UK Contract Workers

I start my new job on Monday and I'm going to be on Contract work, paid hourly (no jokes please).

Are there any contract workers out there who know how much, as a rule of thumb, to put aside for a pension?

The more you put in the more you get out. Will your new employer match what you put in?

No. That's why I want to put a decent amount in.

its seems to me that the less time you spend on NOOL the more you'll earn.

ahhhhhhh the joy of salary.

I won't be on at all any more (during the day at least!)

Looks like you'll be working on the checkout of Tesco on the evening shift all summer then.

To be honest though,in 25/30 years by time you need it things will have changed so much (for the worse) is it worth worrying about these days?

Say when you retire, your private pension paid £200 a month, the goverment will probably take it into account and deduct that amount from your state pension.

Probably better sticking it in a high rate savings account or something.

Missy Jem wrote: I won't be on at all any more (during the day at least!)

Missy Jem wrote: I won't be on at all any more (during the day at least!)

I've forgotten what the medical term for that is called? Oh yeah, OLD AGE!!!

Ask your accountant.

You can claim tax relief on payments into stakeholder pension up to a certain amount. The best advice is to make this maximum payment each year and pay any more spare cash that you have into some other form of investment. Then structure an investment portfolio of isas (up to the maximum of £4k pa for mini- or £7k maxi-), Premium Bonds (up to the maximum holding) and stocks and shares if you’re so inclined.

The best retirement planning is to diversify. Early repayment of any borrowing (including mortgages) makes sense. What’s the point of investing money that you are effectively paying interest on?

Alternatively, have you thought about simply spending the fucking lot on clothes, drink and drugs and forgetting about the future? Not done me any harm (yet)

Pension? Thought that was a big house in France!

Why would anyone want a fucking pension? We'll all be working till we're fucking 80 anyway, and then it's just a few years of incontinence and increasing senility before you pop your clogs.

the whole pension thing gives me a pain in me crack anyway - i've no intention of ever giving up work, i'll probably cut back to 2 or 3 day week, but I don't see the point in just STOPPING

otherwise i've got insurance that should cover me if i get too ill to work.

and there's always the miniscule state pension to have a moan about

Like i've said before, If i get to the age of fifty, i;d be tremendously disappointed. So fuck a pension.

Incidentally, my flatmate views his inheritance of his mum and dad as his 'pension'- and uses this as an excuse as to why he doesnt want/need a particularly well paid job. Is it just me or is that a bit scummy?

Uncle Liam wrote: Like i've said before, If i get to the age of fifty, i;d be tremendously disappointed. So fuck a pension.

Incidentally, my flatmate views his inheritance of his mum and dad as his 'pension'- and uses this as an excuse as to why he doesnt want/need a particularly well paid job. Is it just me or is that a bit scummy?

So it's 'would you lot just DIE - i'm f-ing BROKE here' obvoiusly LOVES his family (why isn't there a :wanker: smilie? )

BIGINOIL wrote:

Alternatively, have you thought about simply spending the fucking lot on clothes, drink and drugs and forgetting about the future? Not done me any harm (yet)

Thank heavens somebody's talking sense

Missy Jem wrote: I won't be on at all any more (during the day at least!)

I'm calling bullshit on that one!

Can't see me making it past 60 so i couldnae care less. (cue me lasting to 153)

I am actually quite interested in this, as it is something I know very little about, but need to pretty soon. I'm leaving my main job in June after 12 years, getting the civil service pension frozen and a pay-off, and don't know whether to go self-employed, seek similar work, or a total career change.

One thing I am going to do though is set up a record label along the same contractual lines as Factory was - any interested artists let me know!

You'll end up bankrupt, destitute, suffering from ulcers, and being called a cunt by some ungrateful shower of shites who sold out on you when the going got tough.

yeah but I'll do that anyway!

oldmonkey wrote: I am actually quite interested in this, as it is something I know very little about, but need to pretty soon. I'm leaving my main job in June after 12 years, getting the civil service pension frozen and a pay-off, and don't know whether to go self-employed, seek similar work, or a total career change.

One thing I am going to do though is set up a record label along the same contractual lines as Factory was - any interested artists let me know!

Interesting to note this TIM.At the moment i am thinking of cashing in some of my pension that i froze in 1999.HAving been clobbered with endowment policies returning FCUK ALL and my earnings potential very LOW at the moment i can't seem to worry about what may happen in 15-20 years time.I saw a lot of dad's money get taken away by the STATE when he needed it the most and it does make you wonder wether it is all WORTH it!

I recently sent off for transfer values for all the little pensions I have accumulated over the years of jumping jobs... I discovered I actually had two pensions with one company which was a nice surprise.... I'm probably gonna leave them where they all are.. but it's good to keep a check of their value every once and a while.. they all amount to not very much.. but I'm now sticking my spare cash into isa's & premium bonds and don't currently have an active pension....

