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auto enrolment, standard life

edited 30 November -1 at 12:00AM in Auto-enrolment
4 replies 3.6K views
modermoder Forumite
6 posts
edited 30 November -1 at 12:00AM in Auto-enrolment
Hi
Can you clever people give me some advice
I am 56 and haven't got a pension, not had good jobs in the past to be able to afford one.
I earn 23,000 per year now and my company put 2% in and I put3% from my wage
My question is I can afford to put in an extra £400 per month,would this be advisable or would I be better saving this money elsewhere
Thanks guys

Replies

  • LHW99LHW99 Forumite
    2.9K posts
    Eighth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    At 56, you are not putting money away for years that you couldn't get at, so if you can afford the extra it is probably worth doing for the tax relief.
    You could look at adding it to your autoenrollment pension, or set up a separate personal pension or SIPP.
    You need to think whether you would be likely to need to access the money before your state retirement age, to decide whether to keep the new money as cash, or choose to invest it.
  • modermoder Forumite
    6 posts
    Thank you
    I am not planning to dip into the money, unless something drastic happens, thanks for the advise my friend
  • modermoder Forumite
    6 posts
    Further. I was hoping that my company would match my contributions, but they have said no.i have since found out that they do match certain employees pensions that have been working there a little longer than me, which has annoyed me intensely grrrrr.
  • LHW99LHW99 Forumite
    2.9K posts
    Eighth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    thanks for the advise
    Not advise, I am not an advisor, just some things to think about.


    Pension schemes have frequently changed their terms even before autoenrollment.
    However, the amount under autoenrollment will be going up again in 2019
    https://www.nowpensions.com/help-centre/faqs/contributions/what-are-auto-enrolment-contribution-rates
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