peanuthead
Registered User
- Messages
- 5
Hi
We had a cornmarket rep in our school last week and he mentioned the idea of an AVC to me
Are these a good idea? The basic info I got was that it's saving money at high interest - 40%. You can't cash out til retirement.
To be honest, I try my best, but I really don't understand finances etc.
Details of my situation are: I'm a post 2004 teacher, I started teaching in 2007 but was teaching unqualified until 2010. The Cornmarket rep tells me that I would have to work until 66 to reach a full pension.
I am a CID teacher. I have a small amount of savings (under 10k) and other than the Superannuation deductions taken from my salary, I have no other savings towards a pension.
I am 31.
To be fair to the guy at Cornmarket, he did explain the % fees and something about how, for the first year they frontload the admin fees so that not all of the 40% will go towards my 60% for this year... I don't know if I have understood that correctly or not. He did give me a booklet containing loads of information, but I'm just still not sure if I'm doing the right thing or not.
In the end I went ahead with setting one up. I opted for the minimum amount, which won't break the bank of course, but is there any point in it then? It takes two months to set up so won't come into effect until May.
Can anyone give me any advice on the matter? I had posted a thread on a different forum but was directed here as the advice is better.
Thank you in advance
peanuthead
We had a cornmarket rep in our school last week and he mentioned the idea of an AVC to me
Are these a good idea? The basic info I got was that it's saving money at high interest - 40%. You can't cash out til retirement.
To be honest, I try my best, but I really don't understand finances etc.
Details of my situation are: I'm a post 2004 teacher, I started teaching in 2007 but was teaching unqualified until 2010. The Cornmarket rep tells me that I would have to work until 66 to reach a full pension.
I am a CID teacher. I have a small amount of savings (under 10k) and other than the Superannuation deductions taken from my salary, I have no other savings towards a pension.
I am 31.
To be fair to the guy at Cornmarket, he did explain the % fees and something about how, for the first year they frontload the admin fees so that not all of the 40% will go towards my 60% for this year... I don't know if I have understood that correctly or not. He did give me a booklet containing loads of information, but I'm just still not sure if I'm doing the right thing or not.
In the end I went ahead with setting one up. I opted for the minimum amount, which won't break the bank of course, but is there any point in it then? It takes two months to set up so won't come into effect until May.
Can anyone give me any advice on the matter? I had posted a thread on a different forum but was directed here as the advice is better.
Thank you in advance
peanuthead