Bracknell to the city commute -been offered double my salary

[redrabbit29]

Hey,

I currently work in public sector role which I enjoy and I really like the people. I've been for a job interview recently just to see what was out there. They ended up offering me the job and the pay effectively will double my current salary, with a 10% bonus on top. I'm not sure about travelling from Martins Heron -> Liverpool Street 4 times a week.... 1 day WFH. I think the commute is 1hr to Waterloo... then about 15 minutes to bank area.

Current Situation

+ It's really easy hours 7am-3pm
+ No stress
+ No real pressure
+ Public sector pension (11% matched)
+ I get a work car and it takes me 45 minutes to get to work
+ Nice team that I get on well with nice
+ Never any reason to stay late
+ Can sometimes work from home
+ Very flexible in terms of I can come in a little later if I had an appointment or something
+ Extremely secure, basically 0% chance of redundancy or losing my job

Although, I'm not going to develop much more in the role probably .... although maybe I should just accept that and enjoy life rather than sat on a train for 1.5 hrs each day.
My salary which is £40k will never increase (other than inflation if I'm lucky)

I don't have kids, but we are planning on it in 2-3 years and also want to move to bigger house.

New Job Situation

+ Salary offered is £75k
+ Annual bonus of 10% (£7500)
+ Agreement that I can work from home one day a week.... they say as the team develops they could allow 2 days WFH (I don't know whether that's true or not ... just what they say)
+ 25 days holiday
+ 4% pension (not good)

The job role is within a new team they're setting up.

The major thought for me is the commute. It will take around 1hr 20-30 minutes to get to work and around the same coming home. I would get back a little before 7pm if I finished at 5pm.

I'm guessing more stress, a bit more pressure.

But could be opportunities, maybe go abroad, maybe better training too. No guarantees, but with it being a new team they're investing heavily and have money to get things off the ground.

......
....

Any thoughts on this???
Particularly from those that have commuted in the past? I'm thinking doing:

Monday, Tuesday = commute
Wednesday at home
Thursday, Friday = commute

Isn't too bad, watch films, read a book, etc...

Any thoughts?

[redrabbit29]

Also just to say about commute:

I live about 10 minute walk from local station
Train takes exactly 60 minutes to Waterloo

Options then are:

Train to London Bridge (4 mins) then walk rest of way
Tube to bank and walk

...

Trains are every 15 minutes during the peak times

...

I've read tons on commuting. I can get a seat in the mornings and less likely in evenings.

Any thoughts?

Edited by redrabbit29 on Wednesday 23 May 23:05

[redrabbit29]

My net salary currently is £2200
The new net salary would be £4300
Travel costs is £430 for season ticket per month

Pension I need to look into but the sheer increase in salary makes me think that financially it's always going to better off. People say how good the public sector/police pension scheme is ... but it's gone through a lot of reform recently and is likely to go through more.

The time lost on travel is a concern. But WFH one day a week is a bonus.

18-24 months i could be moving on wth better skills, connections and qualifications

[redrabbit29]

Moonhawk said:

Mojooo said:

If you are being paid 75k will you really be going home at 5 everyday?

Erm yes there is that......

The only time I have worked anything like 9-5 in the private sector over the past 20 years was when I was on a consultant day rate.

What sort of hours were you doing on average?

[redrabbit29]

CoolHands said:

I say do it while you’re young (you sound young). Don’t waste it, get a big house etc then when you’re older get a lower paid job in your location.

I'm 33 btw :-)

[redrabbit29]

Thanks everyone, Some brilliant advice here and it's really helped - been a stressful week where I've gone back and forth about 100 times and had some sleepless nights.

The reason it's such a hard decision is because I'm a police officer - have been for 11 years. Like the military I think, you very quickly become institutionalised (not neccesarily in a bad way). Leaving is a huge decision and feels like stepping away from a culture and everything I'm familiar with.

Will try to do a test commute although recruiter said they want a decision by Friday ... tomorrow.

After my interview i left at 5:15 and the commute was fine ... walked to London Bridge, to Waterloo and got off at my local station at 645. Still feels quite long though between finishing work and getting home, like a mad dash that you can't really control.

