Taking out a pension @40+

[surfeit]

Is there any point in my taking out a pension through my employer
(given I'm 48 this year) in terms of having to spend more than I could afford of my salary monthly

[Wigs Of Ham]

The PH consensus would most likely be negatory - been a few posts on the topic before.
[Bump for the OP]

[Ordinary Bloke]

A big YES here, probably going to be a good time to start accumulating pensions 'units' and not only tax efficient but your employer's going to be throwing money in as well.

[cjs]

I would say yes to any company pension, they will contribute more or the same as you, correct? Will it be a final salary scheme? Are you likely to stay there until you retire? Do you have any other pension provision in place?

[AdeTuono]

I'll be watching this thread, being in a similar position myself. I took out a pension earlier this year, just as the bottom fell out of the financial markets. I called the pension adviser to ask what the implications were, and she said it was a good time to get in, as it's a long term investment.

Just hoping I can get enough in in the next few years to fund my retirement.

[trooperiziz]

surfeit said:

Is there any point in my taking out a pension through my employer
(given I'm 48 this year) in terms of having to spend more than I could afford of my salary monthly

If your company matches your contributions, or just pays in a straight percentage, then why wouldn't you? It's free money.

[BigLepton]

surfeit said:

Is there any point in my taking out a pension through my employer
(given I'm 48 this year) in terms of having to spend more than I could afford of my salary monthly

Pensions don't magically create money, they are just an investment like any other. If you believe you are bright enough to invest the money yourself and create a greater return than the pension company, do it. If you don't trust yourself, do the pension.

[Simpo Two]

BigLepton said:

Pensions don't magically create money, they are just an investment like any other. If you believe you are bright enough to invest the money yourself and create a greater return than the pension company, do it. If you don't trust yourself, do the pension.

After 16 years my pension fund is now certainly no larger than if I'd just put the money in a building society - the difference has gone into middle-men commissions and fund-manager bonuses.