Am i wasting my money

EdInvestor

PaulDonn wrote: »

If i become a resisdent there though will my pension freeze in uk or can i still pay into it although not paying uk tax ?

You can still pay in for 5 years. Would your employer still contribute?

PaulDonn

Thanks EdInvestor, My employer knows i live in Cyprus as they pay travel expenses and they have my home address as there. Payments still being made.
There is a note on my pension paperwork that says if i stop being a UK resisdent then to phone them.
But 5years should be enough, don't think we will live there forever.
Thanks again

rennysnell

PaulDonn wrote: »

I am 23 and through my employer i pay £150 into a scottish widows pension per month, my employer also pays the same into it.

I agree, this is a no-brainer. With your employer matching your contributions, and the government grossing up the total payment by 25%, you'd surely be foolish to turn your back on this. Rather, if I was you, I'd up my contributions if I had the cash to spare.

OK, you won't be able to use the resultant funds as though it was simply cash in the bank, but, come retirement, I'm pretty confident you will look back and be very pleased you stuck with it.

In respect of your pension being 'worth nothing' when you are 65, your fund manager should be able to give you an estimate of what your resultant annual pension will be at that age, assuming you continue contributions as they are now. From the figures you give, I think you will be pleasantly surprised.