Pay off the mortgage or invest in a pension? WWYD

[suebfg]

I'm mid forties and have poor pension provision - because I've paid off various mortgages, got cash ISAs etc - not because I don't save! I am self employed so wouldn't get employer contributions in a pension.

If I set my mind to it, I could probably clear the current mortgage in 2 -3 years - it has a 20 year term to run. My mortgage rate is 2.75% and is very manageable.

Should I pay it off or start paying into a pension?

charley
Debentures etc sound interesting.
I've got a year to clear the mortgage, then set aside money for the kids to live on at uni (over and above loans) and then I shall start doing some interesting stuff.

My much bigger concern with DC pensions is the lack of transparency over fees - not just the headline management fees but all the transaction fees - that can chew through half a fund when returns are not much more than inflation.