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Disposable income at last - but where to put it?
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Dinsdale1
Posts: 1 Newbie
After getting rid of a sizable pile of debts I finally have something 'spare' to start saving with. The question is where???
I already have a workplace pension + 5 frozen pensions and have had a look at various ISA's (unfortunately too old for the Lifetime version).
I suppose my search for advice is (it will be ~£1000 pa):
- Keep paying in to my most recent pension (not yet frozen)?
- Pay AVCs to my new company pension?
- Take out stocks and shares ISAs?
- ANO not mentioned?
If anyone can shed any 'light' on how these perform against each other I would be much obliged.
Many thanks.
I already have a workplace pension + 5 frozen pensions and have had a look at various ISA's (unfortunately too old for the Lifetime version).
I suppose my search for advice is (it will be ~£1000 pa):
- Keep paying in to my most recent pension (not yet frozen)?
- Pay AVCs to my new company pension?
- Take out stocks and shares ISAs?
- ANO not mentioned?
If anyone can shed any 'light' on how these perform against each other I would be much obliged.
Many thanks.
0
Comments
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Would your employer match any additional pension payments you make ?0
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1. Do you have an emergency savings fund? Typically anywhere between 3 to 12 months of living expenses, depending on your circumstances (different people have different preferences on how much 'safety net' to keep).
2. Are you a higher rate taxpayer?
3. Do you own your home? With or without mortgage? LTV? Interest rate on this?
4. What are you financial goals and objectives?
5. How old are you? Any dependants? Significant other/partner to take into consideration here?"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0 -
I already have a workplace pension + 5 frozen pensions
Pensions are not normally frozen , just because you are not contributing to them anymore .
Do you know what types of schemes they are , as it can significantly affect what you should do in future ?
Are they DC - Direct Contribution /Money purchase or DB - Defined Benefit / Final salary?
https://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics/workplace-pension-schemes
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Pensions will have more tax advantages than ISA. Particularly if you can save via salary sacrifice, or pay higher rate tax.
However, it would be wise IMO to have at least 6 months of expenditure saved in cash if you haven't already.
"Real knowledge is to know the extent of one's ignorance" - Confucius0
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