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Pesion question
pablo1827
Posts: 78 Forumite
Hi I am just about to start a new job in local gov at the age of 56. Is there any benefit in me joining the pension scheme when I only intend to work until i am 60. I understand that I would be covered by death in service benefits but is it really worth joining. I already have a fire service pension which is probably enough for me when I retire and this salary is just to tide me over until the wife retires.Any thoughts?
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Comments
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Yes, I would say so. Every Little Helps. Beside (due to short amount of time), you can work out how much you are paying, (before tax). What you can actually expect to get when you get your pension and work out the break even.
You would also be paying less NI as well, come to think of it.
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A FS pension is particularly worthwhile when you join late in life. Work out what % of your salary you will be paying in and how many years of retirement it will take to get it back. And then consider that with current predictions you can expect to live til 85-90.0
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Is there any benefit in me joining the pension scheme when I only intend to work until i am 60
The occupational pension will beat savings or anything else you use instead. So, unless you plan to spend every penny you make you should join the scheme as nothing else will come close.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.0 -
Yes, it's basically free money!“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0
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Thanks for all the replies . I will in hindsight probably join now as most people have recommended .I don't plan to spend every penny( thanks dunstonh) and I do intend to save a fair bit of the salary so as joe,linton and masomia have indicated I won't lose anything either way.0
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I don't plan to spend every penny( thanks dunstonh) and I do intend to save a fair bit of the salary
In which case the pension will massively beat savings. So, its a no brainer.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.0
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