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Pension

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By (user no longer on site) OP   
42 weeks 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
42 weeks 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   
42 weeks 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
42 weeks 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   
42 weeks 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
41 weeks 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)
41 weeks 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
41 weeks 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
41 weeks ago

Titz Towers, North Notts

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

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