If you are on the basic rate of tax for each £100 that goes in you will have contributed £40. If you are on 40% tax then that £100 going in will have cost you £30
Just tipped over the 40% bracket in the last year or so - your figures prove my (and your) point - my current set up is a no-brainer.
a lot of my piers have no provision in place at all
Nothing worse than a pier without provision:
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^^ Slow news day Mudshark?
I'm an Engineer - Spelling has never been my strongpoint!
the right pension is good.
the wrong pension is bad
employer contribution ones are hard to beat independently unless your some sort of stocks and shares wizard.
ours is salary sacrifice and for every 6% i put in they put in 10% - i get tax relief and national insurance relief on the portion sacrificed.
Been doing it since i was 23.
the 2 parts i like about my pension are - 1 it defaults to pay my wife - not all do , some only a percentage - some none at all.... and 2. its locked away until i choose to retire - so the wonders of an albe it low compound interest work their magic - so it cannot be used for a new car or a bigger house when we are young and wreckless.
a good laymens article on compound interest.
^^ Slow news day Mudshark?
It made me smile - love a bad pun 🙂
