Contributing to 2 pensions, can I cash one in?

[Beany]

I have 2 separate pensions, PRSA and an Eagle Star pension. I'm 40 and now working a 2-day week and there's about €16000 paid into each one. In the good old days I was putting in about €500 per month between the two but now I can barely afford to put €50 per month into each. My PRSA statement states that I have contributed €16600 and if I continue this way it is estimated that I will receive a yearly pension of €1900 in todays terms. It seems worthless continuing to contribute to this pension for a measly €1900 per annum. Should I just stop all payments completely or should I freeze Eagle Star and continue to pay €100 into PRSA? Any advice appreciated.

 

[Greta]

You are 40 years old, so have 25 years+ left before retiring - do you anticipate that you'll continue working a 2-day week and earn low salary for 25 years?

If you think your current situation is relatively short-term, why are even you considering depriving yourself of any pension in retirement?

I think you should carry on paying what you can into your pensions, with the view to increase the contributions when your circumstances improve.