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Pension

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
Do you have one already? been thinking about it? Aparantly there's some deal you can do if your parents are employed, by them setting a pension up for you and the gov matches the money you put into it, or something like that. Does anyone know what I'm talking about?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Parents paying for their children's pension? Isn't that going a bit too far? :o

    I have some pension money through my now-old union. I think I had earned the right to get back about 5 quid a month. :D
    I personally haven't done anything yet because I don't have a career yet. I will think more about it when I get my first real authentic 'career-job'.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Jaloux wrote: »
    Parents paying for their children's pension? Isn't that going a bit too far? :o

    I think it is some kind of tax break thing. I too have not sorted out anything about a pension, so you'll be a £5 a week better off OAP than me! You could buy loads of wool for that.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    There's something called a SIPP where anything you put into it is considered tax free - so the government will put in the 'tax allowance' for you. It's not so much for parents, it's anyone who wants to invest their own money, but it can be a bit complicated - i have one because my mum is quite into her investments and she manages it for me.

    I've also got a company pension, and that was my contributions+company contributions, all tax free.
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