Ive heard a lot about the new commitment bonus. And much of what i have heard contradicts itself. I joined on 2nd july 2006.
When can you get them and how much are they at the different points? Also how much are they likely to be after Darling has had his share?
You qualify for your CB bonus once you have completed 4 x years service.
Over the next 4 x years you can take up to Â£15000. Either wait and take the full Â£15000(before tax) at the 8 year point or take it in instalments starting at the 4 year point.
However, if you choose to take the CB at the 4 year point in instalments then you will not get the full amount over the next 4 years. The system is trying to tempt you to take nothing until the 8 year point so getting 4 years of work out of you! Makes perfect sense.
You only get two bites at the cherry ,so it depends when you take the first lot of money. If you don't take anything until your 8 year point you will get 15,000 less tax and ni ,it will depend on what the ni and tax is at the time