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Posted - 13 November 2020 :  11:26:03  Show Profile  Reply with Quote
I have my annual review in December.

Iíve changed jobs to a casual worker so pay varies.
In October my wage was half of what it will be in November and December.
November I made a little more due to making very little in October so I could catch up with everything. When I do my review do I do the average wage of the 3 months?
Also on my original review I didnít have life insurance, landline or satellite tv (sky) is this something I can get and add on?
Any help would be great.

Kevin Mapstone
Trust Deed Expert

3900 Posts

Posted - 13 November 2020 :  12:13:28  Show Profile  Reply with Quote
Hi Helloyellow. There is more than one way that these things could be treated so, whilst I can give you an answer based on my own view, the only view that really matters is your trustee's.

In respect of your income. If someone's income goes up and down regularly then yes, an average over a period of at least 3 months would be a reasonable basis for the calculation. If your reduced pay in October was a "one-off" then I might treat it like that and base your contributions going forward on your normal wage instead, with an allowance made for a reduced payment just for that particular month. It is really just about trying to asses things in a fair way that makes sense.

In terms of the expenditure items you mention, it really depends on a couple of factors.

Firstly, would allowing additional spending mean that your overall expenditure is higher than the guidelines that trustees use to assess what is reasonable? It is not something that you could know, but your trustee would and might limit your allowed expenditure as a result.

Secondly, would allowing these extra expenses mean that your payments to the Trust Deed would have to be reduced to a lower level than what was originally proposed in the budget you agreed to at the outset? If so then again it may not be something your Trustee would sanction.

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