59 and need to think about pension

beemerk12s

I have just turned 59 and have not thought much about a pension until now, mainly due to the fact that my income has not been sufficient.
I am a company director (own company) and business is starting to pick up, which means that I may have occasional lump sums to invest (couldn't commit to regular payments, I don't think).

Should I top up my current pensions or look for a new fund to invest in? Is there any benefit to me getting something invested before end of this financial year (around £10k)?

State pension forecast at 66 is £164.35 per week.

Also have two small pensions:

Aegon - Current value £20,500. Projected annual income £680-1400
Standard Life - Current Value £95k. Projected annual income £3000.

Dazed_and_confused

State pension forecast at 66 is £164.35 per week.

Given you are under the transitional rules is that a realistic forecast?

Is your current entitlement sufficient that you can reach £164.35 with additional years contributions?

And are you going to be able to make the relevant number of years contributions?

Or have you actually already reached £164.35?

I am a company director (own company)

I may have occasional lump sums to invest

You are likely to find the common view on here is that you shouldn't contribute more to a pension. But your company might want to. Have you talked to your accountant about this?

dunstonh

Should I top up my current pensions or look for a new fund to invest in?

Without us knowing what your current pensions are, we cannot answer that.

Is there any benefit to me getting something invested before end of this financial year (around £10k)?

Maybe. Maybe not. It depends on your financial situation (and that of the company as its the company that makes the contribution)

Spreadsheetman

At 59 you should be using your Ltd company and the tax system to your advantage to ensure you have as much to retire on as possible. You probably won't get the full picture from your accountant, but that would be a start.

lisyloo

dunstonh wrote: »

Without us knowing what your current pensions are, we cannot answer that.

Aren’t they at the bottom of post #1?
If there’s other info required might be best to spell out what it is as it’s not obvious what other infor you’re asking for.

MallyGirl

OP only lists providers, not what they are actually invested in.

dunstonh

Aren’t they at the bottom of post #1?

Aegon have a book of over 100 different types of pension. Standard Life have a book with many dozens. Then you have variations on those pension types (such as the terms offered).

Its a bit like saying you have a TV made by Phillips and asking if its any good.

xylophone

I am a company director (own company)

https://dafferns.com/news/company-contributions-to-a-directors-pension/