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Pension

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By (user no longer on site) OP   
over a year ago

Hiya, I was going to write a comment on another thread but although similar this was a different topic. So if someone could help I'd be grateful.

Ok, so I had a really good job pre kids and the pension was brilliant (honestly it was), then I took voluntary redundancy when I was pregnant with my first and for various other reasons, that was 13 yrs ago. Since about 5 years ago (which included a 2yr sabbatical due to medical reasons) I retrained and have a very part time job, again medical reasons dictate that. So my income isn't great so therefore my pension is crap. I am lucky to be able to save separately for the future. However, this I think is a waste of time as it's in an ISA which has at best a shit interest rate. Do I start a private pension or just bump up my contributions on my present pensions. As I work in education there are some times ie summer hols when I don't get paid. So are you able to bump up payments by a sanding order or does it come out of your wage if so sometimes I don't have a wage ie the summer hols so how can they take something when there is nothing to take....I know these are probably questions to ask my pension provider, but I just wondered what the norm was and if anyone could point me in the right direction or was good at this sort of thing.

Thanks

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By *orny43sumCouple
over a year ago

merthyr

If you can put in avc, additional voluntary contributions, into work pension then you save paying tax and ni on sum you pay in

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By (user no longer on site) OP   
over a year ago


"If you can put in avc, additional voluntary contributions, into work pension then you save paying tax and ni on sum you pay in"

Ooooh thank you. I presume it would come off your wages then......

I didn't think of the tax and NI implications

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By *orny43sumCouple
over a year ago

merthyr


"If you can put in avc, additional voluntary contributions, into work pension then you save paying tax and ni on sum you pay in

Ooooh thank you. I presume it would come off your wages then......

I didn't think of the tax and NI implications "

Yes, best speak to your employers and if they allow avc give it some serious thought, I just started and great to see tax and nino you pay go down

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By (user no longer on site) OP   
over a year ago


"If you can put in avc, additional voluntary contributions, into work pension then you save paying tax and ni on sum you pay in

Ooooh thank you. I presume it would come off your wages then......

I didn't think of the tax and NI implications

Yes, best speak to your employers and if they allow avc give it some serious thought, I just started and great to see tax and nino you pay go down "

Thank you for that

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By *teveuk77Man
over a year ago

uk


"Hiya, I was going to write a comment on another thread but although similar this was a different topic. So if someone could help I'd be grateful.

Ok, so I had a really good job pre kids and the pension was brilliant (honestly it was), then I took voluntary redundancy when I was pregnant with my first and for various other reasons, that was 13 yrs ago. Since about 5 years ago (which included a 2yr sabbatical due to medical reasons) I retrained and have a very part time job, again medical reasons dictate that. So my income isn't great so therefore my pension is crap. I am lucky to be able to save separately for the future. However, this I think is a waste of time as it's in an ISA which has at best a shit interest rate. Do I start a private pension or just bump up my contributions on my present pensions. As I work in education there are some times ie summer hols when I don't get paid. So are you able to bump up payments by a sanding order or does it come out of your wage if so sometimes I don't have a wage ie the summer hols so how can they take something when there is nothing to take....I know these are probably questions to ask my pension provider, but I just wondered what the norm was and if anyone could point me in the right direction or was good at this sort of thing.

Thanks "

What rate is your ISA?

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By (user no longer on site)
over a year ago


"Hiya, I was going to write a comment on another thread but although similar this was a different topic. So if someone could help I'd be grateful.

Ok, so I had a really good job pre kids and the pension was brilliant (honestly it was), then I took voluntary redundancy when I was pregnant with my first and for various other reasons, that was 13 yrs ago. Since about 5 years ago (which included a 2yr sabbatical due to medical reasons) I retrained and have a very part time job, again medical reasons dictate that. So my income isn't great so therefore my pension is crap. I am lucky to be able to save separately for the future. However, this I think is a waste of time as it's in an ISA which has at best a shit interest rate. Do I start a private pension or just bump up my contributions on my present pensions. As I work in education there are some times ie summer hols when I don't get paid. So are you able to bump up payments by a sanding order or does it come out of your wage if so sometimes I don't have a wage ie the summer hols so how can they take something when there is nothing to take....I know these are probably questions to ask my pension provider, but I just wondered what the norm was and if anyone could point me in the right direction or was good at this sort of thing.

Thanks "

Hi op my advice would speak to your pension providers. Are you in receipt of benefits? If so you can talk to them too.

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

My private pension is set to an always affordable monthly contribution. However, I top this up with an additional voluntary contribution each month.

I do this instead of topping up the Nest, works pension, because that fund is getting a better return.

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

[Removed by poster at 10/12/23 08:43:55]

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