Pension or Isa

ChrisK....._3

I have a small pension that I no longer pay into. Should I move it into my new work pension I am paying into our put it in my ISA?

Dazed_and_confused

How would you move it into your ISA?

ChrisK....._3

Ah! Good question, but I still have an allowance for this year so should I top it up from my pension? Should explain I'm 59 and have full access to this standard life pension and it's lost nearly £1000 last year so I'm not worried leaving it where it is. I have a new job about 6 months ago with work pension and I'm wondering whether to shift it into there

Dazed_and_confused wrote: »

How would you move it into your ISA?

greatkingrat

Withdrawing the money in full will likely result in you paying unnecessary tax. Unless you need it now, better to leave the money until you have stopped working.

Assuming there are no special terms/ benefits then moving it into your current pension is reasonable for simplicity's sake.

swindiff

Also if you take any money out of your pension going forward you would only be entitled to tax relief of £4k per year in pension contributions.

https://www.thisismoney.co.uk/money/pensions/article-4708474/Beware-new-limit-pension-saving.html

AnotherJoe

Can you explain how it lost £1,000 please.
Is that fees or badly performing investments (what are they) and over exactly what period (mon/year to month/year) did it lose the £1k and what % of the overall was that?

Apodemus

swindiff wrote: »

Also if you take any money out of your pension going forward you would only be entitled to tax relief of £4k per year in pension contributions.

https://www.thisismoney.co.uk/money/pensions/article-4708474/Beware-new-limit-pension-saving.html

Your underlying point is correct, but I think you really mean that the maximum you can pay in to a pension once you have another in drawdown is £4k per year rather than tax relief of £4k, which would imply a rather larger sum paid in.

swindiff

You are right it was supposed to say on, not of. Phone autocorrect.