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Buying your Home

Pensions: Pensions are probably the last thing on you mind if you are buying your first home. If your employer offers you an occupational pension scheme then it is sensible to join. You may need to make extra contributions to top up your pension fund - but that can come later (depending on your circumstances).

If you are self-employed or do not have access to a company scheme, pensions are more complicated. It is always best to consult a good financial adviser.

You do not have to take out a personal pension, (but the tax situation is particularly attractive. You receive tax relief on your contributions at either 22% or 40% depending on the rate of tax you pay. A contribution of £100 costs a higher rate taxpayer only £60 and a basic rate taxpayer £78. Choosing a personal pension is not easy and it is always advisable to seek professional help.

REMEMBER You should not use any information contained on this page as the basis of any action until you have discussed matters with your financial adviser.