Pensions

Hanmatt

I have just been made redundant at 61 am I best continuing to pay into my pension scheme or transferring the pension to my cash ISA?

Dazed_and_C0nfused

Bit brief.

Do you mean your employer's scheme?

If so can you still contribute to it whilst no longer employed by them?

If not will you have sufficient pensionable income (particularly from 6 April 2021) to contribute at your current rate (whatever that is).

Also, do you mean start paying your regular contributions to the ISA or the whole pension fund?

Why cash ISA not S&S ISA?

dunstonh

For future reference, it is a good idea to put a very brief summary as your subject.    Posting with a subject "pensions" in the pensions section of the board doesnt tell anyone really what your are looking to talk about.  Many people view the subject before deciding to enter the thread or not.    Should I cash in my pension would be a good example as a subject in this case.

 best continuing to pay into my pension scheme or transferring the pension to my cash ISA?

You cannot transfer a pension to a cash ISA.  They are different tax wrappers with no linking.   You would have to draw the pension in full as a lump sum, pay tax and then deposit it into the cash ISA.       In the vast majority of cases that would be a very silly thing to do.   You could be in one of those very small minority of cases where it is sensible but you could be thinking about doing something that is not in your interests.   However, you haven't said why you think it would be a good idea.  So, its difficult to comment beyond that at this stage.  Maybe you could tell us.

You also haven't told us what type of pension it is.   Or what your objectives and plans are and how this fits with your objectives.  We also know nothing about your tax position (now or future).

Brynsam

Hanmatt said:

I have just been made redundant at 61 am I best continuing to pay into my pension scheme or transferring the pension to my cash ISA?

The two aren't mutually exclusive. You could keep your pension where it is and pay into an ISA.