Work place pensions

[stevewool]

Yes i am in one and i do not contribute by paying any extra in to this, i just pay the minimum, so the question is do i pay more into this.
Tax relief is a staggering 20% on what i put in so if i put in a extra £100 i get a extra £20 and the more i pay in the more i get.
So what if i have only a few more years before i take early retirement and i try to put into this as much as i can say £500 i would get lots of cash as extra tax relief.
This seems better then savings in the bank are there any downfalls to trying to put as much into here then the normal bank account

[Longweekend]

That's what I do, I pay as much as I can afford each month which saves me paying 40% tax on it....:xxgrinning--00xx3:

[Arthur Little]

Hmm :icon_rolleyes: ... my occupational pension - which is [purported] to be index~linked - rose annually in line with inflation, until the financial crisis of 2008.

However, from September the following year, it was actually reduced when I turned 65 - due to my reaching State Pension age.

Understandably so, I suppose ... :anerikke: ... given the fact that the latter is non~taxable. Instead, tax has since been deducted from my Occupational Pension, as I'm still deemed by HM Revenue & Customs to have sufficient income to be a taxpayer.

[stevewool]

Thats one problem Arthur if you go above the tax threshold then you have to pay, so with the private pensions and state pension and anything else coming in, you have to be careful