What to do ?

packmanuk_2

I have 3 private pension schemes running and pay in about £150.00 month. I'm 39 and have a fund of about £35,000.

My questions are -

Would I be better off stopping my payments and paying £150 extra off my mortgage ?

Is it possible to move this money into another scheme where the money can be put towards a rental property ?

Leave the schemes running as they are ?

Stop payments and put the money into an isa ?

Other options ?

What would I lose by moving schemes ?

Would I lose anything if I stop payments and just let the schemes run their course ?

Sorry about all of the questions but i'm not sure of my options

dunstonh

Would I be better off stopping my payments and paying £150 extra off my mortgage ?

Maybe, maybe not. It depends on your goals, risk attitude, investment funds, tax position and a few other things.

Is it possible to move this money into another scheme where the money can be put towards a rental property ?

Not within a pension (unless you are looking at a commercial property). It is possible to invest in property funds within a pension and considering that many believe that looking at rental properties (residential) at this time is not a good idea, property funds may be a more sensible option to include within a balanced portfolio.

Leave the schemes running as they are ?

We dont know if you have the best pensions and funds there are or the worst. We cannot answer that.

Stop payments and put the money into an isa ?

ISAs and pensions generally invest into the same investment funds. The only difference is the taxation, charges and the way proceeds are paid when you wish to withdraw them. We dont know what your retirement aims are so we cannot answer this.

Other options ?

Loads.

What would I lose by moving schemes ?

Possibly. Possibly not. It depends on your providers and the versions of the pensions you hold.

Would I lose anything if I stop payments and just let the schemes run their course ?

Possibly. Possibly not. It depends on your providers and the versions of the pensions you hold. Some have enhanced allocations or guaranteed annuity rates which can be very valuable.

Sorry about all of the questions but i'm not sure of my options

Not been that helpful really as your questions just lead to more questions. However, you are certainly correct to review your retirement planning. Everyone should be doing that now considering the current options with stakeholders, low cost personal pensions (with some cracking funds), hybrid and full SIPPs and ISAs. I dont want to put any official stat on it but I would reckon that around 4 out of 5 pre 2000 pensions are not as good as modern plans or are not invested using modern investment methods which offer better long term potential.

EdInvestor

Hi packman

If you want to post a few more details about the pensions, it might be easier to be a bit more specific, eg

Company name
Fund(s) money is invested in
Starting date of pension
Transfer value