Taking a 4k pay cut
- Thread starter Jonnybmac
- Start date
Still awaiting the details to be sent, was told it would be end of today at the latest. I have provisionally said yes to the agency but requested written details of the contract before i make any major decision as i would like confirmation on everything. Also waiting to see if he honours the increase in pay.
Yeah, it all sounds too good to be true. I hope it isn't. He did say he wasn't 100% on the pension it was around 26 or 27%. Even somewhere near is pretty good but im still eagerly waiting for more information.
I contacted the agency dealing with me this morning and they said word was that it is very very positive they are having discussions at their end. When i asked what was causing the delay, he was reluctant to say but said they were in talks over pay. So i believe the manager who was dealing with me is pushing to up the salary from 20k, hopefully.
Thanks.
Yeah, i probably would not have highlighted it to be fair, and the fact he knew I'd join even at 20k but also on the knowledge I would struggle and has gone out of his way to match my wage says a lot about the person he is. He could well have just signed me up at 20k
Yeah, i probably would not have highlighted it to be fair, and the fact he knew I'd join even at 20k but also on the knowledge I would struggle and has gone out of his way to match my wage says a lot about the person he is. He could well have just signed me up at 20k
Bloody hell, I reckon you've got a keeper there!
Congrats! The best of both worlds, same pay AND better career progression and prospects
Definitely. Especially when he knew I would have gone at 20k, yet still pulled strings to match my current salary.
Just got my benefits pack through the post.
Pension:
Gold (3% contribution) = 17.5% pensionable pay
Platinum (6% contribution) = 22.5% pensionable pay
Share scheme: buy one get 2 free, limits 1%, 2% or 2.5%
So I worked out for my salary
Pension:
Gold = £4,200 from £720
Platinum = £5,400 from £1,440
Share scheme:
1% = £720 from £240
2% = £1,440 from £480
2.5% = £1,800 from £600
So if I stay on a gold pension with 3% contributions but also use the 2.5% share scheme, I'll save on contributing 0.5% of my wage only contributing £1,320 a year yet I'll have a total of £6,000, which is £600 (£720 if you include the 0.5% saving) more than the platinum and I can withdraw the share scheme one after 5 years tax free. This is obviously providing the shares stay at the same price I bought them at.
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The platinum I am not getting as much returns as the gold I believe.
Gold
3% =17.5%
2.5% = 7.5%
Total 5.5% = 25% = 4.5 times contribution
Platinum
6% = 22.5%
2.5% = 7.5%
Total 8.5% = 30% = 3.5 times contribution
So yeah I would get 5% more per year, but I'd be putting in 3% more a year to get it, which really only equates to a 2% extra benefit from the company. They also have an additional ISA savings where they match up to 3% of my savings and put it into my pension pot. I need to ask more about the terms of this but they apparently do it to promote savings or as an alternative they match an additional 3% with 3% into a pension fund so realistically I could well bump the gold to 8.5% = 31%. I'm not sure if you have to be on the platinum membership to benefit from the extra, I'd assume you do because it seems pointless even going onto the platinum unless you want to max out completely.
The only downside to the shares is the pensions the % equals the % where as the shares scheme could well go up or down.
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Honestly when you get such contributions like that it makes me question being self employed
Think I've been pretty lucky to be fair. You don't normally see pensions like this anymore
I'm not sure I understand a lot of the benefits but you can get a bit carried away with savings etc from what i can gathet. If I was to earn over 46k I would be entitled to an investment membership. Is that on top of the credit account also or instead since a larger salary = larger contributions and the investment contribution is lower.
It does say on the other page also that they're added together so not sure if that means past credit with current/future investment if you got promoted above 46k.
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Removed picture of pension leaflet as Im not sure if I'm allowed to share
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I agree but then if i max put everything I would be looking at 11.5% contributions. Maybe at a later stage when i have more floating money I can do this but that's just top much to put 3k of 24k into a pension. I could stretch to 6% which would be best spent dropping to 5.5% with pension and shares
I pay 2.5k out in child maintenance and also it's a 50 mile round trip so although I could and would sacrifice 4k I would have really struggled on 20k but obviously it would be a necessary sacrifice. The shares you need to keep in 3 years before you can remove or 5 years to be tax free. The ISA Im not sure on how long you have to keep your savings in before withdrawing but they match up to 3% that goes directly into the pension pot.
I agree the rates are generously high and I'd love to max it out but 25% from 5.5% is a good start. In a couple years when my pay increases I could max my contributions to 11.5% = 33%.
Actually just read again and I can't join the share scheme until a year so I may as well go on the platinum until then.
Thank you
I agree the rates are generously high and I'd love to max it out but 25% from 5.5% is a good start. In a couple years when my pay increases I could max my contributions to 11.5% = 33%.
Actually just read again and I can't join the share scheme until a year so I may as well go on the platinum until then.
Thank you
Thank you for the offer. Seems like there is a wealth of engineers on this forum
Yeah I used to use and program Delcam, now Autodesks PowerInspect with a Faro-arm, and also operated a large flat-bed CMM machine on a grantite bed using PC-DMIS, but only gained basic internal training on that, and never really cared to learn much of it. I did not want to be stuck in that position of knowing too much in terms of CMM considering I already felt trapped in quality due to the Faro-arm; plus from what I read on forums I'd see veterans on there asking for help so it seemed a pretty complex package to bother learning that in a few years would be of no use.
Wasn't Manchester Met was it? We got most of our probes etc from there. Lost a few miss hanging the arm on the magnet and it would swing down and crack the tip
. That's pretty much the case especially since it was only really me and another guy, who really had no interest to learn so became me as the go to guy and all the weight of the department.
To be honest i presumed they made stuff themselves as they had their name on parts but it was probably just engraved and reselling.
CMM is the future of inspection now mind, especially the laser trackers - they still need development to be more accurate mind but it's nearly there.
CMM is the future of inspection now mind, especially the laser trackers - they still need development to be more accurate mind but it's nearly there.
Dream job; keep having to pinch myself to ask if it's real. Days have just flown by and I've actually stopped back each night because I wanted to.
Flexi time so I don't even have to say when I come in or leave I just turn up so long as its between 9:30 and 4.
Today I've had training by printing off an old design of a job, that I was asked to then sketch new ideas on top before drawing them up in CAD which I did.
Pretty simple design and task really but has took me all day although there has been no pressure so far, just trying to be creative but also keeping it as simple as possible.
Hopefully my workflow and thought process improves and I become more efficient, it's scary but exciting, as everyone around me seems so much more clued up - but it's a level I can set myself to achieve hopefully, though I have a lot of learning to do.
Also found out my pension is different to what I initially thought. Its not 3% = 17.5% and 6% = 22.5%, it's actually their contribution so 3% = 20.5% and 6% = 28.5% which I think is insane.
Thanks for asking by the way.
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Thank you both for the advise it seems there's a wealth of engineers in this place that are all happy to offer assistance. My boss is pretty keen on passing down information. He sets an hour a week for a technical talk of choice where everyone sits down to discuss a subject. I got tasked choice and chose fasteners, as the broad range of different fasteners available to choose from scares me in knowing the ideal fastener.
My work has been scrutinised to the nth degree also, checking my tolerance allowances and even the presentation of my drawings with dimension spacing and to link dimensions in the same view for the difference processes i.e dimensions to cut out a pocket all in one view.
My work has been scrutinised to the nth degree also, checking my tolerance allowances and even the presentation of my drawings with dimension spacing and to link dimensions in the same view for the difference processes i.e dimensions to cut out a pocket all in one view.
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