Should I continue to pay into my pension or put my money elsewhere?

daveyjp

There is also the death in service benefit of TPS.  3x FTE salary should you die in service,

GrumpyDil

My daughter has a temporary contract which gives her the option to join the TPS. I told her I would disown her if she opted out.😂. 

Seriously though, as everyone says any pension which comes with a guaranteed benefit is definately worth having. 

Lindlou

Do your best to ride it out. Even give up the LISA first. Your older self will thank you, trust me. 

DietIrnBru

The striking thing about the recent interest rate rise is how much it has exposed the over extension of the finances of the population at large. The assumption that interest rates would remains static - the wholistic costing of raising a family - the initial costs in the first five years of owning a house, never mind renovating one. A lot of these things could be anticipated as they are far from being black swan events. If it is not in front of our every eyes - we dont contemplate and think it only happens to other people - hence the periodic post that pops up saying they want to stop pension contributions - not only is it bad math - its bad wholistic financial planning.

Albermarle

Kysa85 said:

Thank you, I can see the general consensus would be to stick with TP. I was only thinking of coming out for a year or so until things weren't so tight month to month but I will try to ride it out.

One point worth making is that the cost of generating a guaranteed pension income that increases with inflation, is much larger than most people think. Which is why most private sector firms have stopped offering these types of pension schemes.
For example if you were to move to a private sector job, you would probably need a salary increase of 20% just to compensate for moving to a inferior pension scheme. 

LHW99

Also I think the TPS makes payments to children under 18 / in full time education if the very worst should happen.

atush

Keep paying into the pesnion, if things are tight, temporarily lower or stop the LISA contributions.

Ask your OH to step up his LISA, or put moew into the household pot.