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22 YO looking for 2nd pension...
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Phil3822
Posts: 604 Forumite
As my title suggests I'm a 22 year old working for the civil service. I've been employed paying into my premium pension scheme for 2 years now.
I know very little about the scheme as it is. What Im looking for is more information but more importantly I want a second scheme.
Can anyone suggest a pension?
Im just not sure the civil service scheme will give me the required amount whatever that may be in 40 years time. I know its a little early to be going on about this but best be prepared. :beer:
I know very little about the scheme as it is. What Im looking for is more information but more importantly I want a second scheme.
Can anyone suggest a pension?
Im just not sure the civil service scheme will give me the required amount whatever that may be in 40 years time. I know its a little early to be going on about this but best be prepared. :beer:
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Comments
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Would be amazed if a "pension" was the best choice after a good solid scheme like civil service... start using those ISA allowances!
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the civil sevice scheme is a rolls royce of pension schemes... i'm sure there is documentation available to you to find out the full details. best read these first.
at your age i would suggest your next priority is saving for mortgage and life. start by using your cash ISA allowance and then the best saving a/c you can find... it may be appropriate to use regular saving schemes .. try looking at Yorkshire Building Society.0 -
I'd have to agree with the others that the premium scheme is Rolls Royce in that it's linked to final salary earning 1/60 of pensionable pay for each years service, additionally it's index linked when paid and if you leave before pensionable age it will be uprated every year until it's paid. There's a simple explanation here:
https://www.civilservice-pensions.gov.uk/upload/assets/www.civilservice_pensions.gov.uk/premium_retirement_benefits.pdf
You should now be looking to use your ISA allowances - cash for short to medium term savings, Stocks and shares ISAs for longer term and even retirements savings.0 -
Thanks all, that makes good sense. Im already using my Maximum cash ISA allowance. Im also interested in looking at the Shares ISA. Recently had a meeting at my local Halifax branch about it. Trying to get me on board! Will have a further think.0
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Do not automatically invest in an Investment ISA with any of the banks! They are generally expensive/poor value. DYORPhil3822 wrote:Recently had a meeting at my local Halifax branch about it. Trying to get me on board!Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
totally agree. Bank investment funds are dire. The Halifax will either try and sell you a ftse tracker or their sub standard cautious managed fund.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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Buy a house!0
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