Pension forecast

aimingforadebtfreelife

Hi all,

I have a pension through work with Hargreaves Lansdown and is the Vantage SIPP. Just had a forecast through and am after a bit of quick advice if worth continuing.

I contribute £80 and my employer about £90 a month so roughly £170 going in a month. (I can't afford to contribute anymore).

Fund stands at £13k and if continue up to 65 paying the same figs then the annual pension is forecast is £2200 a year. I'm 41 and at least 24 years working life ahead. I have another frozen pension from a previous employer which I never paid into and is worth £900 a year at this current time and will increase each year.

Any advice warmly welcomed.

mark5

If you stop paying the £80 per month you will only see about a £64 per month increase in take home pay.

I don't know anything about means tested benefits and what you may qualify for but I know I would rather have £140 pw state pension plus £60 additional pension to live off than £140 pw state pension plus maybe £25 pw additional pension.