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stakeholder pension and what to do after being made redundant.
superchef_2
Posts: 2 Newbie
I was made redundant in August and was paying into a pru stake holder pension and I am contracted out of serps/s2p. I have now started a new job after nearly 3 months searching but at a much reduced income. Should I now contract back into serps as new company offers no pension and the pru stakeholder plan seemed lose more than I paid in last year and I am reluctant to poor more money into it when I really need the money now. I am at a loss as what to do next, can you give any pointers please, Thanks.
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Comments
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Should I now contract back into serps as new company offers no pension
Is your income below £15k? Are you aged over 43?the pru stakeholder plan seemed lose more than I paid in last year
Which it would do. No suprise there.I am reluctant to poor more money into it when I really need the money now.
Against not needing the money in retirement? Its a balance between today and tomorrow.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 -
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Easy decision then. Contract in. You are now past the age where you should be contracted out and your income is really below the point where you see any finanancial benefit for doing so. (the £15k is rough round figure but it serves the purpose of a useful yardstick).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
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if you can afford to pay in now - pay in, once you've retired you will have no way of earning.0
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