Great pension scheme, but should I take less risk?

kidmugsy

I sympathise with the OPs original point but it seems a bit of an imbalance to assume that pension rules can change for the worse but not ISA rules.

My guess is with Ivader - it might be wise to use the 40% relief while it is around. But it is just a guess.

atush

I agree, put More into your poensions net less (esp your OH who is contributing nothing.

If you own your own home, and have savings and investments outside, why not pay all your income above HRT into a pension. Nothing else you can do with 60 will make it 100 overnight. I would also alongsode this, pay off your mtg and keep saving outside. This will help you make sure you can retire when you want. but 50 will still be young when yolu get there. I feel pretty young still, and I just got there.

cpdc1030

Thanks for the advice all.

I've increased my contribution to 15% (from 10%) and OH has increased to 8% (from 0%). I'm also taking an five extra days holiday this year, which luckily enough is also a salary sacrifice benefit. I'm still in the higher tax band due to company car, but the combination of salary sacrifice for pension and hols will give me a tax savings over £4000 over the next 12 months.

There's also NI passback for salary sacrifice pension contributions, so in total my employee/employer contributions have increased to 24.2%.

After reviewing my finances over the next month or two, I'll consider increasing further. I never really though the tax implications fully.

And finally, atush, I hope I will be feeling young at 50/55! My intention isn't just to do nothing, but hopefully take on lower paying work that is interesting / more useful to society, but that would be "pocket money" rather than providing my main income.

atush

Sounds like a plan lol.

What rate is your mtg? Are you overpaying?