Not sure what to do - help required

Albermarle

So I gain nothing at all from tax relief and just benefit from the investment growth only (assuming there is growth).

When you take money out of a pension ( post age 55) it is partly taxable , depending on your exact circumstances . Normally the tax relief on contributions is higher than the tax on taking the pension, so making investing in pensions worthwhile . However if you get no tax relief then pensions become a bad investment and you would be better off investing outside a pension.