[redrabbit29]

Leonard Stanley said:

Probably won’t gain you any time, but worth factoring Crossrail in too.

I did look at that. I could drive to Twyford which is around 15 minutes away and get on there. That gets me into the city in 60 minutes. Another option I guess... I did look at housing but at present it doesn't quite suit my GF's work. Also a bit more expensive than where we are now. We are hopefully moving soon so will continue to look and explore other options.

Welshbeef said:

Extra costs
1. annual train ticket
2. Annual train station parking cost
3. You mention you have kids so you currently get full child benefit as you earn over £60k you will get zero/have to pay it all back in your self assessment return.

Savings
1. You will not be driving 40mins each way.

Calculate that difference as a net cost to you, then put into the salary calculators what your new net take home will be see the difference.

Pension you say 11% currently I assume you mean that’s what the public sector pay in (how much do you?). And the new offer is 4% employer payment - again you can calculate the extra cost for you to mirror the same %. Was it a final salary or Career average or defined contribution in current job? New one is clearly defined contribution.


Next
train and tube
I work probably a week to two weeks a month in London Town .... the trains are hot the tubes unbearably hot. Some peak summer days it’s so hot on the transport you need a new shirt to change into in the office. Horrible.

Culture
In London there really is a culture of beers frequently after work - mainly it’s because no one drives so it’s easy to do. I get really fed up with that.

Also young kids you leave the house before they are up and get home after hey are in bed.


It depends on your age what are you life goals how soon can you really afford to retire?

Only you can decide.

Note “Most” people above a certain grease who long commute into London don’t go into Town on Friday (hence see the remarkably empty trains).

Hi Welshbeef (Great name btw),

Think you may have misread ... I don't have any kids, but my and GF are likely to have them in around 2 years, maybe 3 at a push. By that stage I'd hope to either be settled in that job (if I take it...) or have moved to one nearer home having gained new skills and better CV material. Or maybe go self employed or free lance.

There is no car parking costs for the train station as I live only around an 8-10 minute walk away... and it's an out of town one, so you can park in loads of places for free, but I would walk.

The driving at present is 40 minutes, but I have a work car so it's in effect free.

PENSION

It's a Police pension. I believe employer pays 12% and so do I each month. My new pension is 4%, and I guess it's on the same basis, we both pay that. My plan was to look into private pension and put £400-500 into it each month.

In terms of beers, it sounds nice once a month maybe, but I'd probably avoid it on a constant weekly basis.

[redrabbit29]

ReallyReallyGood said:

Do it. You sound like you are in your comfort zone.

Thanks for the encouragement, I think you're spot on. I'm so comfortable, settled and just coasting along.

DanL said:

The only thing I’d say is that the pension for a job at that level is a bit poor. Is it a minimum of 4%, but with matched contributions up to a ceiling? For example, my company pay in a minimum level (I forget what) and will match my contributions up to 8%, so I’m getting 16% paid in each month.

Hours - can vary in the private sector, but I’m sure you’ve already got this in the police force. I doubt that you’d be paid overtime on £75k though... For sure you wouldn’t be in a typical office based role.

Lastly - I am in my office at 8:40, and leave promptly at 5:30 each day. Regular hours at this salary are entirely possible, depending on the company culture.

That's good, my hours are set at the minute and very flexible, I can come in at any time almost. I choose to do 7-3 as it means I get out early and have the evening. That's a sacrifice I'm going to have to make and I've just been very fortunate to have that.

The pension isn't that good. I'm not actually sure on if you can overpay, or how it works, but I will ask today. My plan either way is to pay into that pension and put another £500 somewhere, either savings or private pension. I may ask a financial advisor about it.

silverfoxcc said:

Harry Potters uncles house was up for sale recently HONEST IT WAS... and is walking distance to Martins Heron 5mins max

Yes it was! I live about 5 minutes from it

Jefferson Steelflex said:

This is a good point. I get in at 8ish, leave at 5ish and any other work I need to do is done on the train home or at home after dinner - usually just fannying about with emails and the odd call with overseas places. Depending on the role, if you get laptops and mobile phone you have another angle to make it work for you.

