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Personal Pension v SIPP?
Comments
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Just to emphasise the benefit of the above ^^^^
for a BRT payer the reduction in NI is 12%.
So for every £50 you contribute it will* only cost you £34 reduction in your take home pay.
* - There may be some constraints depending on how much you actually earnPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
I looked into this for myself recently .
As long as the workplace pension and the SIPP have similar charges ( they did ) then it made sense to increase the SS contributions to the workplace pension for the reasons described .
Plus a less technical reason in that it means one less financial product admin to deal with !
Regarding ISA vs pension for extra contributions for a 20% taxpayer, This seems to be an ongoing discussion on this board and I do no think there is any right or wrong answer as it depends on circumstances/preference.0
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