Clubman , thats exectly what I am talking about , my 5% growth being after dirt ( or net growth from anywhere ) , and the 5k invested being from net pay as opposed to 10k from gross
the only benefit , as you state is the 25% tax free lump some!
and of course if you get tax relief at top rate and take pension income at low rate.
if you were getting relief at low rate , and taxed pension income at same ,the only benefit is the tax free lump sum , not to be sneezed at at all .
Not being able to access it till retirement is another downside!
ahh I know the pension makes sense but its not the 'free' money it can sometimes be made out to be!