Laptop will be provided (has to be as it's a role that would need it). So, I could have the option to finish someting on train or at home maybe

Welshbeef said:

You have not stated your age but noted maybe kids in the next 3-5 years so I’m guessing you are in your 30’s low to mid.

Myself looking back at what 15++ years ago when I worked in public sector I was on 35 days leave and a 3% 1/60th final salary. Simple job & job for life and walk to work but I’m very pleased I made the many steps between them and now to do what I do.

Enjoying the work is key but also the much higher £ meaning you can elect to retire early / it gives you options.

Great to hear things worked out for you, I am 33 years old and one reason for leaving the public sector is I don't want to work to 65, at least not without a choice. I want to retire and actually have a life after, not die 1-2 years later like I see some other unlucky people do.

Steviesam said:

Similar but not the same!

Wife was offered a job 60 miles from my work, only £600 a month more than she was already on, BUT, it comes with a fully expensed 3 bedroom beautiful converted barn, with its own acre of garden, a gardener etc etc. That alone saves us £1550 a month.

However, it means I have 60 mile drive each way to work, approx 1 hour 20 min across country. But I have negotiated WFH on a Friday and I can leave work at 4.30.

Its fine, the drive is nice (its across the Cotswolds, so all A road, no motorway jams and nice views), and I will just have to get used to it!

(Probably wont be such a nice drive in winter though!)

I always think you've just got to embrace journeys like that. Podcasts, your favourite radio show, listen to a new album or some nice classical music to relax. Whatever works and means you're not just sitting there bored or fed up.

[redrabbit29]

hyphen said:

If you ever find yourself agreeing with Welshbeef, then it is time to consider your sanity

You currently finish work at 3pm, so you are working part time in the prime years of your life. And you are equating that to giving up your prime years and getting home at 7.30pm onwards everyday, as finishing at 5 for any serious job in the City is rare, which would be after kids in bed, in order to not work when you are past your prime
...
...

Thanks for the response. I spoke to the person who will be manager of the new team and he reassures me they are very flexible. Hours between 7-7 and ability to come in at whatever time suits and do 8 hours. Also flexible to work from home, e.g. 1 day this week... 2 days next week... and back in all week for something that is happening, etc...

I fully agree about the time issue and money not being everything. That has almost tortured me for three days as I've tried to make this decision. People have said I'm in my comfort zone (and I am)... I have 30 years left of work before I can retire, I have no room for progression here and no options for promotion unless I go in to an entirely different job/career path within my organisation - losing the skills I've built up.

Lord.Vader said:

No chance I’d do that; money isn’t everything,

As above, entirely agree.

Although living in the South East I'm eager to have the home I want - nothing spectacular, but they're incredibly difficult to afford on £40k a year. It's a gamble, I'm not saying I will leave and find it easy. Some say about being miserable and not enjoying it... equally I may really enjoy it... I may find the commute fairly straight forward (one train home) and that WFH 1-2 times a week takes the stress off a bit.

Either way, doing my job now is easy, 7-3pm and flexible. But I can't do that for 30 years, it's unrealistic and the public sector is constantly under reform and changes. We have moved office 3 times in 5 years.

It's very easy for people to say money isn't everything but it is SOMETHING. The move is also a means to an end. 12-24 months my CV will look tons stronger. I'd have much greater options to look locally for similar money, or a bit less/bit more.

................

Lastly I'm not arguing with you both as you raise entirely valid points. As stated they are things I've been thinking about for three days now, and have slept 1-2 hours each night as I've been scared of the change and leaving my comfort zone which is the Police.

[redrabbit29]

DanL said:

Put it this way - you can take this leap, and see what happens. If for some reason it doesn't work out, how hard would it be to rejoin the Police force? I was under the impression that you guys are crying out for staff, which makes me assume you'd be able to get back in... However, I may be wrong!

In terms of the other considerations raised by posters (longer commute, work/life balance, etc.) - they're all valid. However, you live in the South East - if you want to have a "nice" home, somewhere that's not usually on fire, you're going to want to earn more than you are at the moment...

You can re-join within 5 years, however I'm in a really specialised role which is difficult to get into ... hence why I've been lucky to have developed lots of skills and gain experience to leave to the private sector. (NOTE: I was already fairly strong in IT and worked as a web developer before).

