The first time I ‘planned for the future’ was in 2015. I’d just joined the British Council that August. The move felt like my commitment to an ELT career, and with it came thinking about family, finances, and ‘you know, things like that’ (Pete, 2015).
Luckily, the BC were on hand to provide some solid advice on finances. Or so I thought, because I was naive and Pete (2015).
Two months after joining the Council, I received an email from this guy called Nick at some company that I’d never heard of. He said that he’d been working with various teachers at the BC in Thailand to offer financial advice, and offered to discuss investment plans.
He wasn’t lying. The email came to my British Council account, so I asked around and there were three or four people in the office who were like ‘Nick? Oh yeah, I’ve an investment plan through him’. I thought that meant he was affiliated with/to the BC in some way. My boss trusted him, and I trusted my boss. So…
Nick suggested that I sign up for some investment plan. 150 quid a month – exactly what the BC were adding to wages for pension contributions. He wowed me with projections and signed me up for 20 years. Everything seemed easy. I’m like ‘okay, that’s done and ticking over. I’ll check how it’s doing in a few years’, because a) I’m not *that* motivated by money, b) I had no real clue what I was doing, c) Nick seemed to know, d) I was at the BC, and they wouldn’t let some chancer sign their staff up to investment plans through internal emails, e) I’d probably forgotten the log-in already anyway.
Eighteen months pass. I get this call from ‘Premier Trust’. That’s who the plan is with, although Nick was working with some other company that I hadn’t heard of before either.
‘You need to increase your premiums to 200 GBP’, they tell me.
‘Alright…?!’ I say. They spin some yarn about minimum investment increasing. I don’t know. I don’t know why I didn’t know at that time, because it wasn’t like 200 quid was peanuts. I was teaching EFL after all. I think it was because I just trusted that things were legit. Which I guess they…. were?! Not really.
At the same time, the BC started some *loose* scheme to try and make their admin life easier. ‘We’re giving you all 150 quid for pensions/investments but you have it in all these different schemes – how about you all sign up to this Zurich one? Up to you, but advisable.’
Why? I mean, some other bloke had advised me already. Through a BC email… and seemingly with some foot in the door. I couldn’t be bothered to change things.
A few months later…
An email from PwC, the liquidators. Premier Assurance, some company in the Cayman Islands, had gone into liquidation. My investment plan was with them, and now there was some claim to put in to get 10% of my money back. Interim payments or something. I got something after a year or so.
The other day, some other liquidator that took things over asked me to submit details to claim a bit more back. I’d just written things off to be honest, so that was a pleasant surprise. ‘You won’t see any of that money again’ said my mate, a financial advisor. I have, which makes me trust financial advisors even less.
Anyway, there are loose morals to the story:
- In ELT, having a good reputation as a school goes beyond teaching and learning. It’s about doing right by your staff beyond the classroom. Recognizing where they are in life: supporting them in broader aspects of their wellbeing and growth as people – including financial advice.
- Try not to be as ignorant, arrogant, flippant, and trustworthy as I was. Even when financial advisors seem to know your context and flatter you – don’t get drawn in. In my opinion, if anyone who offers you advice stands to directly profit from your decisions, or if you suspect they will, give them a wide berth. Do your own research.
- If you get any money back from failed investments: blog about it, buy beer (dependent on culture), and put the remainder in your CPD pot. CPD is always a worthwhile investment.
Categories: General, reflections
ELT Planning 
My two cents (which could increase over time)
Sorry to hear this Pete. This reminds me of the Equitable Life scandal that hit so many servicemen and women, and also directly effected my father’s pension.
The best advice I have for anyone regarding pensions or investments is to manage it yourself. You don’t need some to help you and to cream off a percentage from your hard earned cash. Make sure you invest in stocks and shares, particularly utility or transportation companies; British Gas, BT, etc.
Do not accept any form of dividends in cash, but reinvest it back into dividends allowing further shares. Things will snowball and then when you reach retirement, you will then have enough capital, dividends to live comfortably, and possibly leave a legacy to your children.
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