Multiple pensions

M

Mookiemad

Registered User
Messages
7
Hi.
I have a pension of 20,000 but have not paid in for 10 years.
The pension company suggested I restart it and I am about to contribute again.
I have recently got a promotion and my employer has a pension fund and will match what I put in.

My question is should I contribute to both.
 
Without a lot more information about your circumstances and finances, it is hard to give a meaningful answer to your question.

In general terms, saving for a pension is a good idea but whether you are saving enough, just the right amount or too much will depend on many factors.
 
Yes, join your employers scheme, you get your employer to match your contribution and you get tax relief on your contribution
 
If your Employer will match your contribution, then maximize your contribution to the new Employer Scheme.
 
If you are part of an employer scheme, you cannot claim tax relief on the contributions to a personal scheme.

No harm in having 2 pensions. You always have the option of maturing them at different times.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
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