Trending Content
| +153 | How to stop feeling like shit for not making it in IB? | 57 | 9h | |
| +115 | If Tik Tok is forced to sell, what banks do you think would be involved in the deal? | 58 | 8h | |
| +80 | Updated LA Banking Scene (2024) | 59 | 25m | |
| +38 | Ranking banks that went under | 20 | 14h | |
| +37 | Burnt Out M&A ASO | 18 | 13h | |
| +34 | Relevance of A-Levels for U.K. London recruiting | 24 | 57m | |
| +32 | A strategy for SA applicants late to the game like myself | 15 | 19h | |
| +27 | Series 79 Help / Tips to Pass The First Attempt | 11 | 2d | |
| +26 | Intern Ettiquette | 4 | 21h | |
| +23 | What are hours like at BBs in London? | 47 | 21h |
Career Resources
CS 13% of base (up to like GBP 170k I believe), no contribution from yourself required.
Wtf this is insane
UBS is 10% non contributory but you can flex upwards using your benefits allowance. e.g. I do 14% of base without paying anything in
Usually between 8-15%, US banks/firm paying less and European banks paying more.
Mine does 10% of base (without me having to contribute anything).
You can also do voluntary contributions within benefits, any additional voluntary contributions up to 4% of base the bank also matches. I opted in for this so I get 18% of base (with me sacrificing 4%)
This is one area where the US EBs underpay. 6% employer contribution plus 3% salary sacrifice.
Some BBs will also let you flex down the employer-contributed portion of your pension in return for a higher salary.
My MBB is at 9% not contributing anything
.
Holy shit, we're getting shafted so hard compared to our London friends... we get 3% non contributory and matched up to 6%
My European BB 10%.
My US based hedge fund at 10% non contributing. They pitched it to me like it was so good and non-market. But seems fairly standard and not an outlier. Also they said anything above £10k I would need to pay taxes on as it is a taxable benefit. Is this true?
Was about to say no but looked this up and apparently (depending on your income) they could be right.
https://www.gov.uk/tax-on-your-private-pension/annual-allowance
It's not really to do with it being a taxable benefit but more to do with you running out of pension tax relief allowance.
If they're saying £10k is the limit then your income is probably ~300k.
Damn this link just confused me even more. My base is 130k GBP but my all-in comp should definitely not be lower than 450k USD. This calculator says my allowance should be even lower
What's the point of contributing to pensions if you make above a certain threshold if they're just going to tax you on it anyways? That makes no sense at all.
GS: 11% non contributory.
MS: 6% non contributory, matched up to another 5%.
JP: 6% non contributory, matched up to another 6%.
Damn GS comin' in hot
Any info for BofA?
A1 newbie here. How much do you actually contribute?
It sounded appealing that they will match my contributions, but:
(1) Not sure how long I want to stay in the UK
(2) You only get it at age of c.55. I am shortening my life expectancy so much on the daily basis that I doubt I would ever see that money
Hence, I am contributing the least that was possible.
Probably gonna contribute max up to match because realistically how much QoL do you lose for contributing like 5k a year as an analyst? Not much. Works out at like £400 a month, which is actually like £250 equiv of post-tax income. So really you forego like 3k a year. Peanuts. If you think about it as an investment return, you've basically made 70% by doing nothing. Then again I plan on having a family and living to 55. And if I don't live to 55, well my family will get the pension anyway.
Someone tell me if I'm being dumb.
Do you know how does it work if you would like to get that pension / or its part once you move abroad?
Also, in case of the unfortunate event of your death, is your family able to get the pension if they are non-UK citizens leaving outside of the UK?
Sorry, I come from a country where pension schemes are so bad that the optimal strategy is always to contribute the least you can and invest on your own - might have gotten carried away by this mentality despite move to the UK.
Autem eius laboriosam eos omnis. Nihil ipsam laboriosam quaerat similique.
Sed iusto autem at nemo. Occaecati voluptatem iusto qui modi architecto natus incidunt numquam. Ipsum veniam iure dolore mollitia est qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...