Is a pension worth it?

AllTheKs

I'm 55, early retired so no income. The max I can put into a pension is £2880 pa (£3600 after the tax uplift). If I do that for 10 years I end up with a pot that I can have 25% of tax free and the rest drip fed (annuity/draw down) and taxable. I may be missing the point but it seems to me that it would take 15 to 20 years to recoup what I could get by stuiffing the money in a high interest savings account. I know this depends a lot on assumptions about rate of return etc but I am seriously wondering whether to bother with a pension at all.
Anyone got any thoughts? - or please tell me if I am being ultra dim!

EdInvestor

What other income do you have coming up for retirement?Are you expecting to be claiming benefits?If so, it's very unlikely that saving at this stage will be wise as it would just reduce money you would otherwise get through the benefits ( eg pensions credit).

AllTheKs

Early retirement pension is enough to keep things ticking over. Just looking for efficient ways of saving surplus (for now!) funds. So no benefits / pension credits to cloud the water.

EdInvestor

Suggest you max out your investment ISA if you already have pensions, as the income is non taxable.