60 yrs old and want to start saving!

Shareandgive

I am about to recieve my employment pension and want to continue to work and save about 1000 a month so that I can finish working ahead of recieving my state pension. Does anyone have advice of how to save it. 
Does anyone have any other suggestions than an ISA

eskbanker

Is there perhaps any value in deferring your employment pension?  If not, contributing to another pension is likely to be tax-efficient....

Shareandgive

Thanks it won't grow if I defer it I will just lose the monthly income ... I am already signed up for another work pension that will continue. 

eskbanker

The reason for suggesting another pension was simply that they can effectively be regarded as tax-beneficial savings accounts if you're over 55, in that you have access to the money whenever you want and should benefit from a minimum of 6.25% uplift via tax relief if you're a basic rate taxpayer.

There are some limitations in terms of MPAA though, which may apply to your situation, depending on how you're accessing the pension that you'll be receiving, and there are also limits on contributions according to earnings, but worth considering IMHO....

LHW99

A DB pension doesn't trigger the MPAA I understand, only a DC where you have taken some amount of non-tax free cash.

There are regular savers, but you would have to take out several, as most have a limit on the amount that could be added each month.

The advantages of cash ISA's is that they are tax-free (interest wise) as well as on withdrawals. If you use an S&S ISA, then any capital growth is tax-free as well.

Your employer should let you add extra to the work pension, even if they won't increase what they pay in. Alternatively you could pay into a separate SIPP or personal pension. Either would (depending on how contributions are taken) get the tax refund.