£10k surplus cash - SIPP top up?

Pats51

macman said:

Pats51 said:

xylophone said:

Have you now come to a decision?

Not really. I have no idea if the Standard Life pensions I have at the moment are any worse or better than say a new Vanguard or Pension Bee. But I guess putting the money into something is better than not putting it in at all. And then I also get the tax relief. 

Nor do we, because we don't know what the fees are on your SL pension. But Vanguard platform fees are just 0.15%, about the lowest on the market. probably far less than you are paying now, on a pension that you've not contributed to for 20 years. 
Even if you had contributed just the (non-earnings) limit of £2,880pa for that time, then you would have received £14,400 in tax relief. 
If you are earning £50k pa now, then you need to be putting a very large proportion of that into a pension every year from now until your retirement (maybe 10 years) in order to accumulate any reasonable pension pot. Not just the spare £10K as a one off.
Your immediate priority, however, is to get as much as you can afford (within the 21/22 earnings limit) into a pension (any pension) before the cut off on 5/4/22. You can always transfer the pension to another provider during the following tax year.

Thank you. I have 20k in a stocks and shares ISA which I started this year and have used all the allowance. I need to keep that there incase I need to access it in 3 years to potentially buy out my ex husbands share of the family home (that’s a whole other story). I have another 20k in premium bonds as my emergency cash supply. So I figure the £10k surplus can go into a new SIPP. That’s all I have spare before the cut off. Just had a look at Vanguard SIPP and OMG there are so many options I’m even more confused ! And yes my intention is to now contribute as much as I can every month into a SIPP. I only went back to full time work in 2017 and haven’t been able to afford to save until we went into lockdown. Yes I am one of those people ! 

Again thank you so much to everyone who has commented here. 

xylophone

Just had a look at Vanguard SIPP and OMG there are so many options I’m even more confused ! 

Perhaps a Target Retirement option would suit?

Pats51

xylophone said:

Just had a look at Vanguard SIPP and OMG there are so many options I’m even more confused ! 

Perhaps a Target Retirement option would suit?

Thank you !