Sipp or savings

Pucky89

Hi All, 

Wasn’t sure what area to put this in as covers pensions and savings so feel free to move if needed.

I have some disposable income most months (varies between (200 to 500) and I don’t know if to put into more regular savers or set up a SIPP.

Personal situation 40 years old, wife and 1 child who is 7 ( unlikely to have anymore)
currently employed, but job security is up in the air with constant redundancies over the last 2 years and company are still looking at more. 

Mortgage on current house for another 7 years. 

I have a work place pension where I currently pay about 22% of my own salary and then employer adds 8%. My salary isn’t great but it’s making a relatively healthy pot so far. Last 12 months return is 14%

I have a couple of regular savers which have the 85k and ISAs topped up for the year for both me and my wife and also premium bonds as well for both.

We would like to move in the future (using the money above) depending on the job security, and emergency funds are covered in of the regular savers.

Any ideas or advice? Open to other suggestions as well. Thanks in advance!

Cheers

eskbanker

How long would your savings last if you needed to live off them while you found alternative employment?

Albermarle

If you went down the 'more in the pension route' why would you open a new pension rather than just increasing your workplace pension contributions?
Would it be lower charges, more choice of investments etc ?