Fundamental Question Regarding Pensions

chrisrsmith

Hi All,
I have (had) been a member of 3 company pensions covering the last 28 years approx and have always 'paid in' regularly to the companys scheme.
However, last August I was made redundant at the age of 50. I have recently accepted a contract in Germany (where I pay local tax) but since July of last year have not made any pension contributions anywhere.
My current job does not have a pension associated with it.
Should I bother to pay or top up any pensions to any of the currently ex-pension schemes, take out a private on, save my monies or ?

Any advice to my some what ignorant question would be greatly appreciated. I wonder if I am 'losing out' on any benefits in relation to my pension.

atush

Pensions rely on tax relief, so if you want to Boost your pension, you must do so Before you leave the UK for Germany.

once you are no longer resident, you cannot pay into a UK pension (AFAIK). Isas too, if you have not used your allowance for S&S or Cash ISAs do so before you leave.

What pension savings are available to you in Germany, you will have to find out there. But you can always save in cash and S&S outside of taxwrappers if you have to.

AS far as State pension, you will get further credits in germany not the UK, so you can transfer those credits back to the UK system when your retire in the UK or continue by paying voluntary contributions.