Starting a new Pension

I worked for Barclays Bank in the UK between 1985-2000. Where I was part of a Non Contribution Pension Scheme. I have been living and working Irleand for the last year and half, and am not sure if it is worth my while joining the pension scheme with company I am working for now. I am job sharing so only work 40 hours per month. What sort of questions should I be asking about hte scheme before I decide in entre in to the scheme. Or would I be better off setting up a saving account for my self. I am 38 years of age and have two children of school age

If you put money into a savings account you do not get tax relief on it. Assuming you are paying tax, (probably not a lot if only working 40 hours per month) tax relief is available at your marginal rate of tax plus PRSI relief. However you have access to the money should a cash crisis arrive.

When you put the money into a pension you do not have access to it until you retire.

You should consider increasing the pension of your spouse especially if he is paying tax at 41% tax.

Any contributions made before Oct 31 can be offset against 2006 income