lump sum into a pension

lilactime1936

im 55 and have 2 pensions . about £110000 in a prudential personal pension
and about £1500 in a workplace pension
i have £ 10000 in savings and iam considering putting this into the workplace pension
the reason behind this is it seems to be doing well and there are minimum charges
would you do this or put it into the prudential personal pension ?
or any other ideas ?

dunstonh

the reason behind this is it seems to be doing well and there are minimum charges
would you do this or put it into the prudential personal pension ?
or any other ideas ?

Pru pensions are often old versions put in place back in the days when they had home service agents. They have a few gems but some are quite out of date and can be improved upon with modern plans.

The workplace pension is likely to be basic and not support modern functionality. It may not be as cheap as alternative options as many are at the level of the cap (0.75%) whereas you can get individual pensions at better than half the cost of that.

Cost is not the primary consideration. But an important secondary one.

We cant really comment on what option is best as we know nothing about the two options you have. However, you should include the third option of a modern individual pension to benchmark against.

LHW99

If you add extra to the workplace one do you get extra from the employer?

Dazed_and_confused

Do you earn enough to be able to add £10k as a lump sum?

Obviously you have the money but there are rules around how much you can contribute each tax year.

xylophone

rules around how much you can contribute each tax year.

.....and receive tax relief.

https://thepeoplespension.co.uk/help/knowledgebase/whats-the-maximum-amount-i-can-pay-into-my-pension-pot/

squirrelpie

Another idea .... What other savings do you have? It may be worth considering putting it into an ISA rather than a pension.