Hi. I am hoping someone can help me with a pension query.
I am currently living with my boyfriend. He is an electrician and currently has the CIF pension (I no very little about this but by all accounts it's not great as a pension). He is recently qualified and earns 40,000. He pays around 50 a week for his pension.
I earn 28,000 gross and my pension is 4% and the company put it 6%. I earn about another 7000 on overtime but the pension is only on my gross wages. We just bought a house so at the moment I cannot afford to increase my pension contribution.
My query is do we need another pension for my boyfriend? I would like him to get a personal pension but he is under the impression that because I have one at work we will be fine.
We have little savings after buying the house (around 8000) but hope to build this up again. Our home was bought with 92% mortgage and we have no other loans. We paid the deposit and stamp etc from savings. I am 26 and he is 27.
Thanks!!!
I am currently living with my boyfriend. He is an electrician and currently has the CIF pension (I no very little about this but by all accounts it's not great as a pension). He is recently qualified and earns 40,000. He pays around 50 a week for his pension.
I earn 28,000 gross and my pension is 4% and the company put it 6%. I earn about another 7000 on overtime but the pension is only on my gross wages. We just bought a house so at the moment I cannot afford to increase my pension contribution.
My query is do we need another pension for my boyfriend? I would like him to get a personal pension but he is under the impression that because I have one at work we will be fine.
We have little savings after buying the house (around 8000) but hope to build this up again. Our home was bought with 92% mortgage and we have no other loans. We paid the deposit and stamp etc from savings. I am 26 and he is 27.
Thanks!!!