New job but no pension and health care
Discussion
Hi chaps, I have secured a good job with a good salary or so I thought until I realised there is no health care (not so much of an issue as in a year the wife can put me on hers) but the biggest thing is they offer no pension contribution. There is a stakeholders pension (not sure what that is). Most companies from what I have seen offer 5-15% contributions.
I like the job a lot and it is exactly what I want to do, the company is small and I am happy with that, and the salary is good but I am quite disappointed with the no contribution. It makes my good salary not so great and I know I can get a better package if I hold off however I do not know if I can get a similar type of job.
What would you do in my shoes? Bite the bullet and take the offer? I am in split minds now.
I like the job a lot and it is exactly what I want to do, the company is small and I am happy with that, and the salary is good but I am quite disappointed with the no contribution. It makes my good salary not so great and I know I can get a better package if I hold off however I do not know if I can get a similar type of job.
What would you do in my shoes? Bite the bullet and take the offer? I am in split minds now.
Kudos said:
Have you accepted it? Handed in your notice from the other?
If not, negotiate. If you have accepted/resigned, I doubt there is much you can do other than ask nicely
Hi Kudos,If not, negotiate. If you have accepted/resigned, I doubt there is much you can do other than ask nicely
I have verbally accepted but not signed the contract and I have not resigned.
I have already negotiated the salary up at the interview; that was before I knew there was no pension and health care. My previous company was 11pc on pensions.
with this job offer my salary has jumped by 25% but if i deduct pensions and health care I am not that much better off at all and the 25pc increase is really just 6%.
It's a good job though, the bonus is not fixed and I have no idea of how much I will be getting or not getting.
I recently qualifed as an accountant so I want my next job to be right and also the package to be good. I feel a bit hestitant now. I have the weekend to think it over. I have not spoken to the consultant that is dealing with the job about it as of yet.
Regards,
Lp
Edited by Lostprophet on Wednesday 15th December 11:01
worsy said:
You could be looking at another move in a couple of years so if it's a good career move take it. Your may find your next move will be another hike in salary plus a pension contribution.
I think you are right in respect to this. I will need to stay in this new role for another 3 years to pad out my CV though.I moved around a fair but in my 20's but need to settle it down now in my 30's. So I am less keen to move in a few years and would prefer a stable job where I can settle down in. Its a shame about the pension element.Lostprophet said:
worsy said:
You could be looking at another move in a couple of years so if it's a good career move take it. Your may find your next move will be another hike in salary plus a pension contribution.
I think you are right in respect to this. I will need to stay in this new role for another 3 years to pad out my CV though.I moved around a fair but in my 20's but need to settle it down now in my 30's. So I am less keen to move in a few years and would prefer a stable job where I can settle down in. Its a shame about the pension element.If the new role is better in terms of development, then go I'd for it regardless of package.
However the ball is in your court, can you contact new employer and explain the situation around health/pension and see if they budge? Don't be too provocative, simply "ask" the question if there is any chance of providing the above
Eric Mc said:
Is not the Stakeholder Pension the pension scheme they have on offer for their employees?
Can you continue to pay into a previous pension you may have had with a previous employer?
I can contribute into a previous plan but there will be not employer contributions. i.e my pot will quite small without such additions.Can you continue to pay into a previous pension you may have had with a previous employer?
Kudos said:
Lostprophet said:
worsy said:
You could be looking at another move in a couple of years so if it's a good career move take it. Your may find your next move will be another hike in salary plus a pension contribution.
I think you are right in respect to this. I will need to stay in this new role for another 3 years to pad out my CV though.I moved around a fair but in my 20's but need to settle it down now in my 30's. So I am less keen to move in a few years and would prefer a stable job where I can settle down in. Its a shame about the pension element.If the new role is better in terms of development, then go I'd for it regardless of package.
However the ball is in your court, can you contact new employer and explain the situation around health/pension and see if they budge? Don't be too provocative, simply "ask" the question if there is any chance of providing the above
I am really struggling to work it out now... maybe I should have a word with the consultant.
Just sounds like the new job is paying the market rate (once all benefits are considered) but in the case of the new job, you are getting the pension/healthcare benefit as salary.
You now have to freedom to do what you want with the cash, including put it in a pension of your choice.
I'd much prefer to recieve all my benefits as cash
You now have to freedom to do what you want with the cash, including put it in a pension of your choice.
I'd much prefer to recieve all my benefits as cash
98elise said:
Just sounds like the new job is paying the market rate (once all benefits are considered) but in the case of the new job, you are getting the pension/healthcare benefit as salary.
You now have to freedom to do what you want with the cash, including put it in a pension of your choice.
I'd much prefer to recieve all my benefits as cash
Well it does work out that they are paying below market value then. As a package then it is not that great. This is is a pain. Really it is.. anyway I have a few days to mull it over.You now have to freedom to do what you want with the cash, including put it in a pension of your choice.
I'd much prefer to recieve all my benefits as cash
Thanks folks.
Lostprophet said:
I suppose I can ask the consultant.
