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re-investment advice please
Dosh_Bosh
Posts: 5 Forumite
Hi, wondered if anyone could offer some advice.....
One of my old employers is winding up their pension plan and consequently I have been given two options by them
1. put the dosh (approx £6k) into my current pension (approx 25 years still to work), or
2. take it as a lump sum, minus tax. If I did this then I would either use it to pay off some of the mortgage or put it into an isa.
What would be the most financially advantagious?
Cheers for help in advance:beer:
One of my old employers is winding up their pension plan and consequently I have been given two options by them
1. put the dosh (approx £6k) into my current pension (approx 25 years still to work), or
2. take it as a lump sum, minus tax. If I did this then I would either use it to pay off some of the mortgage or put it into an isa.
What would be the most financially advantagious?
Cheers for help in advance:beer:
0
Comments
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What would be the most financially advantagious?
Both of them could be depending on your circumstances and when you compare the benefits.
I know you wanted a clear answer but there isnt one. Obviously having little or no retirement provision is not going to be fun with a basic state pension of £4700 a year. So, by taking the 4k or so in cash, are you going to harm your retirement provision?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for your reply.
I work for the emergency services so i put in quite alot at the mo and should get a decent amount when i retire.
Thinking that as salary goes up with (hopeful) progression up the ladder I will be able to buy avc's so I suppose I am edging on taking the money and paying off some of the mortage.......
.......any other considerations anyone?
Cheers0
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