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Clear debt or save in a pension
pops9999
Posts: 1 Newbie
Should I use (around £250-£300pm) to clear two high unsecured loans or put into my pension which is lying dormant for the last two months through a change of employment. I am 51 years old
0
Comments
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Surely pay off the loan?
Is there something I'm missing?
There is no tax advantage in the pension, unless your employer matches it, because you don't get taxed on paying off a debt anyway.Order of events: Banks lose our money -> get bailed out -> were inflating GBP to cover it -> now taxing us -> next will grab your funds direct -> things get really desperate to balance the books. What should have happened?: banks go bust and we lost our money much quicker0
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