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SMHarman · 20-06-2004, 19:10

Kronas - dependents or not. At 18 I hope none. Thus life insurance is for the benefit of whom. Your parents?

So Pension. But you also still live at home, and pay basic rate tax? So Pension is a fairly inflexible savings scheme. You cannot get at the cash until 55+, and by that point would want to leave it for 10 more years if you could.

What I would recommend is a Cash ISA.

http://www.thisismoney.com/savings_rates/isa.shtml

Congrats, Bexy, must be an easy sell.

You will want this money for a deposit for a house (car) at some point.

This all said, see if your employer makes contributions to a ee pension scheme. Mine is most generous and for my 2.5% contribution adds a further 9%, this is effectvly a 9% payrise, though I don't see it. In this case it is worth checking out.

20-06-2004, 19:10	#20
SMHarman Inactive Join Date: Jun 2003 Services: Cablevision Posts: 8,305	Re: pension or life cover ? Kronas - dependents or not. At 18 I hope none. Thus life insurance is for the benefit of whom. Your parents? So Pension. But you also still live at home, and pay basic rate tax? So Pension is a fairly inflexible savings scheme. You cannot get at the cash until 55+, and by that point would want to leave it for 10 more years if you could. What I would recommend is a Cash ISA. http://www.thisismoney.com/savings_rates/isa.shtml Congrats, Bexy, must be an easy sell. You will want this money for a deposit for a house (car) at some point. This all said, see if your employer makes contributions to a ee pension scheme. Mine is most generous and for my 2.5% contribution adds a further 9%, this is effectvly a 9% payrise, though I don't see it. In this case it is worth checking out.