Mrs M was having a job dilemma yesterday, today I'm having a pension one!
My pension costs me a small fortune each month, it was 11% of my income, has increased by 1% and will go up by another 2 % within 2 years.
We are undergoing huge pension reforms as are many State sector workers, all the while employer contributions are decreasing and retirement age is getting further and further away.
My dilemma is this: Do I stay in the pension scheme I signed up for, knowing I don't want to do my full term in the job ( I'm hoping to foster) and knowing that I won't be able to claim it until I'm 67 anyway.
Or do I come out of it and over pay my mortgage?
My pension is vastly reduced due to paying lower payments whilst I was part-time working and is never going to be a "full" pension like my husbands. I do worry it will leave me pensionless should anything happen between us, it isn't likely to but it doesn't pay to be complacent.
Over-paying my pension payments and debt free amounts would lead to Mortgage freedom quicker and we could then plough cash into high interest savings which I know aren't as good as a pension but would be in our control as opposed to our employers?
Does anyone have any suggestions/advice?
I've been waiting to use this for ages!!!