help re RNPFN policy

sw1960

I have 2 RNPFN policies. I pay in nearly £40 per month.
I have been paying since roughly 1995.

The most recent statement says the value of my pension fund is £7,463.12. It says this is the transfer value also.
The estimated pension (due in 15 years) is £613.00 per year.


Is it worth paying into this Liberty Pension ADDplan?
There have been no bonuses added for a few years.

Would my £40 per month be better off placed elsewhere, or is it worth carrying on?

Thank you for any advice.

atush

It sounds like a With profits pension. If it isn't gaining in the last few years when the market was up, then I would suggest you make it paid up and open a new one that isn't with profits and pay in there. And perhaps increase your payments as if that is your only pension pot it isn't every much to plan retiring on. BUt I would check first if it has a GAR (guranteed anuity rate) attached as these are far better than anything available on the open market. Some are for 10-12% when the best offered these days is more like 6%.

We have one like this and at 55 are going to 'early retirment' with it as it isn't earning any new money and would just shrink due to inflation each year.