pension worry

centra_2

Hi, i have been in my present employment for several years, but as yet have not started to pay in to the local government scheme. , currently 6.5%of the wages. I pay in to a private pension, but only £54 per month since 1994, last years balance says i have paid in approx £10500, i also have a flexipension which i havent paid in to since the mid eighties, a 2005 statement stood at total bonuses £8589. I have a property worth £200,000 with an outstanding balance of £54,000, what would be the best way forward to ensure that my retirement is reasonably comfortable.

Regards

Centra

jem16

Pay into the local governemnt scheme. It's far better than any perosnal pension would be.

centra_2

Thanks for that, every one else suggests that as well

Regards

centra

jem16

It's just a pity you didn't do it several years ago when you started. The scheme is about to change from 1st April.

centra_2

does that mean i am going to have to pay more in to it, i was going to wait until i got a raise in december, then take the pension out, regards

centra

jem16

It depends on what you earn - it's going to be tiered rates as opposed to one flat rate.

http://www.lgps.org.uk/latest/actual-changes-england-wales.html

It will still be the best thing to do.