Following graduation last July, I've managed to save quite a significant amount of 'emergency wonga', for those rainy days or, more likely, the catastrophic end to my job.
Anyway, now that I have a reasonable amount of savings I would like to start up a Pension fund alongside the Pension scheme I'm enrolled in with work - the reason being is that I contract alongside my full-time job and would like to allocate this extra cash sensibly. I anticipate that within 4-5 years I'll be looking at a deposit on a house - so perhaps investing into another Pension scheme isn't the greatest idea at this time?
Finally, I have been considering a SIPP scheme, but I'm worried that perhaps tying up money this early on in a scheme is risky considering I should be looking to the property market in a few years time. Perhaps I should just invest in the stock market generally and forget the SIPP? I assume this would give me more flexibility even if I do not make a return - though I understand that with a SIPP you're not subject to Capital Gains Tax and can avoid Income Tax. Perhaps the safest option is to keep paying into a savings account for the time being and wait until I have a deposit on a house...
In short, should I invest in another Pension scheme alongside my current work scheme, and if so, is enrolling in a SIPP a little risky at this time considering the potential of a housing deposit in a few years time?
Thanks, and hopefully this isn't too ambiguous.
PS - I have £19k of student debt, though I don't plan on paying this off early.