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Should I continue paying into personal pension?

Melv
Melv Posts: 12 Forumite
in Pensions, annuities & retirement planning
I have been paying into a local government pension for 18 months, and also have a small personal pension (used to be a company contributory pension). Unfortunately, I am unable to move this into the LGPS as I have crossed the 12 month transfer deadline. Is it worth continuing to add to my personal pension while the other one is running? I'm 36, and a lower tax payer. I hope to be with my current employer for at least the next 5 years, but may consider another career in the future. Would appreciate any advice.

Comments

  • dunstonh
    dunstonh Posts: 121,498 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    government pension for 18 months, and also have a small personal pension (used to be a company contributory pension). Unfortunately, I am unable to move this into the LGPS as I have crossed the 12 month transfer deadline. Is it worth continuing to add to my personal pension while the other one is running?

    From the point of view that anything you save is better than nothing, then there is no harm in what you are doing if you doing it for that reason. Although there may be better ways of doing it (i.e. S&S ISA, using spouse to balance retirement provision and tax in retirement etc).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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