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  • FIRST POST
    Joey122
    Borrowing Against My Pension Plan
    • #1
    • 1st Nov 07, 12:26 AM
    Borrowing Against My Pension Plan 1st Nov 07 at 12:26 AM
    I m 27 and quite fortunate to be earning a decent salary ~ 50K.

    The company I work for contributes 5K to my pension and I am entitled to add to that if I want.

    My plan is as follows:

    1) For the next 20 years , any income over 37K will be put into a pension thus reducing my tax liability as I get 40% tax relief on this. Is this correct BTW.

    I figure that in five / ten years time I will have a large pension pot- Can I borrow against this collateral if I choose? I would have thought I could as its an asset and can be secured against it

    Ideas?
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