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£5000 payrise! Can we put it straight into a NHS pension pot?

(6 Posts)
Erebus Tue 12-Mar-13 17:45:06

Southampton

Motherofall Tue 12-Mar-13 15:36:37

what area are you in as i wouldnt be without my ifa and did get off unbiased as stated above

Notmadeofrib Tue 12-Mar-13 14:25:35

Look on unbiased.co.uk for local ones to you, or get a recommendation.

I would prepare a few questions and speak to about 3 on the phone. You will hopefully have a relationship with this person so you have to feel that they are a good fit for you. Ask them about charges and their experience with pensions (however you can select for topics such as pensions on unbiased so they should all be qualified) and check they are IFA'S not tied agents.

Erebus Mon 11-Mar-13 18:17:58

Thanks- what do we look for in an IFA? Do they advertise themselves as being pensions experts (if they are?)?

It's such a minefield!

Notmadeofrib Mon 11-Mar-13 17:06:25

I assume your DH is already in, or will join the NHS pension scheme?

However in general the rules of paying into a pension is that you can now pay £40,00 per annum or 100% of your salary (whichever is less) into a pension and receive the tax benefit. His normal contributions count towards this

The issue of whether this is the best method to accrue pension capital is another issue however. Is he likely to be a higher rate tax payer for most of this 5K is just one issue? Also the actual vehicle for saving depends on the conditions/flexibility of the additional contributions you are proposing. PLUS your other NI issues!!

I would suggest a meeting with a suitably qualified IFA (for a set fee) would be a worthwhile investment. Personally I couldn't say YES or No to this without a proper discussion.

Erebus Sun 10-Mar-13 18:27:59

DH has just got a new job with the above pay-rise.

We live quite frugally, really so we're wondering if it's possible to just put this towards a pension? Or a top up of my NI contribution shortfall having lived abroad for several years? We're both 50/52.

I wish I knew more about pensions and tax relief etc etc!

TIA

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