pension help

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
1 reply 1.1K views
ginger_nutsginger_nuts Forumite
2K Posts
I need help getting a pension .

I have a small amont ( about £1000 ) in an old work pension .I havent paid anything into it in 10 years .

if I start to pay into a pension and i die what happens to the money I paid in .I have no spouse .

how much should I be paying in .I am 42 years old.

Replies

  • PalPal Forumite
    2.1K Posts
    ✭✭✭✭
    Usually the money would be paid out as a cash sum to your estate if you died before you retire. Once you have bought an annuity the insurance company keeps the money, although you can buy annuities with guarantee periods if you want to guarantee a payout if you don't live that long after you retire.

    Obviously the more you pay in, the more comfortable your retirement will be and the earlier you will be able to retire. Ideally at your age you should be looking to pay in at least 20% of your income if possible.
This discussion has been closed.
Latest MSE News and Guides

Students - apply for uni funding NOW

If you plan to get a place via 'clearing'

MSE News

A guide to council tax bands

Lower your band & save £1,000s

MSE Guides