Pension

[loiney]

Hi guys,

I'm a SSTG (Sea Lion) cadet starting WMA in September, haven't been able to find much about pensions for seafarers online. Can anyone suggest any websites or forum threads that have any advice.

Would you guys recommend starting a pension as soon as I start Warsash?

Tah,

George

[GuinnessMan]

Hi guys,

I'm a SSTG (Sea Lion) cadet starting WMA in September, haven't been able to find much about pensions for seafarers online. Can anyone suggest any websites or forum threads that have any advice.

Would you guys recommend starting a pension as soon as I start Warsash?

Tah,

George

Without knowing how old you are, not a scooby...

[dannyboy]

I don't think i will have enough money to start a pension as a cadet anyway.

[loiney]

I will be 19 within 3 weeks of starting in September, I'll be on approx ?700/month and don't need to pay for accom or most of my meals. If my calculations are correct I should have a reasonable amount of money left over so I figured I should save it?

[Ganner]

Have you heard of booze?

[loiney]

Haha, yes I have, but even still I don't think that a few pints here and there will break the bank! I'm not one to go and get smashed weekly!

[Ganner]

In all seriousness if you have the ability to save then go for it, put as much as is possible away in a safe place you can’t get at on a Saturday night. Look at ISAs, these aren’t actually pensions and you will have to look at what an employer offers in way of pensions and contributions. I know my sponsor offer an excellent pension scheme which I have already signed up for. This time in higher education is my second I know how easy money disappears so maybe look at your calculations as a guide but don’t be too shocked if your outgoings are higher than you expect. The fact that you’re looking at this and making calculations makes me think you will come out of it in a better financial situation than some.

[loiney]

I'm going to try and save as much as possible but at the same time i'm going to want and to enjoy myself so I don't plan on sticking to the calculations religiously . I'm going to see what pension scheme my company offers thanks for the advice!

[AlternativeNavs]

I will be 19 within 3 weeks of starting in September, I'll be on approx ?700/month and don't need to pay for accom or most of my meals. If my calculations are correct I should have a reasonable amount of money left over so I figured I should save it?

?700 - Thats impressive. I guess by the way you say you don't need to pay for accom or meals that you will be living at home?

SSTG starting a few years back was ?333, accom and meals paid. Even in the last term it was about ?580, accom and meals paid.

I know some cadets were able to source ?700 quid - although this was for them to pay for their own meals and accom.

[dannyboy]

im on ?700 and pay my accommodation and meals

[Faust]

The basic SSTG rate is still ?333. Some member companies choose to pay their cadets a higher wage, some don't.

Cadets starting this September get a different deal altogether, like DannyBoy has said.

As for saving the money, I thought I would do that too...

[loiney]

I'm with SSTG and Sea Lion Shipping, they're paying me a yearly wage (that rises each year), my tuition fee and all my accom and breakfast and dinner each day. Obviously not knowing what other companies offer and being quite naive, I now guess that this is pretty good??

[loiney]

And yea i'll probably find that I get heavily back into diving again and blow my money on that!

[Faust]

Sealion pay the highest of any SSTG company to my knowledge.

[loiney]

Ah I see, must have got lucky then! From what I have seen it looks like they do some good work that could be fun! Does anyone have any experiences with them?