Shall I put money in my LGP pension pot or invest in ISA

Crisps60

Hi I have 7,000 that I had in opted out serps pot...is this better used for an ISA or better in my work pension scheme. It's time I did something with this money as it's earning nothing . I am 60 with 16 years in local government pension pot . All advise welcome .

Dox

Why is it 'earning nothing' and why do you think it would earn more in an ISA? You can always change the fund(s) in which it is invested.

You normally can only transfer into the LGPS if you do so within 12 months of joining the scheme unless your administering authority allows longer.

dunstonh

 have 7,000 that I had in opted out serps pot...is this better used for an ISA or better in my work pension scheme.

Contracing out of SERPS (not opting out as that means something different) means your protected rights pension was reclassified as a personal pension when contracting out was abolished.    So, you can only hold it in a pension (this one or another one).  You cannot hold it in an ISA.

It's time I did something with this money as it's earning nothing .

Whenever I get someone that tells me that it is nearly always one of two things.  a) it is earning but they are looking at a short term period only (such as the previous 6-12 months) or b) they have it in a deposit fund or something ridiculous but the existing plan has alternatives.  So, why do you think it is not earning anything and what is it currently invested in?

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Crisps60 said:

Hi I have 7,000 that I had in opted out serps pot...is this better used for an ISA or better in my work pension scheme. It's time I did something with this money as it's earning nothing . I am 60 with 16 years in local government pension pot . All advise welcome .

What it boils down to is if its disposable cash (could you afford to lose this money) and how much risk you would take. Being me, I would take a chance but that is me. In some ways I would play it safe but take a bit more of a chance with diaposable cash, if thats the right word.

Crisps60

Hi all don't think I explained my issue very well, basically I have this money from when the government suggested coming out of the gov pension,  I then opted back in some years later when advised to do so. This money is sat as has matured a few years ago, I have done nothing with it as was very confused what it actually was and why it had matured. Anyway I have £7000 and want to generate more pension or money to draw from when I retire. I work part time for the council and have been paying into the pension 14 years. 

Hope this makes more sense. Thank you