Brass payments

class2ldn

I'm currently a train driver. Been in around 5 years but for the last 12-18 months been paying into brass as it's comes out before my tax.
I only pay £50 a month in which isn't much but Im only 32 so would have at least another 23 years until I can draw my pension.
Would it be better putting it into a savings account or something as It doesn't get matched and not sure exactly how much I would get back from it anyway.
Any advice welcome.

jem16

class2ldn wrote: »

Would it be better putting it into a savings account or something as It doesn't get matched and not sure exactly how much I would get back from it anyway.
Any advice welcome.

BRASS is the AVC part of your main scheme so wouldn't usually have employer matching as that will be limited to the main section.

Saving the same for 23 years would give you far less as investments normally outperform savings over that length of time.

xylophone

https://www.railwayspensions.co.uk/

Information about your scheme here, including BRASS (click on In the Scheme).

dunstonh

Would it be better putting it into a savings account

A savings account and and AVC are two very different solutions for two very different objectives.

You need to focus on your objectives as using savings for long term objectives like retirement planning is typically a very bad option. However, using an AVC for short term objectives at your age would also be a bad option.

Im only 32

And in a too short a time than you would wish, you will be in your 40s, then 50s and then 60s.

jimjames

class2ldn wrote: »

I'm currently a train driver. Been in around 5 years but for the last 12-18 months been paying into brass as it's comes out before my tax.
I only pay £50 a month in which isn't much but Im only 32 so would have at least another 23 years until I can draw my pension.
Would it be better putting it into a savings account or something as It doesn't get matched and not sure exactly how much I would get back from it anyway.
Any advice welcome.

Depending on when you may need the money and any access before retirement then S&S ISAs are a possibility. I certainly wouldn't look at cash savings for 30+ years timescale.

grey_gym_sock

dunstonh wrote: »

And in a too short a time than you would wish, you will be in your 40s, then 50s and then 60s.

i can confirm that this correct about your 40s. still hoping to postpone the 50s and 60s - i'll report back in a few years on how this is going