We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Clueless on Pensions
Comments
-
Is my overall best option to speak to a financial advisor on this as was suggested earlier in the thread?0
-
I don't think it is worth paying for a financial advisor fee at this stage as your funds are still quite low. As has already been said your current pension which is a lifestyle one seems to be holding up in its sector. If you can afford to up the contributions this is what I would be looking at doing. Get some projections from them, you should either have access online to this information through your pension provider or they may send you annual pension statements. That way you can see as your pension grows how much you are actually going to receive in retirement. We overpaid into our pensions from our mid twenties and it massively increases the amount you will get especially as you are still relatively young. It is also the most tax efficient way of saving there is.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2026 Challenge £12000/£2000
365 day 1p Challenge 2026 £667.95/£165
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
enthusiasticsaver wrote: »I don't think it is worth paying for a financial advisor fee at this stage as your funds are still quite low. As has already been said your current pension which is a lifestyle one seems to be holding up in its sector. If you can afford to up the contributions this is what I would be looking at doing. Get some projections from them, you should either have access online to this information through your pension provider or they may send you annual pension statements. That way you can see as your pension grows how much you are actually going to receive in retirement. We overpaid into our pensions from our mid twenties and it massively increases the amount you will get especially as you are still relatively young. It is also the most tax efficient way of saving there is.
The projections for the pension I currently pay into are as follows:
Low
Projected Pension Fund Value - £85,357.
Tax Free Cash - £21,339.
Projected Pension Each Year - £2641.
Medium
Projected Pension Fund Value - £192,174
Tax Free Cash - £48,044.
Projected Pension Each Year - £7,720.
High
Projected Pension Fund Value - £428,127.
Tax Free Cash - £107.032.
Projected Pension Each Year - £21,524.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards