ISA or pension

5 Posts


I have just had the money back from my LCF Bond and wondering should I put this into an ISA/savings account/premium bond or move it into my pension fund? I may need the money at a later date so hesitant on the pension fund but any advice on where to put the money as a savings would be great.
Thanks
Rosie
Thanks
Rosie
0
Latest MSE News and Guides
Replies
Age
Current savings & investments ( if any )
Pension situation
Mortgage etc.
Plus some idea of the amount of money you are talking about .
Presume you mean you are six years away from starting your State pension?
In which case money in a pension would be accessible when you need it as you can take from a pension from age 55.
The reason pension is recommended is that you get a tax benefit , but this can be limited by how much you earn .
More questions
Do you have any pension provision ( apart from the State one )
Are you working ?
The max you can add in one tax year is = to your total salary before tax .
Minus your regular contributions and minus the tax relief .