pension help

ginger_nuts

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.

Pal

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.