Pensions

In house AVC’s can be complicated and scheme dependent though

Its Him Again said:
2000 to march 2014 over 13 years
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Not in the final salary scheme then. That was only open to new joiners until 1996. You will be in the Afterwork Scheme which is effectively Barclays defined contribution scheme.
 


Paying into a pension as soon as you can is the best advice.
You have to think about tomorrow. Clearly health is everything and you can’t predict what will happen. The thought of working into your 60’s will hit home in your mid 50’s. In my job I simply will not be able to do what I do now in my 60’s therefore I am making plans for that already.
Luckily for me I have paid into a pension since 16 and no way will I be doing the job I am when I am 60. No debt is also sound advice and live within your means.
I am lucky yes and made sacrifices when I was young that are paying dividends now. My Dad, bless him never saved and drank and smoked his life away. We never did anything together which hurts a little and that alone drives me on with the relationship I have with my kids. I want out as soon as it is financially viable and that is my simple plan.
 
If you’re in a defined benefits pension scheme then using in in-house AVC is often really good way of boosting your pension. Many schemes allow you to use your AVC pot to pay out your tax-free cash entitlement, thus allowing you more inflation-linked income!
And the fund charges are usually much lower than a personal pension plan.
 
3.142 said:
am now in what I think is a bizarre position of not contributing into my company scheme and in exchange being paid more. it's tax efficient and the extra money goes on mortgage overpayments.

14 years in a final salary scheme before that makes it easier longer term too.

Have always been pro pension though generally and would say put as much in as you can afford unless there is a compelling reason not to and never think it' too late (or early) to start.
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Not being an arse but how is not paying into a pension tax efficient? Is it not the opposite?

I pay the company max into a DB scheme and have done for 14 years but the statements about how much it'll be worth at 67 are demoralising!
 
Swindon On Tour said:
Paying into a pension as soon as you can is the best advice.
You have to think about tomorrow. Clearly health is everything and you can’t predict what will happen. The thought of working into your 60’s will hit home in your mid 50’s. In my job I simply will not be able to do what I do now in my 60’s therefore I am making plans for that already.
Luckily for me I have paid into a pension since 16 and no way will I be doing the job I am when I am 60. No debt is also sound advice and live within your means.
I am lucky yes and made sacrifices when I was young that are paying dividends now. My Dad, bless him never saved and drank and smoked his life away. We never did anything together which hurts a little and that alone drives me on with the relationship I have with my kids. I want out as soon as it is financially viable and that is my simple plan.
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What do you do Swindon, if you don't mind me asking.
 

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