Confused, should I take out a pension?

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Katepension

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Hello, I'm looking for some advice please whether I should set up a pension. Finding information re pensions hard to get my head around Some facts about me that might help

Aged 40, in public service 17 years to date
Gross annual salary 59k
In high tax bracket
Hoping to buy a house over the next while
Ideally will go part time over next few years
Have 2 young dependants

Thanks in advance
 
You should not take out a pension until you have sorted out your house.

Cash is king.

Unless you are buying the house without much of a mortgage.

Brendan
 
If you are employed in the Public Service, then you are presumably included in a Pension Scheme? So not sure what you are asking?
 
Conan said:
If you are employed in the Public Service, then you are presumably included in a Pension Scheme? So not sure what you are asking?
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I assume she means an AVC?

OP you'll probably get more helpful replies by doing a money makeover post providing the details listed here:

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...
www.askaboutmoney.com
 
If you started in the PS pension at age 23, then you will have full 40 years service by age 63 approx.

So I see little need for an AVC, as you will get a full PS pension at that stage.

If you plan to buy a house, priority should be to save for that.
 
Protocol said:
as you will get a full PS pension at that stage.
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Not fully obvious as two young kids and plans to go part time. Part-time reduces pension contributions pro rata so she might not hit 40 years' contributions by 65.

Katepension said:
Ideally will go part time over next few years
Have 2 young dependants
Click to expand...

AVCs might make sense eventually, but I agree getting mortgage sorted is priority for now.
 
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