New pension for old person

[Deleted User]

Beddie said:

If a person aged 50 really has no pension at all, from any employer or personal pension, then there's no point starting now. They'll lose more in benefits than they'll gain, unless they suddenly have a high income and can afford to put away the maximum each year. 

But that's unlikely, as most will have built up some employer pension. 

I am sorry but I very much disagree with your view that 50 is too old to do anything about your pension. The person concerned would have 17 years to make a difference, even without a very high income. Always having something is always better than having nothing.
What do you mean by 'lose more in benefits'? Are you advocating reliance on the benefits system once pension age is reached?

kempiejon

M0neysav3r said:

Sorry that was vague. 

Employed but opted out of pension scheme.
private pension with Prudential is years old but only contributed £50 a month, is it best just to increase the prudential contributions? Could contribute £500 Per month 

Opting back in seems sensible there might be some things to double check.
Hopefully that's free money from the employer.
Pension money offers some tax advantages over savings by deferring tax paid until the pension is claimed and even there there's 25% lump sum and personal allowances to consider.
However one cannot access a pensions until 55 rising to 57/8.
Check the value, charges and destination of Pru pension.
Did anyone mention state pension forecast?

xylophone

Employed but opted out of pension scheme.

What on earth for?

You are happy with losing the employer's contribution so effectively taking a salary cut?

LHW99

M0neysav3r said:

Sorry that was vague. 

Employed but opted out of pension scheme.
private pension with Prudential is years old but only contributed £50 a month, is it best just to increase the prudential contributions? Could contribute £500 Per month 

Yikes...Opt back in straight away!

Your employer has to pay in to your pension under autoenrollment - you are giving up free money if you opt out

Linton

M0neysav3r said:

Sorry that was vague. 

Employed but opted out of pension scheme.
private pension with Prudential is years old but only contributed £50 a month, is it best just to increase the prudential contributions? Could contribute £500 Per month 

Even better to join the employer's scheme and contribute at least the highest amount they will match. Opting out could well turn out to be the worst financial decision you ever made.