Planning

Redscope77

I’m 45years old. Mortgage free, dependent free, I’ve £135k cash savings. 

I can afford to save per month £1500
Any advice on a retirement plan 

should I plow my monthly savings in my pension 
should I put a lump sum into it

should I invest in stocks abs shares 

I just don’t know what to do 

dunstonh

should I plow my monthly savings in my pension 

Possibly.

should I put a lump sum into it

Possibly.

should I invest in stocks abs shares 

Possibly (although if you mean unwrapped holdings, then you would normally look to utilise tax wrappers first)

I just don’t know what to do 

And based on the lack of information you have given, we cannot answer your questions either beyond saying that anything you put aside is better than nothing.  If you want to fine tune it then a lot more information will need to be known.

Do you are work or self employed?  Is the an employer scheme, what is your tax rate? what is your planned retirement age? what are your objectives? and so on.....

Dox

You are 45. What pension savings do you have already? Any?

NedS

What age would you like to retire and what income would you like in retirement. Are you on course for a full state pension. Do you have any other pensions?

cfw1994

NedS said:

What age would you like to retire and what income would you like in retirement. Are you on course for a full state pension. Do you have any other pensions?

Plus....are you funding ways (ISA) that you can “fill the gaps” before being able to access pensions (personal or State)?

You might find this a good read: 
https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Redscope77

my current pension funds are circa 200k.  Yes I am on course for full state pension.  
Ideally I would like to have £2500 per month(net). and I would like to stop work around 60

MaxiRobriguez

Pension it is then. £1,500 in over 15 years plus your £200k to start with should give you a final pot of somewhere between £650k and £1m, which will be easily enough to retire on at 60, especially considering your £135k in cash too, which itself could help fund retirement a few years earlier if performance in the pension is good and the pension access age isn't changed by the time you get to it. 

Linton

Let's do some crude arithmetic, working at current prices.
Assumptions
Current pension pot £200K
Gross contributions £1500/month=£18K/year increasing with inflation
Investment return 3% above inflation
Income requirement=£2500/month=£30K/year increasing with inflation
State Pension of £9K from 60 to 68 covered by savings
Safe drawdown rate 3.5%

Costs
£30K/year net=£34K/year gross
60-68 (8 years) £30K /year=£25K (taxed) +£7.5K (untaxed) from savings
68+ £34K-£9K SP=£25K/year gross from your pension
Drawdown at 3.5%: Pot required=25000/0.035=£625K 

Pension pot
Assume you start with £200K with contributions of  £1500/month=£18K/year.
With annual investment return at 3% above inflation it works out to be £646K at 60.  As the assumptions could well be wrong this looks too tight in my view, though it's not wildly out.

Possible Mitigations
 - Are pension contributions net or gross?
 - Putting say £100K of your current high cash savings into investments would be helpful
 - An extra year or two at work would be helpful

I suggest you try for the next 5 years say and see how much progress has been made.  You dont need to decider your retirement date until you are sure you have sufficient money available.

badger09

In addition to what has already been said about your pension savings, £135k seems a lot of cash to be holding. Do you have a reason for holding so much?

Retireinten

Do you have a partner? If so, what pension arrangements do they have in place and does this affect your retirement planning in anyway. I'm half of a couple and our pension planning is a joint effort in order to maximise our joint retirement income, for instance making use of 2 x personal allowances. 

Redscope77

badger09 said:

In addition to what has already been said about your pension savings, £135k seems a lot of cash to be holding. Do you have a reason for holding so much?

It's just what I have saved up... having thread the above I am thinking I will put 85k into my pension now and put 5k into a a stocks and shares ISA at a medium risk level.  
My pension contributions are Net of tax