Paperwork for new employer pension arrived

My new paperwork has arrived to explain the contributions and the way the pension will run. It also comes with an online account so I can see how its performing and how much is being contributed.

I can even change the fund allocations easily. It all sounds ok, although how long I will be with my employer fluctuates from day-to-day based on the rollercoaster ride that is the office politics and management decision making that’s going on.

My work colleague left yesterday (he was a contractor) so his contract has ended and the management couldn’t give him a good offer to stay. i.e. they couldnt guarantee 3 months work. They only wanted to give him another 3 weeks! Ridiculous.

Some light reading over the weekend and also check my investments and post my monthly finishing point.

When I checked the other day – my Net worth had increased by 8% and my SR for Feb was 56%. Pretty happy with that.

Listening to a podcast on site by JL Collins. Talking on funds and how he made it and the mistakes he made along the way.

Interesting how I remember reading about my ancestors who were ‘self supporting’ in the census and it made me want to be like them. Today, that ‘self supporting’ title is better know as FI or self-employed or business owner.

Glad I am keeping up the family trait.


Company Pension

This month I finally qualify to join the company pension scheme with my current employer. I received my payslip today, get paid at the end of the month, so I can now see how much I am contributing to their scheme.

I now need to dig out the pension scheme paperwork that was given to me on my first day, 3 months ago, and see what the contribution rate is for both employee and employer. I know it is far less that my last employer because the amount taken is significantly lower – about half! I also need to know what happens if I leave work early, so if/when I pull the plug I know what I can do with that money pot.

After the experience with my last employer, where I was ejected from their pension scheme because I had been there less than 2 years (via an enforced company buy-out). I had to find a new home for my pension money within 3 months or I would only get my employee contributions back rather than the transfer value. That was quite a bit of money to lose.

I am still waiting for The Pension Advisory Service to get my pension contributions paid from my old employer after the buyout completed. Its a few hundred pounds which over the timeframe of now and my retirement date would have a chance to grow and make money for ME rather than sit earning interest for them.

Feeling good

Well, I have processed the final ISA top-up into a Global Index ETF in this year’s account. I have now maxed out my allowance for this year (given the monthly payments left to make 🙂 ) that means that I have a reasonably high savings rate this month given my other expenses, so feeling chuffed!

I have added some extra money into my pension (taking advantage of the high rate tax relief while I can) and now need to look at paying off some of my BTL mortgage. If that is worthwhile?

It would be good if I could squeeze some extra cash out of that each month when I give up my job and become reliant on my rental and investments for income. While I am working, I am trying to snowball the money into FI pots to work for me long-term.

I cannot gain access to one of my pension pots for another 8 years. Its not enough to pay off the BTL but would make a good dent in it. The other two are old skool accounts, one being a company defined benefit scheme – not many of those around now – and I cannot access this until I am 65.