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<blockquote data-quote="Bloders" data-source="post: 6693154" data-attributes="member: 1111"><p>As long as it is growing, then it is a savings fund?</p><p>You put money in ang save tax on that, so if you are a tax payer, you get something back then.</p><p>when you get to 55, you can tak a lump sump tax free, and then if you wish, take the rest and pay income tax on it at the appropriate rate.</p><p></p><p>Some days i regret not putting more in, and some days im glad i didnt - so maybe i am satisfied with what i did!</p><p>I paid my mrtgage off early, i bought a couple of houses, and now, as a higher rate tax payer, i pay a lot per month ino a pension fund, with the aim that in 10 years time, i can start taking it back out.</p></blockquote><p></p>
[QUOTE="Bloders, post: 6693154, member: 1111"] As long as it is growing, then it is a savings fund? You put money in ang save tax on that, so if you are a tax payer, you get something back then. when you get to 55, you can tak a lump sump tax free, and then if you wish, take the rest and pay income tax on it at the appropriate rate. Some days i regret not putting more in, and some days im glad i didnt - so maybe i am satisfied with what i did! I paid my mrtgage off early, i bought a couple of houses, and now, as a higher rate tax payer, i pay a lot per month ino a pension fund, with the aim that in 10 years time, i can start taking it back out. [/QUOTE]
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