Put more into my nest pension or ?

Smithymark

I am 54-years-old and my employer has enrolled me in the nest pension scheme, been in it since February , l have £100 a month I can save into my pension ( l put 3% into my pension already )
Do l put the £100 into the nest pension or open a sipp account

Spreadsheetman

I'm sure other will say this, but at age 54 3% is an extremely low pension contribution to any scheme.

It would be worth posting further info on your finances to get more specific advice.

Smithymark

3% is not a lot l know only been with the company a year and this is how they set it up

A bit about my finances
Cash savings in a isa £14k
Stocks & shares isa £34k in three funds
£10k in current account pays better % rate than isa
Have a pension pot of £150k with royal London from previous employment
Have no mortgage (own my home ) and no dependence
Just panicking a bit about about my pension, was my birthday yesterday ,where has time gone
I save £300 a month and can now save another £100 on top of that
So do l put it in nest pension or start a sipp ,thinking about it do l do something with some of my cash ISA money any advice would be welcome

xylophone

It might be easiest to contribute the extra to NEST and then decide what to do about both pensions when you are ready to retire - combine in a SIPP perhaps and access flexibly?

https://www.nestpensions.org.uk/schemeweb/NestWeb/public/memberhelpcentre/contents/how-can-i-make-additional-contributions.html
And have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

Smithymark

Thank you for that 👍

triplea35

Just to be aware your nest pension contributions will increase to 5% (4% after tax relief) and your employers contribution to 3% from April 2019. Still not a lot but worth taking into consideration.