Top up pension or leave in PB and cash ISA?

AMD12

Looking for some advise please.

Male 55, 40% tax bracket, debt free working full time house paid off.

£230k in PensionBee from previous work pensions, I contribute £100 per month

£50k in Premium Bonds

£63k in cash ISA

£5k in stock and shares (Not and ISA) with Trading 212

Am I better paying a lump sum into my pension from either the Premium Bonds of the cash ISA?

MallyGirl

You haven't mentioned your current job pension 

Marcon

AMD12 said:

Looking for some advise please.

Male 55, 40% tax bracket, debt free working full time house paid off.

£230k in PensionBee from previous work pensions, I contribute £100 per month

£50k in Premium Bonds

£63k in cash ISA

£5k in stock and shares (Not and ISA) with Trading 212

Am I better paying a lump sum into my pension from either the Premium Bonds of the cash ISA?

If you're an employee, any chance you could make the payment by salary sacrifice?

Otherwise up to you whether to pay from PB or ISA - just remember you can top up your PB holding back to the maximum when you choose, whereas you are limited to an annual ISA allowance (which may or may not be a consideration depending on how much you 'fill' your ISA each year).

Nebulous2

What about current work pension? 

When do you want to retire? 

How much will you need to live on in retirement? 

Pension trumps most things for tax efficiency. Paying into pension provides tax relief and if you come out of higher rate tax opens the door to things like a higher allowance on non-isa interest. 

Your pension is relatively modest for someone wanting to retire soon if that is it all, but if you want to work until state pension age it has time to build.  

AMD12

Marcon said:

AMD12 said:

Looking for some advise please.

Male 55, 40% tax bracket, debt free working full time house paid off.

£230k in PensionBee from previous work pensions, I contribute £100 per month

£50k in Premium Bonds

£63k in cash ISA

£5k in stock and shares (Not and ISA) with Trading 212

Am I better paying a lump sum into my pension from either the Premium Bonds of the cash ISA?

If you're an employee, any chance you could make the payment by salary sacrifice?

Otherwise up to you whether to pay from PB or ISA - just remember you can top up your PB holding back to the maximum when you choose, whereas you are limited to an annual ISA allowance (which may or may not be a consideration depending on how much you 'fill' your ISA each year).

Current work pension is only £3k as not long been in the job, it's with the peoples pension and soon moving over to salary sacrifice with them.
Probably looking to retire at 60 if possible. I live alone and bills are around £400 a month.

Marcon

AMD12 said:

Marcon said:

AMD12 said:

Looking for some advise please.

Male 55, 40% tax bracket, debt free working full time house paid off.

£230k in PensionBee from previous work pensions, I contribute £100 per month

£50k in Premium Bonds

£63k in cash ISA

£5k in stock and shares (Not and ISA) with Trading 212

Am I better paying a lump sum into my pension from either the Premium Bonds of the cash ISA?

If you're an employee, any chance you could make the payment by salary sacrifice?

Otherwise up to you whether to pay from PB or ISA - just remember you can top up your PB holding back to the maximum when you choose, whereas you are limited to an annual ISA allowance (which may or may not be a consideration depending on how much you 'fill' your ISA each year).

Current work pension is only £3k as not long been in the job, it's with the peoples pension and soon moving over to salary sacrifice with them.
Probably looking to retire at 60 if possible. I live alone and bills are around £400 a month.

It would make sense to pay your lump sum by salary sacrifice (tax saving the same, but you'll get an NI saving by doing it this way), and then take cash from your PB and/or ISA to replenish your 'ready cash' supplies.

If you want to pay in more than you can salary sacrifice (you can't SS below minimum wage), then you can choose whether to use PB or ISA and pay a true personal contribution to your workplace pension or your PensionBee account.

Brie

Max the payments into your current work pension to get the most out of your employer's contributions.  After that look what the difference is between paying extra in to people's pension or pension bee.  Go for the one that will give the best return for the lowest fees and give you some extra tax relief.  

Albermarle

Brie said:

Max the payments into your current work pension to get the most out of your employer's contributions.  After that look what the difference is between paying extra in to people's pension or pension bee.  Go for the one that will give the best return for the lowest fees and give you some extra tax relief.  

Unless you have a crystal ball, then nobody knows what will give the best return in future.
In any case it depends on what investments are being held within each pension, not who the pension provider is.

Regarding fees, I think the PP is cheaper than Pension Bee ( someone has to pay for all that clever marketing ) .