3 mnth wait to join pension payments

I have just started a new job and can't join the pension scheme for 3 months :rolleyes:.

My question is what to do with the extra money I would have paid over the next 3 months.

Short term put it in savings? or Premium bonds?


Long term am I better off making overpayments into the new scheme?

Thanks

pj
Cheers to all contributers to MSE Forum :beer:
Member of £2008 4 2008 nowt won
Mortgage when started: £146,000
Current mortgage (01/2008): £142,000 4k in 2 years should i be pleased :confused:
Mortgage free day: 27 years or so

Comments

  • dunstonh
    dunstonh Posts: 116,033
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    Short term put it in savings? or Premium bonds?

    Savings would be logical. Premium bonds are a complete waste of money for most people.
    Long term am I better off making overpayments into the new scheme?

    Depends on your current retirement provision, the level of provision offered by the scheme you would be joining, your objectives and current and future tax position, your investment options and other options available.

    Generally though, the more you put in, the more you get out.
    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.
  • marklv
    marklv Posts: 1,768 Forumite
    poorjim wrote: »
    I have just started a new job and can't join the pension scheme for 3 months :rolleyes:.

    My question is what to do with the extra money I would have paid over the next 3 months.

    Short term put it in savings? or Premium bonds?


    Long term am I better off making overpayments into the new scheme?

    Thanks

    pj


    My view: spend it! :D What is three months in your life? A quarter of one year? Hardly worth even discussing.
  • I have to wait a year b4 I can join my new jobs pension scheme and yo ho have to wait 2 years b4 I get paid sick leave..its an employers world now.I expect to have to pay for my miners lamp soon from my wages..
  • poorjim wrote: »
    I have just started a new job and can't join the pension scheme for 3 months :rolleyes:.

    My question is what to do with the extra money I would have paid over the next 3 months.

    Short term put it in savings? or Premium bonds?


    Long term am I better off making overpayments into the new scheme?

    Thanks

    pj

    If you are keen to get that money into your pension plan, then simply save it and pay it in as a lump sum when you join.
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
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