whats my best option

andy610

Anyone know which would be my best option from the following.
im 51 and have a private pension and a frozen works one, my private pension has been going 22yrs and i only pay £10.00 a month, if i start paying into my works one again, i can transfer my private one into it, the transfer value is £5800, my works pension only has £300 in it.
or i can pay an extra £100 a month into my private one and get back a cash sum of £2620 and a pension of £3660 at age 60.
or a cash sum of £4880 and a pension of £3490 AT age 65.
or if i just keep paying £10 a month until im 67 i will get back a cash sum of £4400 and a pension of £1300 a month.

Linton

Where do you get you numbers from? If you pay in only £100/month for the next 9 years until you are 60 you would have contributed a total of £10800. Ok, assume a bit of investment return and call it £15000. For £15000 you could get a non-inflation linked pension of about £850/year with no cash lump sum, its nowhere near the numbers you quote.

Suggest you think through how much beyond the State Pension you need for a reasonable retirement and work backwards from there. The answer is going to be a lot more than £100/month.

atush

Can't make total sense of that.

You don't have a frozen pension, you have a deferred one. So you need up to date values of both pensions in transfer cash now- not what is projected in future.

Where do you work now, and what is that pension? Does your employer contribute to that one, and how much? If they don't, they soon will, so ask when.

What do you have in cash, investments, Isas, property, any mtg?

Then are you married/have a long time partner. What savings/pensions do they have?

andy610

these figures are from my pension provider and the £100 a month for 9years also adds my 22yrs pension plan which ive been paying thats included

atush

Nope, still no Q's answered for me. can't help till you do.

andy610

my works pension is only £300 transfer and my firm will pay into it, early 2013

andy610

my wife has a good works pension, and i have £10,000 in an isa

atush

Pay enough into the works one to get the maximum contribution from your employer. If to transfer existing pensions, and where to put extra funds will depend on the charges for both pensions, and the funds available for you to invest in within your pensions.

You are looking for eh lowest charges, and the highest number of investment funds to choose from. Performance will depend ont he funds you choose, and the charges you pay.

As you have ISa savings (I assume in cash) that is your emergency fund. You can also invest in S&S isas with any spare cash.