Is it better to join a pension scheme than just have a personal savings account? Any advice welcome!?

Pension scheme is best as you get a tax allowance on it and you do not pay tax on it when you are ready to draw it. Personal savings are taxable and are too easy to dip into. See an Independent Financial Advisor for assistance. Some will charge you a fee for advice but they will take no responsibility for any losses you might incur with bad investment advice. Others will advise you and although not tied to any particular organisation they get a commission from those that you eventually use on their advice. Try Bradford and Bingley Building Society as they have a scheme that could be useful to you. What ever happens start saving ASAP and keep topping up your investments as the years go by and you will then have a happy and worry free retirement. I saved and put money aside for pension and for 12 years I was self employed. The result is that at current values I have a pretty good monthly income and savings with interest that pays for the big treats.Is it better to join a pension scheme than just have a personal savings account? Any advice welcome!?
ask your accounts/finance dept or HR


or go to a financial adviserIs it better to join a pension scheme than just have a personal savings account? Any advice welcome!?
Pension scheme has two advantages





1) It is more tax effecient - you get better tax allowances/benefits.


2) You can't get to it until you retire.





You might also look at purchasing property if you have that kind of money available.
It all depends on whether you believe in pensions...... They have the unfortunate tendancy to end upon the death of the owner, unless they are married or have dependants under the age of 18. Thus If you save in a pension (v tax efficient) and die before or just after the pension starts to pay out you lose and the company that provides the pension wins! However if you live a long time you will be a winner. With a personal savings account you will pay tax on any income, but the money in it can be used by you at any time and given to anyone as part of your estate when you die. If you look at the best of both worlds then I would suggest, depending on the amount that you take advantage of ISAs as the income generated is tax free and you have access to them at any time.





hope this helps





ps I believe in having my savings accessible and not increasing a companies profit were I die at a young age.
pension companies can go bump then you have lost everything you paid in. Get a better plan.