IT contractors

gerabold

Active Member
Would you quit a long term contract where you don't like the work/people/environment if the option was to take a permanent job that although paid reasonably well would result in losing almost half your take home "pay". Or would you stick it out and look forward to early EARLY retirement.
 

Dunwa

Active Member
Depends on what other "non-take home" benefits you get, I.E. pension, health care etc.
 

mrtbag

Well-known Member
I pay 3% into my pension and my company match that. I get health insurance for me my wife and 2 kids. 30 days holiday also means a lot with the kids being young.

You need to ask yourself do you really need the extra money? Or would the security and benefits be better?
 

imightbewrong

Distinguished Member
Not to mention getting paid if you're off for extended periods either sick or injured. Unless you have some kind of insurance.
 

imightbewrong

Distinguished Member
What sort of percentage would an employer pay for an employees pension, generally?

Really depends on the company - my employer pays about 8% into my pension (which I match).
 

mjn

Distinguished Member
The company i work for, pay in 3% more than whatever i pay in, which is pretty good. Although the maximum they'll put in is 7%, but it just means i have to contribrute no more than 4%.
 
If your an IT Contractor, your an IT Contractor for a reason. If those reasons no longer make sense to you then you should switch back. Its a question of lifestyle.

Im an IT Contractor and pay absolutely nothing into a pension as I will have other means to keep me going during retirement. I enjoy the take home pay and reap the benefits from it (Have just bought a Sky HD Box today - hoorah).

If in the future I get ill or injured or feel the need for security and a pension I would revert back. If I was working in a place where I didnt like the people, so long as I could do my job effectively then I wouldnt give two hoots. Again its a lifestyle thing. If working with people you like is something impoirtant to you, you are as likely to fullfil this contracting as you are being permie. There are ar5eh0les everywhere. Similarly there are decent people out there.

Lie back and think of the money.
 

imightbewrong

Distinguished Member
Im an IT Contractor and pay absolutely nothing into a pension as I will have other means to keep me going during retirement.

Other means that are more efficient than a pension? When you put money into a pension you get 40% back instantly (if you are a high-rate tax payer). You're doing well to beat that.

If in the future I get ill or injured or feel the need for security and a pension I would revert back.

"Hello, I'm injured and can't work - will you give me a job and then pay me while I sit at home?" - not sure how you are going to pull that one off.

Also, why do you need to be in permanant work to have a pension?
 
Other means that are more efficient than a pension? When you put money into a pension you get 40% back instantly (if you are a high-rate tax payer). You're doing well to beat that.



"Hello, I'm injured and can't work - will you give me a job and then pay me while I sit at home?" - not sure how you are going to pull that one off.

Also, why do you need to be in permanant work to have a pension?

I laughed when I saw your name, kind of like a disclaimer :thumbsup:

Anyway, addressing your points:

Other means that are more efficient than a pension? When you put money into a pension you get 40% back instantly (if you are a high-rate tax payer). You're doing well to beat that.

I never said what I was doing was more efficient. I have paid into a pension for 8 out of the 10 years I have worked. Now I plow all my money into property, which is my choice to do so before you ask. This provides me with the benefit of growing my money through equity which I can access at any time, unlike a pension which is locked down until you retire, assuming you don't die before then that is.

"Hello, I'm injured and can't work - will you give me a job and then pay me while I sit at home?" - not sure how you are going to pull that one off.

a) Work from home. Even disabled people can work you know, or are you of the opinion they are all on the disability. I'd find a suitable job, which in IT wouldnt be hard :).

b) I would not tell them at interview I was injured, id take the job, work for 3 month trial period triggering full benefits then go off on the pat and mick.

c) if i was totally cabaged, disability would provide me with a good income anyway. Paid for car, housing benefit, income support! Happy days.

Also, why do you need to be in permanant work to have a pension?

If your asking me, you don't need to be in permie work.

If your telling me. I never said that you did.
 

Dunwa

Active Member
What sort of percentage would an employer pay for an employees pension, generally?

I contribute 6% into a pension which the company then double matches (6% + 12% = 18% Total). I also get private Health care, Life insurance, child care vouchers, share options and 25 days paid holiday. All in all it adds about 20K onto my take home package.

Mind you after reading the Tube strike thread I might chuck it in and become a tube driver.
 

imightbewrong

Distinguished Member
I laughed when I saw your name, kind of like a disclaimer :thumbsup:

Yes, see my sig:)

I never said what I was doing was more efficient. I have paid into a pension for 8 out of the 10 years I have worked. Now I plow all my money into property, which is my choice to do so before you ask. This provides me with the benefit of growing my money through equity which I can access at any time, unlike a pension which is locked down until you retire, assuming you don't die before then that is.

I don't want to turn this into an investment thread, but I would have thought spreading your portfolio was a better way to go, to include a pension - if for no other reason than taking 40% of *your money* back from the government :)

a) Work from home. Even disabled people can work you know, or are you of the opinion they are all on the disability. I'd find a suitable job, which in IT wouldnt be hard :).

b) I would not tell them at interview I was injured, id take the job, work for 3 month trial period triggering full benefits then go off on the pat and mick.

c) if i was totally cabaged, disability would provide me with a good income anyway. Paid for car, housing benefit, income support! Happy days.

This looks like a bit of a fantasy to me. If you are the kind of injured where you can still work (and go to an interview without looking injured), then you're not injured!

If you drive your car into a tree and spent 2 months in hospital and 2 months recovering you would be in trouble.

Of course it all depends on what your responsibilites are at home. If I ever went contracting (which don't get me wrong is very tempting!), I would make sure we always had at least 6 months living expenses as higly liquid assets in case of the worst. (note, you might suddenly find that property is not that liquid when you need the cash quickly).

Anyway, isn't disability 61 quid per week?

If your asking me, you don't need to be in permie work.

If your telling me. I never said that you did.

Sorry, I thought you were saying that here:

"If in the future I get ill or injured or feel the need for security and a pension I would revert back"

Apologies if I misinterpreted.
 
Yes, see my sig:)



I don't want to turn this into an investment thread, but I would have thought spreading your portfolio was a better way to go, to include a pension - if for no other reason than taking 40% of *your money* back from the government :)



This looks like a bit of a fantasy to me. If you are the kind of injured where you can still work (and go to an interview without looking injured), then you're not injured!

If you drive your car into a tree and spent 2 months in hospital and 2 months recovering you would be in trouble.

Of course it all depends on what your responsibilites are at home. If I ever went contracting (which don't get me wrong is very tempting!), I would make sure we always had at least 6 months living expenses as higly liquid assets in case of the worst. (note, you might suddenly find that property is not that liquid when you need the cash quickly).

Anyway, isn't disability 61 quid per week?



Sorry, I thought you were saying that here:

"If in the future I get ill or injured or feel the need for security and a pension I would revert back"

Apologies if I misinterpreted.

Haha, never saw your sig first time round.

Your prob right - it does make sense to invest in the pension, however I am contracting to build up a large pot of money as my circumstances currently allow it. This isnt to say that at some point in the future I will not take advantage of the tax benefits of investing in a pension. Its just not really for me at the moment.
 

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