Put more into my nest pension or ?

Smithymark · 25 September 2018 at 1:08AM

I am 54-years-old and my employer has enrolled me in the nest pension scheme, been in it since February , l have £100 a month I can save into my pension ( l put 3% into my pension already )
Do l put the £100 into the nest pension or open a sipp account

Spreadsheetman · 25 September 2018 at 8:21AM

I'm sure other will say this, but at age 54 3% is an extremely low pension contribution to any scheme.

It would be worth posting further info on your finances to get more specific advice.

Smithymark · 25 September 2018 at 9:36AM

3% is not a lot l know only been with the company a year and this is how they set it up

A bit about my finances
Cash savings in a isa £14k
Stocks & shares isa £34k in three funds
£10k in current account pays better % rate than isa
Have a pension pot of £150k with royal London from previous employment
Have no mortgage (own my home ) and no dependence
Just panicking a bit about about my pension, was my birthday yesterday ,where has time gone
I save £300 a month and can now save another £100 on top of that
So do l put it in nest pension or start a sipp ,thinking about it do l do something with some of my cash ISA money any advice would be welcome

xylophone · 25 September 2018 at 11:18AM

It might be easiest to contribute the extra to NEST and then decide what to do about both pensions when you are ready to retire - combine in a SIPP perhaps and access flexibly?

https://www.nestpensions.org.uk/schemeweb/NestWeb/public/memberhelpcentre/contents/how-can-i-make-additional-contributions.html
And have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

Smithymark · 25 September 2018 at 11:54PM

Thank you for that 👍

triplea35 · 26 September 2018 at 6:57AM

Just to be aware your nest pension contributions will increase to 5% (4% after tax relief) and your employers contribution to 3% from April 2019. Still not a lot but worth taking into consideration.

Put more into my nest pension or ?

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