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Should I add some more (not lots) towards pension
homealone_2
Posts: 2,004 Forumite
I have whatever I would be due for 3 years working in a bank many years ago. So not expecting much from them in pension. Then broke back working elsewhere. Where I receive, half of my part time salary which is £400 a month from an income protection plan they hold. Along with this they pay £80 a month onto my pension plan, but none taken from me. I have paid all NI so will receive state pension in about 10 years. I worry that this won't cover my needs as a disabled person. I receive statements showing where pension is, but only shows a £999 annual pension.
Sorry if waffle, question is if I could add some to this monthly contribution would it, at this late stage, being 55, be worth adding. I could maybe add £80 per month?
Sorry if waffle, question is if I could add some to this monthly contribution would it, at this late stage, being 55, be worth adding. I could maybe add £80 per month?
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Comments
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First of all have you got a state pension forecast to double check your assumption about this,.
Then yes, it is worth investing in your future. If you pay in £80 a month, this will be made up to £100 by the tax relief added.No.79 save £12k in 2020. Total end May £11610
Annual target £240000 -
is this a DB pension? If so, you probably won't be able to add to that pension. You could use the new monthly contributions to set up a (DC) personal pension.3 years working in a bank0
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