Pension, Debt, Savings or Mortgage?

TonyMMM

Join now - while you still can (the government would love to close these schemes down to new entrants). It will probably be the best investment you will ever make.

dunstonh

I've heard people say you could hypothetically stick £92 a month under the matress then be just a well off at retirement?

I've heard the moon is made of cheese.

Proxy

Just stop dithering and do it.

There are colleagues of yours that are striking and fighting hard to retain these rights, whilst you're willing to give up yours for free.

CharlieRabbit01

jamesd wrote: »

However, it's better if you can to try to get a 0% for purchases credit card and put normal spending on that while making extra payments to other debts that match the amount you spend. This will save you the interest on the money and that will let you clear the debts while still being in the pension scheme.

Saving for a mortgage deposit shouldn't come ahead of being a member of this pension scheme, it's far too valuable.

You might find it useful to visit the debt-free wannabe section and post a statement of affairs there to see what the experts there can do to help improve your budget.

Thanks for the advice I have got a 0% for 18 months credit card I've been jumping around cards for a while to stay on the best deals and I've not spent on a credit card in years and apart from this debt I live within my means. Hopefully in 18 months I'll be completely debt free and at that point was going to consider a pension but with all this talk about pensions at the moment I wanted some advice on whether the scheme available to me is worth it and whether I should prioritise that over the debt.

Which yourself and other users have been able to help me with in a polite and friendly manner.

CharlieRabbit01

dunstonh wrote: »

I've heard the moon is made of cheese.

Is it not?

jem16

CharlieRabbit01 wrote: »

Which yourself and other users have been able to help me with in a polite and friendly manner.

So what have you decided to do?

xylophone

the scheme available to me is worth it

How on on earth can anyone regard a defined benefits pension as anything other than "worth it"?

I knew someone who "couldn't afford" to join an outstanding FS scheme and didn't until it became compulsory when he had to find the money.

He didn't live to draw the pension but to his widow the bereavement lump sum and pension made the difference between genteel poverty and reasonable comfort.

chucknorris

dunstonh wrote: »

I've heard the moon is made of cheese.

That's just a rumour to attract the tourists, we went there last year with loads of crackers and port, what a waste of time, terrible atmosphere there too.

CharlieRabbit01

jem16 wrote: »

So what have you decided to do?

I appreciate all the advice.

There is now a chance that I'll be leaving my current job as my OH has applied for a job which could mean moving over 100 miles away. So for now im going to concentrate on my debt and if we don't move I'll join.

everyones advice has been great and this whole pension thing makes a lot more sense.

Planning for the future has never been my thing I tend to live for now.

I definitely intend to join the pension scheme before saving for a mortgage.

Im 26 and worked full time for 10 years and it's only now Im stable enough to have"spare cash" at the end of the month and I want to spend it wisely.

taktikback

I originally thought this must be a wind up? Now I understand why the government feel it necessary to push auto enrolment.

I can also see the wisdom in teaching financial management in schools

The most amazing thing is that the op has been to the LGPS website but still doesn't appreciate the relevance of a final salary pension and how that fits in with his priorities.

I wonder how many people are in this situation - disconnected from engaging with basic financial planning -perhaps put off by all the media coverage, but more likely never introduced to, or meaningfully engaged with the ABCs.

Now I understand why the unions are saying that nobody will look beyond the basics of higher contributions in the event of scheme changes, and just bale out.

No wonder pension reform is such a hard sell