what do i do

Hornetcash

Hello everyone
i really need help, I`m 47 years old i have not work for over 20 years due to health problems and it looks like i will never return to the work place .
I have got a pension for where i use to work at £2950 which is nothing , what i want to do is pay into a new pension and transfer the old one... is it worth it doing because of my age and if it is what pension do i go for.
I can only put about £30 a month tops into a pension 

macman

No one can advise you, because we don't the terms of your existing pension...
Do you mean that the current value of your pension pot is only £2.950, or that it's projected to pay out that p.a at maturity? If the latter, it's not 'nothing': it will add nearly 50% to whatever you receive from your state pension.
You can contribute to a new SIPP without transferring in your existing pension: it's not one or the other.
That £30pm instantly becomes £37.50pm once the tax relief is added. 

Hornetcash

it will become 3500 when i`m 65 

Hornetcash

I cant add to my old pension , so is it worth starting a new one or investing else where 

Albermarle

it will become 3500 when i`m 65 

Do you mean £3500 per year will be paid out ? You need to give clearer info if you want a helpful answer.

Hornetcash

no that is it a pension pot value at £3500 What i want to know is it worth saving money in a ISA or start another pension