Either way, yea there's other options if the worst came to the worst.

QuartzDad said:

Another factor to consider is that after 18months of a £75k role it will potentially open up opportunities for £90k+ jobs. IMO you're the ideal age for these significant pay jumps.

Thanks QuartzDad, Other people have also said that about the salary, you can bounce up a lot easier. Where as most usually have go up in much smaller increments to get to the higher end of salaries.

Welshbeef said:

OP what’s your current retirement age in the Force - isn’t it 55yo like the fire brigade on Final salary?

You have x years banked now and know in today’s money if you left what your banked pension would be.

Your new job will not be retiring at 55yo but you can leave whenever you like.

It might be you have enough bigger savings due to more salary that you can match the 55yo but with a bigger house etc.

For those who don’t live in the SE buying in a nice area is VERY expensive multiples of elsewhere which is crazy but it is what it is.

Unfortunately not. The government changed it all.

The retirement age is 65 and I think it will change again at some point. You can technically leave at 60 but you receive a very small fraction of the pension. I'm not too sure how much better the pension I have now is compared to private, but I think the move may pay off in other ways - like you said, earlier retirement, or paying into a private one. Put it this way, I can't stay in the Police for 30 years more on 40k just for a nice pension.

Spot on about the property in the South East.

[redrabbit29]

S100HP said:

You're mental to consider doing that. the extra money will be nice, but at what expense, you'd never be at home. That's a big deal when kids come along.

I'll be WFH one day a week + weekend at home... flexibility to be home two days a week after the team is set up.

Yea when kids do come along (hopefully), that will be in about 2-4 years, and by which time I plan to have gained new skills and have moved to a position closer to home.

[redrabbit29]

Some really good points here... sorry if I don't respond to yours, but just picking out specific ones.

theboss said:

In terms of the pension contribution it might help to consider the nominal values rather than proportional, and also the greater tax relief available when you're a higher rate payer.

Your employer is paying a generous 12% which is £4800, yet a 'measly' 4% of the offered salary is still £3000. On the higher salary it will also be more tax efficient for you to make personal contributions as you'll benefit from higher rate tax relief, You might also be able to sacrifice salary for pension and benefit from the employer's NI saving if they pass this on. For example if you paid your bonus into the pension you'd be surpassing your original employer + employee pension (£10500 vs 9600) at a net cost of £4500 whilst still taking all of your basic salary home.

That's a power post! I don't think you can over pay into the employer one, but I would definitely put some of the extra money I have into a pension pot of some kind.

JuniorD said:

If you are a lazy bugger like me

...Sounds like your dabbling has lit the touch paper but can't handle where it's going! That's not a criticism by the way - I do it all the time

Haha, tbh I am quite lazy too, but I know I can't stay in the same department as I am for 30 more years. I also want to earn a bit more money for a nicer house and maybe earlier retirement.

Yea you've hit the nail on the head about dabbling. I do it a lot, really excited applying for jobs but as soon as someone expresses some genuine interest I go to pieces. I feel terrified of the move tbh.

MrBig said:

If kids are 2-3 years away and your other half is supportive, then make hay while the sun shines. I work in automotive which meant I never really had an opportunity to have a few years working in London, unlike some of my contemporaries. I am still a bit gutted about that now.

I have a young family now and have been commuting 1hr each way for the past 8 years and its beginning to grate, so I'm looking at alternatives closer to home to improve my work-life balance, but my circumstances are massively different to yours. Maybe your situation will change in a couple of years time, but for now, take the job, get the experience and try to enjoy it.

Thanks for that MrBig, sounds like good advice. I think it's worth 12-24 months of getting out there and working hard.

wiggy001 said:

5. I'm on a similar salary to the one you are considering and my firm absolutely believes in the work-life balance and I can and mostly do leave at 5pm (although I am in early than I need to be - my choice). The only times I don't is when I choose to "go the extra mile" which I'm under no pressure from my employer to do. So this is possible (set the precedent early though!).

6. Liverpool Street is a great area to work in terms of the social side of things. I started back in London after 9 years as a consultant and couldn't be happier.

I spoke to the guy who is building the team and he is really nice, said that he fully supports WFH and the only time it's not an option is if there's a meeting or client issue to sort out. He said sometimes you may be in 5 days, but then next week at home 1 day, the week after you're at home 2 days. etc...