We also decided to stay in our two bed flat (with no mortgage) instead of taking out a huge one and expanding into a house...

if i get retired now, due to unforeseen circumstances, i'll get a pension of $35,000 a year. that hardly is enough to keep me in the style I'm accustomed to. If I just quit my job I won't be able to access most of my super till I'm about 65. So I'll just have to keep working until i'm 65 or win lotto, whichever occurs first.

i have been putting 10% of my salary into superannuation for 10 years now, due to their fancy accounting that should soon actually compound nicely.

Ah crap I sound like a boring old fart. Perhaps I should just quit my job and find something i'm actually good at.

I regard this phase of my life only a holding pattern anyway. It will soon change one way or the other.

edit:

anybody on a contact would be well advised to save a good percentage of their income and not touch it. there are super schemes you can join or do as biggie jokingly suggested invest in shares etc.

Missy Jem wrote: I start my new job on Monday and I'm going to be on Contract work, paid hourly (no jokes please).

Are there any contract workers out there who know how much, as a rule of thumb, to put aside for a pension?

It all depends on:

1. how old you are now,
2. how much savings you have,
3. when do you want to retire

You will need to save about 10% of your gross salary. You can get tax relief on this amount if you start a pension scheme through a building society.

Alternatively you can save in Premium Bonds, ISA's or unit trusts or other types of saving bonds. You will need to get advice from a Financial Advisor though, which is usually free. Go to your local Building Society.

If you have a really good collection of Joy Division records you could sell them on eBay?

I'm saving 7 percent in my 401k (3% from me and 4% from my employer) and 10 percent in a savings account. but I'm a kitten so that's enough for me now..

the 7percent is pre-tax and the 10% is from my paycheck so it's probably somewhere closer to 8% of gross or something...

Chrissy says, 'RELAX'! wrote: I'm saving 7 percent in my 401k

401k? i didn't know you were a 'high class' working girl...

10-12% just incase you make it that far..Remember to blow absolutely everything else having a good time though,cos can't take it with you.. As some NOOLers are aware,our firm just got took over by Ratan Tata Tata ay! One positive,is they have promised to up the pensions contributions until 2012,and we all are one a nice little earner selling our Corus shares back to Ratan at an inflated price an all.Result!

Hopefully Ratan won't shut us down and move operations to India,sounding the death of the British Steel Industry.Hopefully. You know what these greedy corperate fuckers are like,so it's a concern.. Anyhow 10-12%

Steve wrote:

Chrissy says, 'RELAX'! wrote: I'm saving 7 percent in my 401k

401k? i didn't know you were a 'high class' working girl...

Drugs Mule CM

Steve wrote:

Chrissy says, 'RELAX'! wrote: I'm saving 7 percent in my 401k

401k? i didn't know you were a 'high class' working girl...

:)

CuanaD - D-plus wrote:

Uncle Liam wrote: Like i've said before, If i get to the age of fifty, i;d be tremendously disappointed. So fuck a pension.

Incidentally, my flatmate views his inheritance of his mum and dad as his 'pension'- and uses this as an excuse as to why he doesnt want/need a particularly well paid job. Is it just me or is that a bit scummy?

So it's 'would you lot just DIE - i'm f-ing BROKE here' obvoiusly LOVES his family (why isn't there a :wanker: smilie? )

Your flatmate needs to know two things. 1,Inheritance tax 2,if they end up in an old folks home,there wont be any money.

Never had a pension. Never will have. Any spare cash I've got goes into bricks and mortar. Garauntee, pound for pound, I'll be better off than anyone paying a large chunk of their hard earned bread into what's supposed to be a "safe" investment for their future. In about five years time I'll have a wee flat in Ibrox that I bought in '97 worth six figures, with no mortgage on it and a tenant paying four and a half tonne a month in rent. How much would a pension have cost me and how much would it now be worth in the same 16 year period?

BIGINOIL wrote:

Early repayment of any borrowing (including mortgages) makes sense. What’s the point of investing money that you are effectively paying interest on?

Exactly. Fucking baffles me why people don't see this. Bollocks to yer ISA's and their "slow and steady" returns. If you've got 7K a year to burn use it to reduce any mortgages. Common sense.

PM me for any other financial advice including tax avoidance, minor VAT fraud and acquisition of multiple mortgages while self-employed.

Seems at this point in my life I am able to save about 7%, but yet some sort of "emergency" drains that amount. Kids have really done me in (well, that and that my wife stays at home with the kids). Before I was married, was able to save up to $100,000.....now after buying a house, a couple of cars, furniture, I've been stuck at 18k, and can't seem to increase it for the last four years. Can't wait for the wife to start making a little on the side after the daughter starts school (2 more years).

But as for advice, everyone tends to spend what they earn and can't imagine living on less. However, use automatic transfer to another account if you can, and in a couple months you won't notice the dent.

Suggest first moving your money to a money market account. Its just like a checking account, except it usually makes about double the interest of a savings account. The good thing about this is to access it requires you to take a large sum out (like $250-$500, depending on the mutual fund company) this way you don't nickel and dime it. Then once you have a good buffer, you can transfer those funds from the Money Market account into other investments like 401ks; mutual funds; etc. This way you have control of your money, and how exactly you want to invest it at that moment.

(sorry stuff isn't in pounds)

Just my 2 cents.