You should save for your retirement.
But you should not contribute to a pension fund anymore.
At the end of this year, the tax relief is being reduced from the tax rate, so you will get tax relief at lower than the top rate and when you retire you may be taxed at your top rate.
The government has just raided pension funds which sets a very dangerous precedent.
Set aside a percentage of your net income and invest it by reducing your mortgage or other borrowings. If you have no other borrowings, invest it directly probably in equities.
It's not my intention to hijack this thread (and I hope I'm not!) but would it be wise then to cut my AVC's back to the percentage level that my employer matches the contribution? Currently have 9% AVC.You should save for your retirement.....But you should not contribute to a pension fund anymore.
I have a pension in work with 5% salary and 5% matched by employer. What would your advice be in relation to this situation (OP has no matchd % so its not quite the same). Should one continue with a pension in this scenario? Im 29....
I'm with Mr Burgess on this one! I'm taking a holiday from pension contributions next year, bringing the kids to disney and the wife away for a few weekends. Might as well see some benefit for my hard work rather than watch the state pick over the corpse that is my pension fund.
At the end of this year, the tax relief is being reduced from the tax rate.
Hi Aisling
You should save for your retirement.
But you should not contribute to a pension fund anymore.
At the end of this year, the tax relief is being reduced from the tax rate, so you will get tax relief at lower than the top rate and when you retire you may be taxed at your top rate.
The government has just raided pension funds which sets a very dangerous precedent.
Set aside a percentage of your net income and invest it by reducing your mortgage or other borrowings. If you have no other borrowings, invest it directly probably in equities.
Hi Aisling
You should save for your retirement.
But you should not contribute to a pension fund anymore.
At the end of this year, the tax relief is being reduced from the tax rate, so you will get tax relief at lower than the top rate and when you retire you may be taxed at your top rate.
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