Auto-enrolment and pension advice for a novice
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Hi I am a little confused and need some advice as my best options. My partner and I both 49 have been enrolled in the basic auto enrol People Pension recently. The company pay a capped 5% of our wage into the pension. It will probably equate to £95k pot when he reaches 67 and mine will be probably £20k. I have a final salary pension from previous job that has about £270,000 in the pot. I understand I can't do anything with this. My partner has a RAF pension that he is getting at present due to taking redundancy and this goes up at 55. Would be roughly £900 a month. My partner has received inheritance of £100k, do we do a SIPP, ISA or invest in the peoples pension with the money? We were thinking of property purchase as a second income but don't want the hassle of being landlords. We have 17 years left on the mortgage and are making overpayments as and when we can but we are unsure of the best way to go forward. Have been looking at investment companies but it's a minefield and in uncertain times I'm not sure about Stocks and Shares and aren't keen on all the fees that go with it. Has anyone got experience of retirement planning, should I seek the help of an IFA just for ideas?