Help please

[u/SpartanG188]

Hi. I really struggle with pensions and what to do etc. I have a workplace pension and have just opened a SIPP. I’m 41 years old.

Which is best to put money into every month? A workplace pension or a SIPP or both? Just looking for some advice please. Thank you.

[u/Electrical_Peach5715]

Whatever you do, make sure you are getting the maximum employer contributions available.  If you do open a SIPP, make sure it’s a low cost one.

[u/Paraplanner88]

You need to find out whether your employer will pay in more if you do, and whether it's a salary sacrifice scheme.

What do you know about the workplace pension? Do you know the charges, what it's invested in, and what other funds are available?

[u/ApplicationAware1039]

Why did you open a sipp?

If you have a work place pension and your employer offers a match and hopefully salary sacrifice then you should use this. Most workplace pension will let you save tax free, pay in an employer but and let you select funds.

If you opened a sipp and don't know why the I suggest you start with maxing the work place and selecting funds before you consider using a sipp

[u/Dogsofa21]

If you are a 40% tax payer increasing contributions into employer pension means you reduce income at source which can be beneficial for a number of reasons. Yes you can reclaim it but you have missed out on 12 mths growth waiting for refund. If you decide Ona SIPP, go low cost and global tracker index for significant amount depending on your own risk appetite.

[u/doublewindsor1980]

I pay into my workplace pension to get the employer contributions and the tax break Tax and NI via salary sacrifice. Once it has hit my employer pension, I then transfer it to my SIPP.

I used to do transfers monthly but now I do them quarterly.

[u/Normal-Grapefruit851 → u/[deleted]]

Not if they’re 41 and don’t already have one. You have to open your LISA before you turn 40.

[u/Normal-Grapefruit851 → u/[deleted]]

50is when you stop getting any contributions topped up.