28 years old - private pension advice
Discussion
Hi,
Using a throwaway account so info is not tied to my main account.
I'm 28 and currently serving in the Army as a Captain, thinking about leaving in next two years (12 month notice period).
I have a small pension from a civilian company I worked for before I joined up, and my (likely to be tiny military pension - will have only been in 6/7 years when I leave as a Captain).
I'm also planning on starting a private pension in next few months - I understand I can transfer other pensions into it. Would it make sense to put my other pension into it, or spread risk (???) and keep them separate. The other pension is through Friends Provident and was from when I was working for a large USA corporation.
As I understand it, military pension is irrelevant until I'm 65, can't do anything with it.
Got 17k in bank, saving around 6-800pcm do I can buy a house to live in / rent out while u live with girlfriend. Gross salary is £42k.
I suppose I have a few questions:
Can I combine pensions and should I?
Should I start a private pension too? I'm planning on maxing out whatever pension my future civilian employer does (if they match my contributions, does it have to go in their scheme or can it go in mine).
Should I thrash myself to save a bit more and get a house (no idea where!) before putting money into private pension each month?
Thanks for any advice!
Using a throwaway account so info is not tied to my main account.
I'm 28 and currently serving in the Army as a Captain, thinking about leaving in next two years (12 month notice period).
I have a small pension from a civilian company I worked for before I joined up, and my (likely to be tiny military pension - will have only been in 6/7 years when I leave as a Captain).
I'm also planning on starting a private pension in next few months - I understand I can transfer other pensions into it. Would it make sense to put my other pension into it, or spread risk (???) and keep them separate. The other pension is through Friends Provident and was from when I was working for a large USA corporation.
As I understand it, military pension is irrelevant until I'm 65, can't do anything with it.
Got 17k in bank, saving around 6-800pcm do I can buy a house to live in / rent out while u live with girlfriend. Gross salary is £42k.
I suppose I have a few questions:
Can I combine pensions and should I?
Should I start a private pension too? I'm planning on maxing out whatever pension my future civilian employer does (if they match my contributions, does it have to go in their scheme or can it go in mine).
Should I thrash myself to save a bit more and get a house (no idea where!) before putting money into private pension each month?
Thanks for any advice!
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