Is two personal pensions possible ?

Discussion in 'Pensions' started by paddy k, May 19, 2017.

  1. paddy k

    paddy k New Member

    Posts:
    1
    Just wondering is two pensions possible for a p.a.y.e employee ?
    I have my own private pension @20 years now and my new job (starting summer 2017) will offer me a pension , can I continue with my own private pension and opt in to my employers one ? is it a better option to stop paying my own pension and start my new one with my new employer . I am 41 yrs of age btw.
     
  2. Conan

    Conan Frequent Poster

    Posts:
    612
    Simple answer is "no". If you are going to be a member of an Occupational Pension Scheme (and assuming you will not have any self-employed income) you cannot continue to contribute to the Personal Pension (and get tax relief).
    What you should look at is what type of pension your new Employer is offering - DB or DC. If DC then look to maximise the Employer contribution and then consider what personal contribution you will make to the occupational scheme.
    Overall, that is probably the best approach.
    Any value in your Personal Pension will continue to grow.