S&s isa or private pension?

NormalNorman

If it were me I'd put the money in a good savings account, cash ISA if need be, then put the money towards ending 0% credit card deals as there is no guarantee of future 0% offers or just as important, fee free deals.

Given the value of his pensions I'd likely consolidate for simplicity, checking the new employer scheme for matching contributions i.e. free money, check if salary sacrifice is offered for NI savings and possible drop a tax band etc.

As regards the mortgage I'd setup overpayments, at least 10% is offered penalty free from most providers.

Of course you may have plans in place already and good luck with the role.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82014871#Comment_82014871

It would probably be easier just to increase contributions to the new employer workplace scheme, rather than setting up a new personal pension.

Brie

Norman said - If it were me I'd put the money in a good savings account, cash ISA if need be, then put the money towards ending 0% credit card deals as there is no guarantee of future 0% offers or just as important, fee free deals.

I agree with this idea. If you paid off the card now then you'll lose out on a few months worth of interest and you can see what offers come up and decide nearer the time.

And Albermarle said - It would probably be easier just to increase contributions to the new employer workplace scheme, rather than setting up a new personal pension.

Again I agree plus it has the added advantage of pay going somewhere safe and not being available to spend. And others said check what the new employer scheme allows. A former employer of mine had a scheme that they would contribute double what the employee paid - so e'ee puts in 5% the e'er put in 10%, 6% would get 12% up to I recall a max of 7% & 14%. Paying 8% would still get you "only" 14%. (it was quite a generous scheme)

Also I suggest you take a look at your state pensions. Ok you won't be collecting them for a while but it would be good to know you are both on track, especially if he was staying at home with the kids. The link to the gov.uk site is in my signature.

AND also - given that your finances are being reshaped it would be a good time to have a close look at your budget. The statement of accounts (SOA, again link below) that is used in the debt advice forum is a great way to ensure that you are not wasting money as it should make you look at a couple of months of bills/statements to get a clear picture of where your money is going. Maybe there's savings that could be made to allow for more money into pensions. Maybe you've forgotten that you are paying £X a month for something that you're not using/needing. It will also help you consider why you are depending on 0% balance transfers to keep things running smoothly. If you need some feedback on your budget/SOA you can post it on the debtfree wannabe forum and people like me who have been in the same spot as you can suggest how things might be tightened up a bit.

penners324

Put the money in the legal & general pension or wait until new employer sets him 1 up and put it that

kezzygirl

Thanks all, as an update, we've paid £1000 off the credit card due december, leaving a balance of £1400 on it. We've paid £2000 off our mortgage, and put £1000 in a cash isa.