Multiple pensions

[Mookiemad]

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.

 

[jpd]

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.

 

[Palerider]

Yes, join your employers scheme, you get your employer to match your contribution and you get tax relief on your contribution

 

[Conan]

If your Employer will match your contribution, then maximize your contribution to the new Employer Scheme.

 

[Steven Barrett]

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
www.bluewaterfp.ie

 

[Mookiemad]

Thanks for the reply's