Pension fund comments

webmasterpolo

https://forums.moneysavingexpert.com/discussion/comment/81986058#Comment_81986058

That is a very good point, how early you retire always factors in. You are planning 60 so you will have your personal allowance available for about 7 years before state pension uses it up. You'll also be able to withdraw 75% taxable income and 25% TFC on each months income payment. So there is actually quiet a lot you can draw without 40% tax (around 62k) before the state pension starts. If you wanted to go even earlier before 55 then the ISA becomes vital, right now it's an added bonus if you can max the 60k. I'd suggest if you can afford to save the 20k for ISA after maxing the 60k in pension do both. If not I'd prioritise the pension based on your plan as that 7 years gap lets you get £400k+ out of your pension at maximum tax efficiency.

InvesterJones

Pension is in a good place and not especially messy in the grand scheme of things! I'm a believer in matching your risk to your goals so if you have done the projections and you don't need great growth going forwards to meet your targets (get advice to work these out maybe!) you can maybe dial down the volatility.

ISA is a good focus as you mention, and beyond that, gilts are tax efficient and low risk so building up those even outside of a wrapper is an additional way of shifting your assets down the risk scale.