ok so im 30, in the public sector and it looks like my normal retirement age will be 😯 . I’ve been paying into a pension since i was ~19 in some shape or form. News is that contribuitions will be going up ~3% of salary next year along with a dilution of the end benefits….

anyway me and the missus are having a baby and the additional ~200/month would come in handy for the first few years. Assuming that i can have a break (i have asked the question) as if i was say a woman having a baby and start paying a couple a year or two later does this seem like that mental of an idea ?

I might think about taking some financial advice other than an internet forum 😆 but maybe someone has done this already?

Is that £200 all yours to have?

And this probably also includes your ‘tax break’.

As for missing out, better that than get into debt, as you’ll not be able to access the cash for another +30 years.

I took a 4 year break from 26-30, wasn’t really a big deal but since then most of my pay rises have been going into additional pension contributions and I’m still behind where apparently I should be. Probably better than if I’d run up a big credit card bill instead, oh wait did that to :p

Can depend if its final salary of money purchase

You are thinking of opting out of your employers scheme? That would be my last resort especially if it is a final salary scheme. Even more so if you will not get the chance to rejoin the same scheme. If it is defined contribution you will be giving up the employers contributions too & I would hate to turn down contributions from someone else.

Like BR says find out how much you would really gain in your pocket after tax then get some proper advice based on your actual options. Ask HR or the scheme administrators what your options are in the first instance.

Needs must etc but I would be close to tears if I had to opt out of a scheme an employer was paying into 😥

Probably best to continue to pay. You probably won’t be able to by extra years in the future.
Waht you get out is based upon the amount of years contributions paid in usually. Mine is 60ths – so for every years contributions I get 1/60th of my final salary