Group Personal pension???

semi

I have been invited to join my employers group personal pension scheme & Iam a bit con fused what would be the best option.
I currently earn £20K already have my own personal pension,the illustration I have been given is a prudential scheme where I pay £39 per month tax relief @22% (£11) & 3% from employer (£23.33) .
So for a monthly contribution of £39 by myself I get a gross contribution of £83.33-seems like a good deal to me.
I am aged 37 would I be better with a stakeholder??,by the way the advisor chargers would be £500 at the start & £2.08 per month is this a good deal or would I be better off increasing my other pension??

dunstonh

I am aged 37 would I be better with a stakeholder??,by the way the advisor chargers would be £500 at the start & £2.08 per month is this a good deal or would I be better off increasing my other pension??

Don't mistake the cost of advice or commission for charges. The figure that Pru pay the advisor is not (necessarily) the figure that you get charged directly.

With the group scheme giving you "free" money, then this would be the best option. To verify the charges, look at the illustration you have been given and look for a figure called reduction in yield. Its usually stated as being reduced from 7% to 5.7% (as an example). That is the figure you really need to be interested in.