The cuckoo has finally flown.
Re: The cuckoo has finally flown.
My accountant says the same as your last line
http://www.rathmhor.com | Coaching, training, consultancy
Re: The cuckoo has finally flown.
Good points all round, I probably have not considered that to get those tax benefits he would have to stay locked in until retirement, a long way off and probably no way out because of the tax not paid if it went tits up.
Can he add on to his mandatory 5% contribution to his Shell pension, on the assumption that if they can not get it right the world is in trouble. As I have really only been starting from scratch, it obviously makes sense to get advice from the experts now that the drawbacks have been pointed out. This would also apply to Ian who has made no arrangements yet, and to Clare when she returns to this Country and finds out from paying zero tax she is onto 20/40%.
Also they would be pursuing her to pay back her five years of Uni loans which she has not had to yet, although she had a Bursary for half of the amount so less of a sting than it could be.
Do we have any Financial Advisors on here for advice, quite happy to keep it in the family?
tut
ps:- no problem with him ever not being in a position to enjoy himself, just wish I could reel him in from enjoying himself so much. There are disadvantages to having a big house, he and his friends reckon it is the only place they can go back to after a night out to carry on, so that was even more of an incentive to get him his own house.
Can he add on to his mandatory 5% contribution to his Shell pension, on the assumption that if they can not get it right the world is in trouble. As I have really only been starting from scratch, it obviously makes sense to get advice from the experts now that the drawbacks have been pointed out. This would also apply to Ian who has made no arrangements yet, and to Clare when she returns to this Country and finds out from paying zero tax she is onto 20/40%.
Also they would be pursuing her to pay back her five years of Uni loans which she has not had to yet, although she had a Bursary for half of the amount so less of a sting than it could be.
Do we have any Financial Advisors on here for advice, quite happy to keep it in the family?
tut
ps:- no problem with him ever not being in a position to enjoy himself, just wish I could reel him in from enjoying himself so much. There are disadvantages to having a big house, he and his friends reckon it is the only place they can go back to after a night out to carry on, so that was even more of an incentive to get him his own house.
Re: The cuckoo has finally flown.
BigD is the place to start. Failing that, my lot - Alan Steel Asset Management.
http://www.rathmhor.com | Coaching, training, consultancy
Re: The cuckoo has finally flown.
thanks......
tut
tut
Re: The cuckoo has finally flown.
He probably can contribute more to the Shell scheme - would need to ask his HR about that - tax position would be essentially the same as going into an independent scheme, I think - though as usual get proper advice.
Depending on the nature of the Shell scheme, he may not have a lot of flexibility in the underlying investment choices - so assuming he decides to pay more into a pension, he might be better served to spread his risk between the Shell scheme and a conventional independent scheme with one of the usual suspects (Scottish Widows, etc., etc.). That way if he moves on to another employer he can continue to invest in the same pension. Also there is the option to do a so-called self-invest pension where he is in direct control of what the cash is spent on, so there is then scope to do stuff like buy property and feed the rental income back into the pension, etc. These are definitely not for the faint hearted and would be best done with the help of an adviser with experience in this type of pension (which is certainly not me!).
Finally, it should go without saying that nobody should be taking financial advice from a bank - always seek independent advice, even if it is only to corroborate what you're being told elsewhere.
Cheers,
Robin
Depending on the nature of the Shell scheme, he may not have a lot of flexibility in the underlying investment choices - so assuming he decides to pay more into a pension, he might be better served to spread his risk between the Shell scheme and a conventional independent scheme with one of the usual suspects (Scottish Widows, etc., etc.). That way if he moves on to another employer he can continue to invest in the same pension. Also there is the option to do a so-called self-invest pension where he is in direct control of what the cash is spent on, so there is then scope to do stuff like buy property and feed the rental income back into the pension, etc. These are definitely not for the faint hearted and would be best done with the help of an adviser with experience in this type of pension (which is certainly not me!).
Finally, it should go without saying that nobody should be taking financial advice from a bank - always seek independent advice, even if it is only to corroborate what you're being told elsewhere.
Cheers,
Robin
I is in your loomz nibblin ur wirez
#bemoretut
#bemoretut
Re: The cuckoo has finally flown.
Good news Tut - and Luke! As you might remember I'm an OIM with Shell so will keep an eye out.tut wrote:Just bought a house for Luke in Peterhead, but after next month he will be able to take over the financing for himself. He has just finished his two year apprenticeship with OPITO, and Shell have given him a contract, so his salary goes from £19K to £51K with a 20% increase very soon.
tut
I'll need to check my guys salaries as i didn't think the Trainee Ops Tech package was that high though!!!
Last edited by ChrisG on Sun Sep 01, 2013 8:09 pm, edited 1 time in total.
Re: The cuckoo has finally flown.
Even spending an hour on thisismoney.com will beat a bank hands down.
Making max use of Shares ISAs is valuable too. Up to 10k a year invested in the right funds will put you in a strong position one day. V tax efficient and more accessible than a pension. Those youngsters need access to their funds to get established so locking too much in pension is not always the best route.
Making max use of Shares ISAs is valuable too. Up to 10k a year invested in the right funds will put you in a strong position one day. V tax efficient and more accessible than a pension. Those youngsters need access to their funds to get established so locking too much in pension is not always the best route.
http://www.rathmhor.com | Coaching, training, consultancy
Re: The cuckoo has finally flown.
Yo Chris, having spent 20 years on the North Sea, the OIM is God, as a pilot I was JC.
Appreciate the offer, he is still very much a sprog.
tut
Appreciate the offer, he is still very much a sprog.
tut
Re: The cuckoo has finally flown.
Cheers Campbell, still getting my head around it, but with a lot of you guys in the same position, I knew that I would get valuable advice.
Posted a long reply to Robin, but BT screwed me up again and it disappeared into the ether. Had enough now so will call them tomorrow and if they can not sort it out I will cancel the contract as NFFP.
tut
Posted a long reply to Robin, but BT screwed me up again and it disappeared into the ether. Had enough now so will call them tomorrow and if they can not sort it out I will cancel the contract as NFFP.
tut
Re: The cuckoo has finally flown.
What contract?
http://www.rathmhor.com | Coaching, training, consultancy
Re: The cuckoo has finally flown.
18 months Broadband, line rental, telephone calls.
tut
tut
Re: The cuckoo has finally flown.
Oh yes, understand!
http://www.rathmhor.com | Coaching, training, consultancy
Re: The cuckoo has finally flown.
My other post evaporated somewhere Robin, but spent quite a long time reading up on the subject, and looking at low cost SIPP's at the moment, like the flexibility they give, and I would be able to keep an eye on it myself.
tut
tut
Re: The cuckoo has finally flown.
Just be sure you understand it all! Given pensions tend to be one way trips, you really must take some advice, I think.
Ta,
Robin
Ta,
Robin
I is in your loomz nibblin ur wirez
#bemoretut
#bemoretut
Re: The cuckoo has finally flown.
Definitely taking professional advice, but like to have some info on the subject beforehand.
tut
tut