Hi,
I am 26 & thinking about setting up a pension. I already have a house so want to get saving in a pension scheme. My company has a contributary plan with BOI. I contribute 5% & they give 5%.
I am on 40k a year but have no intention of staying with my current employeer for another 2 years so what should I do?? Go with BOI because I would be able to get the tax savings because its deducted from my salary.
Also, what is the story with the % of salary saved. What is the max amount that I can save if I am on 40k? Does it work something like this. If I save 4k a week, I really only pay 2.5k due to tax relief ???
Thanks in advance.
I am 26 & thinking about setting up a pension. I already have a house so want to get saving in a pension scheme. My company has a contributary plan with BOI. I contribute 5% & they give 5%.
I am on 40k a year but have no intention of staying with my current employeer for another 2 years so what should I do?? Go with BOI because I would be able to get the tax savings because its deducted from my salary.
Also, what is the story with the % of salary saved. What is the max amount that I can save if I am on 40k? Does it work something like this. If I save 4k a week, I really only pay 2.5k due to tax relief ???
Thanks in advance.