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Private pension or LISA?
StringerBel
Posts: 2 Newbie
Hi there
I'm a basic rate tax payer with a defined benefit local government pension. I recently went part time and want to contribute more to my retirement savings. I could afford about £100 a month and/or a lump sum of £2k or so.
Should I start a private pension, open a LISA, or something else?
As I understand it there is not much point buying any extra pension contributions with a defined benefit scheme. The employer won't match any extra contributions I make.
I'm 35 and my pension age is 68. Although I'm in a good scheme there is not a huge amount in there as I didn't work full time until I was 29 due to illness.
Thanks.
I'm a basic rate tax payer with a defined benefit local government pension. I recently went part time and want to contribute more to my retirement savings. I could afford about £100 a month and/or a lump sum of £2k or so.
Should I start a private pension, open a LISA, or something else?
As I understand it there is not much point buying any extra pension contributions with a defined benefit scheme. The employer won't match any extra contributions I make.
I'm 35 and my pension age is 68. Although I'm in a good scheme there is not a huge amount in there as I didn't work full time until I was 29 due to illness.
Thanks.
0
Comments
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StringerBel wrote: »
As I understand it there is not much point buying any extra pension contributions with a defined benefit scheme. The employer won't match any extra contributions I make.
Can still be a much better deal than saving in a DC scheme and paying the costs associated with that.0 -
StringerBel wrote: »
As I understand it there is not much point buying any extra pension contributions with a defined benefit scheme. The employer won't match any extra contributions I make.
Benefits can be considerably better than investing oneself.0 -
At what age do you hope to retire?Free the dunston one next time too.0
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Be good to be able to go part time (planning to be back full time before then) age 60... Might be wishful thinking!0
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