Originally posted by DelboyTrotter
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Previously on "Pension contribution % at IB vs hedge funds"
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Happy Friday fellow contractors
Could I please ask your advice and hope I do not get flamed on the following
I have started back in the UK on PAYE perm. I want to pay into my pension to reduce my tax - I think I have two options
1) Have the payroll deduct the amount from my payslip and enroll into the group pension (The employer wont contribute anything extra if I do that including the NI that they save)
2) Make a pension contribution myself at year end and recover the tax saving by self assessment which I am required to submit each year.
What is the difference between (1) and (2) from the employee (ie my point of view) - I remember eek saying something along the lines of if I did (1) then the NI the employee paid would also be reduced but I cannot find that thread and I am not sure if that is the case
For arguments sake suppose I make a 30K pension contribution through option (1) or option (2) - What would thenet difference be if any?!
Happy Friday
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It's also quite common for the pension contribution percentage (say 10%) to be based on a "pensionable" salary than your "actual" salary.
eg. (from memory) At UBS, the max pensionable salary was £100K when I was permie there.
--Jatinder
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Originally posted by NowPermOutsideUK View PostI just took a role back in London now. Financial services. Salary is high as perm but pension is 3% from employer!
Out of interest, what’s the lowest % the employer is obliged to contribute?
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Originally posted by DelboyTrotter View PostI know of another investment management firm that makes a 16% monthly contribution
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I just took a role back in London now. Financial services. Salary is high as perm but pension is 3% from employer!
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Currently employers 10.8% at an investment management firm in the city, no matching of any employee contribution: just 10.8% and you can throw in what you want.
I know of another investment management firm that makes a 16% monthly contribution and matches these contributions up to 2% as well as make an additional contribution equal to 10% of the monthly amount you pay. So if you paid 2% of your salary into your pension each month, you’d receive a contribution from the company of 18.2% on top of that.
Last edited by DelboyTrotter; 27 October 2021, 19:38.
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Originally posted by eek View Post
Which part of used did you not grasp.
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Originally posted by TheDude View Post
Deutsche offered a flat 11% for a perm position (which I declined) - it used to be 20% at my age.
Are you saying the employer pension contribution varies with age, the older you are, the more generous the employer's input?
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Originally posted by ContractorBanking View PostIt's been a while since I was a permie but what are the typical pension contribution rates at tier 1 IB these days and US hedge funds?
I was at RBS in 2006 where they contributed 13% into your pension.
In 2008 I was at Barclays where their contribution was 10%.
I've been applying for permie roles and expecting to get two offers - IB in Canary Wharf and a hedge fund. I'm in my mid-40's so pension contribution is high on my list.
No idea on the hedge fund pension contribution but I've seen rates around 3% in financial services (non-IB) so have no idea on the going rates at hedge funds. I hope this is not typical as its abysmal.
Anyone have any recent experience on pension contribution rates, would love to hear.
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It depends on what that firm thinks is enough.
so it may be little or it may be 80% of your salary (which is roughly what the Bank of England offers from distant memory).
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Pension contribution % at IB vs hedge funds
It's been a while since I was a permie but what are the typical pension contribution rates at tier 1 IB these days and US hedge funds?
I was at RBS in 2006 where they contributed 13% into your pension.
In 2008 I was at Barclays where their contribution was 10%.
I've been applying for permie roles and expecting to get two offers - IB in Canary Wharf and a hedge fund. I'm in my mid-40's so pension contribution is high on my list.
No idea on the hedge fund pension contribution but I've seen rates around 3% in financial services (non-IB) so have no idea on the going rates at hedge funds. I hope this is not typical as its abysmal.
Anyone have any recent experience on pension contribution rates, would love to hear.
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