Best idea... Santander123 or previous employers legal and General scheme

Kassiopea

I already receive a pension and don't work now but I have an ex employers auto enrolment pension with Legal and General ... called 'Default Lifestyle( including Multi Asset) strategy'. Strange name.
Question, continue to pay into this... which will be until Feb 2021 as they have a nominated age or pay into Santander 123 which is paying 5%. ?

dunstonh

I have an ex employers auto enrolment pension with Legal and General ... called 'Default Lifestyle( including Multi Asset) strategy'. Strange name.

Name actually makes sense if you understand the jargon
default = default fund (i.e. you haven't chosen your own)
lifestyle = automatic risk reduction as you get older (knowing a lifestyling risk reduction)
multi-asset = multi-asset fund. A type of fund that is diversified within the fund. The alternative is a single sector fund such as UK equity. They only focus on their particular area.

Question, continue to pay into this... which will be until Feb 2021 as they have a nominated age

Age is irrelevant. You can pay into a pension upto age 75. Any date/age on the pension is just for statement projection purposes.

or pay into Santander 123 which is paying 5%. ?

No tax relief and good for a small amount but not for medium to larger amounts.

atush

The 123 acct will not get the employers contribution. known here as 'free money'.

So use the employer pension.

Bimbly

atush wrote: »

The 123 acct will not get the employers contribution. known here as 'free money'.

So use the employer pension.

The OP doesn't work any more and this pension is from an ex-employer. So no employer contribution.

atush

Still, they dont need to work to get benefit from a pension.

Any non worker can put in 2880 and get 3600 with TR.

Alexland

Kassiopea wrote: »

Question, continue to pay into this... which will be until Feb 2021 as they have a nominated age or pay into Santander 123 which is paying 5%. ?

The 123 current account is only paying 1.5% but the associated 5% regular saver lets you contribute up to £200 per month for 1 year after which it drops down to a normal rate and you would need to restart a regular saver from the beginning again.

Alex