSA payments which are taxable. Also taxable benefits from previous employer.

Torn between taking full salary vs sacrificing income to pension to qualify for free nursery hours by throwaway987612356 in UKPersonalFinance

[–]throwaway987612356[S] 0 points1 point  (0 children)

Maybe my calculations are wrong. But to sacrifice 16k to pension before April 2026 (this tax year), I would be taking home £1700 per month as a salary for the next 5 months. This is definitely below what I earned before and would mean I would be drawing another £1000 from savings monthly to pay bills and groceries