Pension scheme question?

rrwfotr

Hi been working at BT for approx 8 years I'm in BT's Group C pension scheme.

Due to age discrimination laws I have been told that now there is no cap on years worked for full pension (Currently 40 years).

What I have been told is that I can contribute up to £110K a year into the pension fund under the new rules tax free.

What would be the pro's and con's?

Thanks in advance.

rrwfotr

Anyone......

EdInvestor

rrwfotr wrote: »

Basically what I want to know is would it worth inputting all extra monies over the 40% higher rate tax limit into my pension fund thus avoid the hrt?

Could well be sensible but depends on what other pension provision you have, your tax situation after retirement, your spouse's tax position etc.

rrwfotr

EdInvestor wrote: »

Could well be sensible but depends on what other pension provision you have, your tax situation after retirement, your spouse's tax position etc.

Hi my wifes a basic rate tax payer and shes on around 14 - 15K a year shes not on a final salary scheme and on a money purchase scheme. I have made no other pension provision yet also.

Does anyone know what the benefits maybe with regards to paying in the extra sum's into the scheme. At the moment I'm 30 years old so not sure whether puting in the extra sum's would be a benefit, but if I whack into X amount extra into the scheme it may be quite benefical to me in the future just not sure of the pro's and cons.