no pension, is it right time to start?

I know it is an obvious answer. I am 31 , is a resonable job , salary 50k

I have a morgage and car loan, no dependents

Morgage repayments are less than half the value of the house ( even if it drops another 30%)

I have been thinking about a pension for some time however due to the econmic climate I am so unsure

I have 25 k in the bank

I am like everyone else worried about their job.

Work will contribute 10% to the pension scheme

Is it a good time to start a pension or should I just put my money into a bank account?

When I went to see the pension advisor, he was trying to push serious illness cover down my throat and said I would need to pay 110 euros per month for this too on top of any pension.

Should I contribute something to a pension and leave serious illness cover?


Any input would be appreciated

grif

I would wait and see what happens in the 'mini' budget on 7 April. There seems to be rumours about tax relief being cut and tax on final lump sum.
If the budget hammers pensions, it might not be worthwhile.

The way pensions have taken a hammering recently , there are certainly better investment opportunities out there .

Serious Illness Cover is a gamble , just look at the criteria , and how serious you would have to be ill before you can claim.

However , I know a guy that paid serious illness for 14 years . He opted out in November 2008 , and guess what ..............he was diagnosed with prostrate cancer Dec 08 .

grif,

What % of salary do you have to contribute to avail of the €5,000 pa from the employer?

How much specified illness cover were you thinking of buying for that premium? €250K+?

Is there a salary/income protection scheme available through work?