Does pension tax relief & employer contribution really benefit me?

barnstar2077

If you are worried about the minimum age going up again before you can access your pension, then put £50+ a month now in a stocks and shares ISA.  Invest in a globally diverse equity fund (HSBC and Vanguard both have popular ones) and in twenty years you will most likely have enough to shave a year or so off of your working life, or at least give yourself more options.

The more options the better, as you never know what your health or your boss will be like by then!

Don't do so at the detriment of your pension though, as that is still the best bang for your buck.

Time definitely speeds up as you get older, you have an amazing opportunity today to think about what you can do now to make your life easier later.

lisyloo

The age going up to 57 does not not affect most people.
The % of people who can afford to retire in their 50's is increasingly small.

If you are one of those people and you seriously think you have a chance of retiring before 57 then you need to put some money into other funds outside a pension wrapper to support you for the initial years but the 57+ bit is still a no brainer to be inside a pension wrapper.

People often say "i can't retire" when what they usually mean is "I won't be entitled to my state pension (67+)" or "I can't get money out of my pension until 57+".
You can retire when you want but it's correct to say you can't get money out of a pension until 57 (unless you die or are terminally ill with <12 months to live).

Personally I'm thinking £1 million fund which is about £40K per annum gross.
What figures are you thinking of? (just checking your ball park).