I have contracted a few years ago, but made the best out of a redundancy situation, and walked away with 6 months permie salary.
So, I now have around 8 months of contractor money as the warchest, which is in reality around 3-4 years of living expenses (my mortgage is down to around £200 a month with £50K owing – I have my home for life, will not be moving, unless I choose to downsize).
Main query is about pension – while the money contracting is good, I want to ensure I invest my pension wisely. I am going through an umbrella.
I gather the limit is around £40K per year for pension, so what is the view on maximizing my current 3 months contract into the umbrella pension, then transferring it over to my Scottish Widows pension as close of contract? I would be looking to maybe put 50% to 75% into the pension pot.
So, I now have around 8 months of contractor money as the warchest, which is in reality around 3-4 years of living expenses (my mortgage is down to around £200 a month with £50K owing – I have my home for life, will not be moving, unless I choose to downsize).
Main query is about pension – while the money contracting is good, I want to ensure I invest my pension wisely. I am going through an umbrella.
I gather the limit is around £40K per year for pension, so what is the view on maximizing my current 3 months contract into the umbrella pension, then transferring it over to my Scottish Widows pension as close of contract? I would be looking to maybe put 50% to 75% into the pension pot.
