Thinking Of Opening A Private Pension

Chrissybh0y

Ive been looking into getting a personal pension as i dont fancy taking one out with my work, i no if i was to take one out with my work id pay LESS take on my monthly salary , Could anyone tell me would it still be the same if i took out a private one?

Cheers people:T

atush

It depends on how your work pension is set up- you would get basic rate tax relief. But highre rate and NI would depend.

Any particular reason you don't want to use the work one? Do they contribute?

Chrissybh0y

Yeah they do contribute but i plan on leaving them in the next few years and apparently i cannot take my pension with me, so if i do it privately i wouldnt need to worry if u no wat i mean

jem16

Chrissybh0y wrote: »

Yeah they do contribute but i plan on leaving them in the next few years and apparently i cannot take my pension with me, so if i do it privately i wouldnt need to worry if u no wat i mean

Why can't you transfer it if you leave the company? Most pensions are transferable.

It would be very silly to turn down free money in the form of employer contributions.

atush

I have not heard of a company MP pension you can't transfer (or at least leave in situ to grow).