Government workplace pension scheme: sufficient? Or LISA?

londonlydia

Hi

I'm changing jobs for the first time since leaving university eight years ago. Until now I've been on a DB final salary scheme, which took some time to understand as it was! I paid a flat 4% which was matched. I had also started paying AVCs into a DC bolt on as well (an extra 7%).

Now I'm moving to a small company, they've just got the new workplace where brought in by the government. I should have probably paid more attention than I did when it was brought in, because now I'm not sure if it's sufficient... Particularly in the short term. Basically, the company will match 1% going up to 4% over the course of eighteen months. It's only 18 months but you don't know what will happen in the future, and that 18months could make a bit of difference!

So now I'm reconsidering the LISA, as a sort of alternative to my AVCs that I was paying. Are these actually worth it, or should I consider another form of pension?

I'm 31 by the way, I briefly had a house which means I can't use the scheme for a deposit, and I don't have any debts bar student loan. I have some savings, and have used some of my ISA allowance this year but not all, and that was split between an IFISA and a S&SISA.

Thanks in advance as always!