Crosswords0 min ago
Pension
2 Answers
Is it better to pay some of your salary into a pension yourself or to have your employer pay the money directly on your behalf? I don't understand which way is best for tax?
Thanks.
Answers
1 to 2 of 2
Best Answer
No best answer has yet been selected by KAZ. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
it really does depend on who you work for Kaz. I work for the NHS and I've transferred my personal pension (such as it was) into my new scheme (of 3 years). I will get an index linked final salary pension when I reach 65 (or before if I add more voluntary contributions to boost my 'years contributed' status. This is so complicated that unless you are in a similar position to me whereby an appointed 'bod' can give you an 'honest' answer (we get the downsides too) you really should seek out a financial adviser. I'm only 35 but I'm a single parent and know that although I could really use the 40 odd quid a month I pay in pension, I will need the income more when His Little Lordship is off my hands and enjoying his own family.
Sorry I slightly misready Kaz, if you do not contribute, your final pension will be very low indeed. In fact I pay about #40 a month and my employer pays their bit, but won't get much more than #800 a month at retirement (predicted figures) in 30 YEARS TIME. We all need to think about our retirement, I took out my original personal pension aged 18 and the amount I contributed has added to my final estimated payout.
1 to 2 of 2
