Join company scheme?

mania112

ok so 4% of your salary might be £300 per month

Do you want that £300 to be the total including tax relief (you pay less out of your salary)? tick NET

If you want/can afford to pay the total £300 yourself tick GROSS and it will be gross'd up accordingly and your pension will receive a bit more.

EDIT: £300 per month might not be accurate....but you get the idea!

scotsio

Already answered, thanks!

Linton

The advantage of an ISA for retirement is that you have greater flexibility if for example you want to retire early and live off savings for a while before taking your pension.

Disadvantages are:
1) Loss of employer contribution
2) Loss of the 25% tax free lump sum available with a pension
3) Should you go bankrupt the pension cannot be taken by your creditors, the ISA could be
+ of course you may be tempted to spend it.

So one approach could be to put enough into your pension to provide the income you need at the standard retirement age, and anything else you save in an ISA.

xylophone

The advantage of an ISA for retirement is that you have greater flexibility

If you fall on hard times before retirement, that ISA money that you think of as your pension would be taken into account for means testing.