To stop pension contributions

78 replies

intothegreek · 31/05/2023 17:40

I need to move from the marital home. To keep my kids near school in this area
I'd need to stop paying into my pension for the time being. I'm 40, 9 years contributions so far, and plan to work til I drop. Is this a mad idea or no brainer to use the money now when I need it?

OP posts:

Murdoch1949 · 02/06/2023 05:39

Total madness. Absolute disaster for your final pension.

Motnight · 02/06/2023 06:19

intothegreek · 01/06/2023 21:05

Thank you all, it's a resounding no and I'll take the advice. I'll just need to stay where I am until I can find an affordable solution housing wise. It's not as if renting is any cheaper than buying here, it's a false economy. I'll need to try and up my income sooner rather than later. Much appreciated!

Good luck, Op.

springtome · 02/06/2023 06:46

I work in pensions and I can tell you that nobody has ever said to me the regretted paying in to pension scheme but I can tell you everyone who opted out, regretted doing so when it came to claiming their pension.

At your age with a small amount of years already I wouldn't do it.

Does your scheme have the option of paying half? Some schemes do so at least you are still making some contributions.

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