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Money Makeover: 'I'm saving £900 a month - should I put it in my pension, or a Lifetime Isa?'

Johnathon Ratcliffe
Johnathon Ratcliffe is saving £800 to £900 a month and wants to know where he should be putting it Credit: John Lawrence

Compared to most 31-year-olds, Johnathon Ratcliffe is in an enviable position.

The university administrator owns his own property in Banbury, Oxfordshire and is able to save a large portion of his salary each month.

Now he's hoping to make his money go even further by buying a larger property in which he can rent rooms.

He is also building up pension entitlements with an extremely generous work pension scheme.

He currently contributes 7.8pc of his £27,340 salary and his employer, Oxford University, pays in a further 22pc.

When he retires he will receive 1/80th of his final salary multiplied by his years of service, for life. After almost two years of service, this is worth £685 a year.

However, as with many generous pension schemes, the benefits are being cut back.

Mr Ratcliffe...

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