Recruitment consultant? That changes things, I hate those people with a passion, utter waste of space (despite a good mate being one). They don't really give a stuff about your package, more the basic salary as that is what they get paid commission on.Don't believe what they say, they are out to line their own pockets. Negotiate direct with the company, not via them. If they think there is a chance that company won't play ball, they will tell you that they spoke to them when in fact they didn't.
You are in prime position here, the consultant will not want to lose you as a candidate as they can see commission disappearing and they have more work to do.
Sayng that, it's your career and I wouldn't be talking advice from people on a motoring forum...you know what to do
Kudos said:
you know what to do
Talk to the wife!I suppose it is good to talk to a few folks to get their views. You are right - It is worth talking to the employer directly. I would rather talk to them directly as I am sure the agent will not want to lose the client. I am one of many candidates. Clients are fewer in number. I was not made aware of the lack of benefits by the agent. It is quite annoying.
Lostprophet said:
I was not made aware of the lack of benefits by the agent.
and yet you didn't think to ask about something so vitally important to you? It might be annoying, but i'd be more than slightly worried off if a new incoming accountant here didn't ask fairly critical questions about any transaction or deal on table- especially about there own salary. Personal responsibility lad!
Furthermore- if you like the job, and they're giving you a 6% payrise after you have made pension cons then what do you expect?
Kudos said:
Lostprophet said:
I suppose I can ask the consultant.
Recruitment consultant? That changes things, I hate those people with a passion, utter waste of space (despite a good mate being one). They don't really give a stuff about your package, more the basic salary as that is what they get paid commission on.Don't believe what they say, they are out to line their own pockets. Negotiate direct with the company, not via them. If they think there is a chance that company won't play ball, they will tell you that they spoke to them when in fact they didn't.
You are in prime position here, the consultant will not want to lose you as a candidate as they can see commission disappearing and they have more work to do.
Sayng that, it's your career and I wouldn't be talking advice from people on a motoring forum...you know what to do
It may not be much of a consolation but from October 2011 (or is it 2012, I am a bit confused by it as I am not speaking with my Pensions Adviser until Januaray) they HAVE to pay into a pension and so do you (Min of 1% each side to start with depending on the size of your company). Well they do unless you decide to opt out.
http://www.dwp.gov.uk/policy/pensions-reform/the-p...
http://www.dwp.gov.uk/policy/pensions-reform/the-p...
pugwash4x4 said:
Lostprophet said:
I was not made aware of the lack of benefits by the agent.
and yet you didn't think to ask about something so vitally important to you? It might be annoying, but i'd be more than slightly worried off if a new incoming accountant here didn't ask fairly critical questions about any transaction or deal on table- especially about there own salary. Personal responsibility lad!
Furthermore- if you like the job, and they're giving you a 6% payrise after you have made pension cons then what do you expect?
I had to discuss my own salary with the owner of the company which was fun I thought. I managed to get about 11% up on his initial offer! I only realised when I got my contract through there was no mention of pension and health coverage. I never have had to ask about pensions before and it is not something which is negotiated. The only thing I negotiate is the salary. The bonus is discretionary and not discussed either.
A part of me feels to accept the role and work there 3 years and build up my experience and salary and move on afterwards. I will have to sod pension payments for 3 years.
Most accountants get about 5-10k after passing exams.
Lostprophet said:
pugwash4x4 said:
Lostprophet said:
I was not made aware of the lack of benefits by the agent.
and yet you didn't think to ask about something so vitally important to you? It might be annoying, but i'd be more than slightly worried off if a new incoming accountant here didn't ask fairly critical questions about any transaction or deal on table- especially about there own salary. Personal responsibility lad!
Furthermore- if you like the job, and they're giving you a 6% payrise after you have made pension cons then what do you expect?
I had to discuss my own salary with the owner of the company which was fun I thought. I managed to get about 11% up on his initial offer! I only realised when I got my contract through there was no mention of pension and health coverage. I never have had to ask about pensions before and it is not something which is negotiated. The only thing I negotiate is the salary. The bonus is discretionary and not discussed either.
A part of me feels to accept the role and work there 3 years and build up my experience and salary and move on afterwards. I will have to sod pension payments for 3 years.
Most accountants get about 5-10k after passing exams.
Are you recently come to the SME market? very few even larger SMEs are offering pensions-considering the current marketplace (with far more applicants than offers) its slightly naieve to take anything for granted- London or not.
When you discuss renumaeration you should always be looking at the package as a whole, My current position doens't offer pension, healthcare, bonus, guaranteed payrises or anything. But it does significantly enhance my CV, hence its worth it. Depends what you want in life- if your main concern is retirement income and not taking a chance on getting to the top (which is by no means a bad choice) then this job may not suit by the sounds of it. However if its a role that you will enjoy, will move you forward in life, then go for it!
Cautionary word- do you come from a Big 4 (or Big 10 etc) background? have you worked in SME or industry before- it can be quite a culture shock!
pugwash4x4 said:
Cautionary word- do you come from a Big 4 (or Big 10 etc) background? have you worked in SME or industry before- it can be quite a culture shock!
Getting a tea break, getting home at a sensible hour, feeling loved etc! Been there, done it and won't go back to a big 4 (or 5 as it was in my day)Edited by Kudos on Wednesday 15th December 16:38
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