Private Pension

[Muchmorethan]

Hi

I was awarded a pension sharing order 4yrs ago when XH and l split. It wasn't a lot - £20,000 but l opened a Royal London pension where they take 1% annually as payment.

I haven't added to it at all but l have some spare cash currently. I have overpayed the maximum on my mortgage for this year and l have ISAs.

With the current climate, should l pay into my pension?

As someone just a few years off my pension age I am thankful for every penny I have ever invested in it. However, paying off debt is generally the best place to start so do you have a mortgage you could overpay? Or any debts to pay off?

She’s overpaid her mortgage as much as she can (I presume without incurring penalties).

OP: if you are working and paying tax, it is 100% a good idea to pay into your pension. It’s even worth it, to a limited degree, if you aren’t working. I think that contributing to your pension is more important than overpaying your mortgage.

Do you work? If so, find out about your employer’s pension scheme first as they may match whatever contributions you put in.

Hi. I have paid my 10% allowance for my mortgage. Have no debt.

Yes, l have a NHS workplace pension which I've paid into since l qualified as a nurse