top up existing pension fund or start new one? Which is best?

Lilly3012

Hi all,


I am getting worried about being poor when retirement age comes in 20+ years and really want to put some more money into a pension fund than what I currently pay through my employer (currently 8% of my salary). Is it wise to simply top up the existing fund that my company pays into, or should I rather get another one? I am thinking that if something happens to the first one I'll still have the other one? It happened to me before that a pension fund went bust (that was in Germany though, and luckily I didn't loose too much money as I had only started it a year before) where I lost all my money. Or would I effectively waste money when I open up another fund?


Any ideas?


Thanks!

dunstonh

Is it wise to simply top up the existing fund that my company pays into, or should I rather get another one?

Either will do the job. Which is best depends on the plans you use.

I am thinking that if something happens to the first one I'll still have the other one?

What would happen to the first one?

It happened to me before that a pension fund went bust (that was in Germany though, and luckily I didn't loose too much money as I had only started it a year before) where I lost all my money. Or would I effectively waste money when I open up another fund?

Money purchase schemes cant go bust unless there is fraud and retail schemes have a lot of checks in place to prevent it. There is also FSCS protection available to cover it. Defined benefit schemes have the pension protection fund. So, the UK is fairly well covered in these things. having multiple money purchase schemes because of fears over collapse is not normally something you should concern yourself with.

Lilly3012

That's good to hear, thanks! I'll trawl through some threads then to find some funds to compare and take it from there.