Exec pension plan v mortgage

Familyman77

New Member
Messages
3
First time posting. Just curious for peoples opinions. I signed up for an executive pension plan through work and they have paid into it the last 2 years ( year end bonus ) . I'm on the 40% tax and was considering at the time taking of putting it through payroll and then overpaying on the mortgage. Wondering if I was right to go down the pension plan route.
 

Conan

Frequent Poster
Messages
1,034
Depends on your type of mortgage. If a Tracker, it probably makes little sense in overpaying.
I assume your Employer is also contributing to the Pension, in addition to your bonus?
 

Familyman77

New Member
Messages
3
Conan I'm on a SVR with AIB ( mortgage was taken in 2009 )at 3.15%. Mortgage is 185k. I have a small CWPS pension which will be worth 150k when I retire ( this is the one my employer contributes to ) . The performance bonus is separate so we've put this into the executive PP the last 2 years. I was told this was far more tax efficient. My other option would be to take the bonus through payroll but the stoppages were over 55% . Was trying to weigh up the interest I'm paying on the mortgage versus the stoppages.
 
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