Help! No pension

The_bear_4

I only have a small frozen pension which I cannot pay extra into as I am working for a different company.

I am 50 years old and would appreciate advice on the best way to save for my retirement. Would I be better saving in a mini isa or a private pension scheme? If the latter, how do I find out the best scheme for me?

I am pretty useless when it comes to financial things!!!

Any advice would be appreciated!

dunstonh

Would I be better saving in a mini isa or a private pension scheme

See the ISA vs pensions thread at the top of the section.

If the latter, how do I find out the best scheme for me?

See an IFA. Whilst you can go DIY on this, if you are clueless at these things then its best to get someone to do it for you.

EdInvestor

First check out trhe situation regarding your state pension(s).Although you won't be able to get a forecast until October, have a word with the people at https://www.thepensionservice.gov.uk especially about your SERPS/S2P amount, which might mean your state pension is higher than you thought.

Then write to the old company for a forecast of how much income per annum you are forecast to get from the "frozen" pension.In fact it'snot frozen, but increasing at 5% or RPI every year.

Then come back here with a total for your existing forecast pension income and we can suggest the best way to accumulate additional savings to top it up

Are you a higher rate taxpayer?.

cyclonebri1

This is not intended to be disrespectable here but, speaking as someone who was forced to take early retirement at 55, even tho' my plans went on for a few more years, do as much as you can as soon as you can. Had I been in the same position as you are at 50, I think I would be in serious !!!!!! now. (luckily I'm not).;)