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Fixed Term contract and pensions query

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moomoobonk Posts: 14 Forumite

28 May 2007 at 5:00PM in Pensions, annuities & retirement planning

Hi

We're hoping someone might be able to help clarify a few pension worries for us!

My partner is due to start a 9 month fixed term contract with a public sector body (there is a possibility the contract will be renewed). They offer a final salary pension - 1/80th. He would contribute 6% and they contribute 15%. Sounds amazing but we're a bit unsure if it's so brilliant if it's a fixed term contract - can anybody advise of the possible pitfalls or is it as brilliant as it sounds?!?! The pension company is Teesside.

He also currently has 2 stakeholder pensions from his previous and current jobs. One is frozen with low management fees and the 2nd is active until a decision is made on what to do with it.

One last little niggle is that money is tight at the mo so 6% seems quite a lot to lose from our monthly income. We are aware that it doesn't actually work out as 6% due to tax and NI relief but does anybody know of any calculators that will help us work out what monthly salary will be after pension?

Any help would be very gratefully received!!

Thank you!!!

This discussion has been closed.

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Fixed Term contract and pensions query

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