Congratulations! you’ve hit the jackpot, you’ve managed to land your first academic post (or hold an offer of a post). Try my handy quiz to see if you are ready for what awaits you.
- What is the difference in benefits between being in TPS and USS?
- Your first job is going wonderfully, your head of department is very happy with your progress. Sadly you get knocked over by a bus and die. What pensionable benefits do your children receive?
- Sticking with pensions. If you make an additional contribution to your pension via payroll, this reduces your overall tax bill – true or false?
- You can get a tax rebate for membership of many professional bodies and membership fees of a recognised union such as UCU – true or false?
- Rank these investment types in order of risk – Cash ISA, Cash, Money Market Funds, Stocks and Shares ISA.
- Your starting salary is £32,000. Your wife/husband is a basic rate tax payer and earns £7,200 a year. They can transfer some of their tax allowance to you – true or false?
- Are you financially better off on £38,000 in London or £30,000 in Cumbria?
What’s that? you thought this was going to be about teaching or research or complex department politics. There are many many people better placed than me to advise on that. In the same way that you need to take care of your research agenda, you also need to take responsibility now for ensuring that you are not eating dog-food on retirement or if you suffered some career-ending illness.
The answers to all of my questions is the same – I’m not a financial adviser, so speak to someone who is (oh ok I’ll give you one – yes you can claim back membership fees for various professional bodies and trade union membership – get guidance here).