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What’s the best option for me?
Hipperty
Posts: 23 Forumite
I have a small NHS pension which I can take in 7 years time - small because I’ve only worked part time since having my children, so most of my career. Additionally I have a stakeholder pension into which I pay just £50 per month, so also very small.
I have saved up £5000 in regular savings accounts and need to decide what to do with it. I do not need the money in the short term.
As a basic rate taxpayer I’m not sure I get much benefit from the pensions tax relief and not so much time for growth. Would I be better putting it into a stocks and shares ISA instead so that I keep access to the whole sum rather than receive pension per annum in a few years time?
Additionally, I’m wondering if my stakeholder pension with Standard Life (1% charge) is still good value or would I be better to consider opening a Vanguard SIPP with tracker funds, once they launch and moving my stakeholder pension savings to it?
Many thanks in advance for any advice or help with decision making.
I have saved up £5000 in regular savings accounts and need to decide what to do with it. I do not need the money in the short term.
As a basic rate taxpayer I’m not sure I get much benefit from the pensions tax relief and not so much time for growth. Would I be better putting it into a stocks and shares ISA instead so that I keep access to the whole sum rather than receive pension per annum in a few years time?
Additionally, I’m wondering if my stakeholder pension with Standard Life (1% charge) is still good value or would I be better to consider opening a Vanguard SIPP with tracker funds, once they launch and moving my stakeholder pension savings to it?
Many thanks in advance for any advice or help with decision making.
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