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retiring soon is it worth it
karen1899
Posts: 1 Newbie
Hello,I'm enquiring for a friend who is reting in 42 months time and is wondering if it is worth joining or opting out of the new scheme.
Also considering her pension pot,based on her calculations (her contributions,her employers and her tax relief etc) will be around 3-4k will she be given her contributions back in one lump sum as surely it would'nt be worth much as a monthly pension.
Her company information is limited so any help would be appreciated.
Thankyou all.
Also considering her pension pot,based on her calculations (her contributions,her employers and her tax relief etc) will be around 3-4k will she be given her contributions back in one lump sum as surely it would'nt be worth much as a monthly pension.
Her company information is limited so any help would be appreciated.
Thankyou all.
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Comments
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Hello,I'm enquiring for a friend who is reting in 42 months time and is wondering if it is worth joining or opting out of the new scheme.
It's free money so always worth joining.Also considering her pension pot,based on her calculations (her contributions,her employers and her tax relief etc) will be around 3-4k will she be given her contributions back in one lump sum as surely it would'nt be worth much as a monthly pension.
If this is her only pension pot, then yes. 25% would be tax free and the rest taxed as normal income.
If it's not her only pension pot, it depends on the total value of all of her pensions.0 -
And I presume, given retirement is comong up, she could whack more in to get the most Tax relief.0
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