The start of October

Where has this year gone?

It seems to be rocketing by and I still have so much to do and learn. I have been reading Tim Hale’s book. I am trying to work out my portfolio split. Luckily my ISA account gives me this info for my ISAs (its a 70/30 split between equity and bonds).  But I also have shares held outside my ISA and also cash held in accounts as well as my pension funds – one of which is on a 90/10 equity & bond split at the moment.

All this nice time ‘working’ my notice out has meant I can spend some time reading and getting my house sorted before I start my new job with a new employer next month. My new job is a pay cut – looks like that is the way at the moment in the UK. If you want a job that’s near to your home – then expect a pay-cut! Employers are expecting more from their employees for less.

The offset of benefits v. rewards in action. The roller-coaster ride of my redundancy continues as it has now been announced that the company I currently work for has been sold again! So another owner – wow – I think that is 3 owners in the last 6 months!

SO with this new bombshell, another restructure is on the cards and just after we all thought we knew where we all stood, those with continued employment are now under threat again. I am so glad I am leaving soon, only 4 more weeks to go and counting down the days! I have been given work to do – a shock to the system – and it has been good as it means it will not be a big shock when I start my new job and have to work harder than I am currently expected to.

BUT –  now we have a new owner – the projects are now back under review and are likely to be canned. The new owner has their own system, so the IT team’s days are numbered as they will want to consolidate the team – that’s what I would do if I was the new owner. The new owner has plans and as the parent, it will have the say over what happens, which will be to merge the operation into their current system and offices. I worked for a company where a ‘company buy’ took place and as the parent company, we went in and merged their system into ours to reduce costs and consolidate. Then just kept the staff that were needed to fill specific roles, which for the IT side was none.

The plus side to this news is that maybe the new owners will let us take PILON and let us go for the last month rather than have us clog up the office.

I have asked the question – don’t ask, don’t get – and up to now it has been refused. Maybe these new owners will have better sense. It will make our pension arrangements even more confusing – as I am still waiting for the new pension pack for the ‘back-dated’ employer contributions and my ‘now’ 1 months pay contribution.

The new owner has their own scheme and under TUPE, they have to provide a continuous pension – so what will happen as I have just 1 month left – where will this sorry payment go? Under PILON – the pension payment does not happen – so it would reduce their costs and get them out of this sorry state.

I want to get the employer contributions I am owed as its all free money to help me reach FI! So I shouldn’t give up on this to easily. I have found that I cannot join my new employer’s pension scheme until next year! I have to wait 3 months, so there will be gap in my pension contributions.

Getting a reasonable pension provision and savings is worthwhile for me at the moment due to the tax breaks. It also means I can review my FI plan, use equities/rental/investments to provide me an income up to pension age, then use my pension as my income pot.

I need to do my monthly income report and see where I am. All this turmoil in the markets has been hitting my share values – I own Tesco ‘oh no’ and the market seems to be going down. An opportunity to buy some cheap stocks but not until I have read Tim Hale’s book some more!

I am steering well clear of supermarket stocks and will try and ride out the storm on Tesco – as they are still a big player in their sector – as I am in for the long-term so could do with covering my costs and then maybe moving the money to another sector, I can wait. This is where Tim Hale’s comment on spreading the risk is so apt.

Right, off to do my monthly reports…

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