DH has three pension pots plus one through his current work
1) About £1200 pot - DH needs to find details
2) £5988 - it grew £535 but had charges of £143
3) £26115 - it grew £2073.99 and had charges of £252
4) pension due to be worth £4K pa at 67
I think as a minimum we need to combine the first 3 pots - but am considering whether we should move it to a SIPP. We are 49 and interested in moving to the country ideally no later than 55 (2025). We would expect to work in some capacity but are less likely to retain such relatively high income and therefore access to those pension funds could really help.
I have DB pensions that I can access at 67 1) deferred £5K+ and 2) £7.3K (already) and I would continue to contribute to this until we move plus we should both get full state pensions worth approx £17K combined. I could take my pension from the second one of them early but would have a 44% reduction. This is not my current plan - but may consider later.
We are currently repaying debt but expect to resolve that by Nov 20. It would then take us to the summer of 2021 to save up a 6 month emergency fund. After that if we kept our current jobs we could put £1800-2250 per month (OH's salary) towards either the mortgage or investments. With the 20% uplift due to tax relief of going down the sipp route - is that better than trying to repay mortgage with the money and what are the pros and cons?
Target 1) £25,121 to be repaid in 2020 @ 0% Now down to £23,813
Target 2) repay £1450 off now OP £215
mortgage now 144,760 @1
.7% Target 3) Set up SIPPs Target 4) Declutter 52 bags - now done 9/52