Additional Pension contribution best place for a one-off lump sum?


New Member
Hi, I would appreciate advise with regard to the following scenario: Husband earnings approx €130k, annual pension contrib 5.3%, emplyer 9.7%. Current pension fund €293k. Mortage €168k with 16 years left, this will coincide with husband's 66th. We have 3 children, the first will hope to start college in 4 years time, due to children's ages we will then have 9 years with at least 1 child in college (Husband will be 54yrs to 63yrs old). Husband had hoped to retire at 60 but this is looking unlikely now.
Main question I have now is, we will be in receipt of a one-off lump sum €10k soon, should we pay it off our mortgage (tracker @ 0.65%), put it into the pension or invest in a product to be accessed for college cost in 4 years time?
Secondary question, does it make more financial sense to make continuing additional payments off our mortgage OR make additional pension contributions for the next 4 years (and then stop the additional payments while we have college expenses)?
I have read threads pointing out the benefits of these scenarios but can't see where one is recommended over the other.


Registered User
The mortgage tracker @0.65% to me would mean that it's not worth overpaying the mortgage at all, cheapest money you'll have access too. That would include any over-payments you're currently making.