Annoyingly, I also spoke to another guy who used to work in the public sector and he said that often people work 8-6 - he is head of one of the other teams so quite different to the job I will be doing. I did wonder if people are working till 6 and then commuting home, when the hell are they eating?

Edited by redrabbit29 on Thursday 24th May 17:38

[redrabbit29]

edc said:

I did Farnborough to Bank for 2.5 years. Commute is ok. It's broken up. Most tube stations are super busy at peak times. You dont have to hang around for beers every week. I tended to buy monthly and weekly tickets and timed it with holidays and the occasional work travel. Get used to delay repay claims and claim for absolutely anything you can. If you can walk to station great but otherwise get a moped. It's free to park at most stations and you can park right by the entrance. You can get in and out the station car park far quicker. At 1200 brand new it pays for itself within a year on parking charges.

Take the bump in salary. It will give you options for saving, bigger mortgage and access to higher paid jobs if you want them later. I left London jobs and still got a 25% rise.

Are you now based out towards Farnborough area, or counties?

How did you find your energy levels, were you exhausted when you got home?

I don't get how commuters/those in London stay healthy, no time for gym. Also, I don't want to fall into the habit of buying lunch everyday so will have to try to find something I can take from home in my bag that's not too bulky

[redrabbit29]

DanL said:

redrabbit29 said:

I don't get how commuters/those in London stay healthy, no time for gym. Also, I don't want to fall into the habit of buying lunch everyday so will have to try to find something I can take from home in my bag that's not too bulky

You make time - I go three times a week, 8:30-10:00 pm, once I’m home, have eaten and have relaxed for an hour or so. You lose the evening, but it’s doable. Assuming you have an easy commute (i.e. get on, sit down, arrive) then there’s nothing exhausting about it... Multiple changes and having to stand are where commuting starts to suck - cannot recommend.

Lunch - London’s set up for office workers needing food. You don’t have to eat crap - Tossed, Itsu and others are either healthy, or have healthy options. Whether you want to spend £5 a day on lunch is a different question, but on £75k I’m sure you could afford it.

Yea that's a good point, I don't have to have unhealthy sandwiches with mayonnaise ... noodles, chicken wraps etc... and other options are there.

[redrabbit29]

Did the commute today just to get a feel for it.

0705 - train set off
0805 - arrived at Waterloo
0815 - got off and was stood on street outside Bank station.

Total time was 1hr 10 mins

[redrabbit29]

edc said:

redrabbit29 said:

Did the commute today just to get a feel for it.

0705 - train set off
0805 - arrived at Waterloo
0815 - got off and was stood on street outside Bank station.

Total time was 1hr 10 mins

Friday is the quietest day. Especially before a bank holiday. Wait till you have to queue up for 10 mins at Waterloo before even reaching the tube platform.

Yea I was aware it's quieter but I just wanted a feel for it in general.

It's good that the Waterloo and city line is just a shuttle so the tube is entirely empty each time it arrives.

[redrabbit29]

The company want a decision today.

I believe getting on just after Bracknell means I will get a seat easily enough, and then it's just a case of queuing for W&C line.

I'm happy The commute won't involve a tube that stops at tons of stations and that I don't need to change lines

I don't plan on staying in London long term. My hope is 12-24 months to learn, get experience and extra training. Boost my CV and move back out towards Reading/Berkshire area.

[redrabbit29]

Thanks guys :-)

I know it's a great opportunity and in 2-3 years - when I'm about 35-36, when me and GF have kids I hope to be closer to home and this move will have paid off.

[redrabbit29]

I think I'll take other peoples advice here and go Waterloo East => London Bridge. It's around 15 minute walk then to the building I believe. It's better than queuing for tube and also escalators, plus it's fresh air and a bit of exercise.

I can probably save money then by getting a Season ticket for the train only, no underground.

[redrabbit29]

Having another wobble with thoughts of leaving my current nice setup with no pressure/stress and easy working hours ... with diving into the unknown. Finishing at 5ish and home about 730.

Private sector - time is money, as one of the guys as the company told me.

Never realised I was so indecisive until now