Are we too old to start a pension plan?

My wife & I are aged 50 & 53. Recently we were offered a stakeholder/ISA pension plan that starts with a lump sum investment of 拢2028, then continues with a monthly investment of 拢65. If we keep this up for 10 years we get a tax free lump sum of 拢4000 & an index linked taxable monthly income of 拢32, if 15 years 拢6770 lump plus 拢63 monthly. This is meant to be more tax efficient.
Instead we could just put the money into a savings account at 5% & pay tax on the interest.
According to my spreadsheet, we'd still be better off in 30 years by putting the money into the savings account & paying tax. Are we just too old to start a pension scheme, or are the stakeholder & ISA arrangements not as good as they seem?

You are not too old to start a pension plan but I would urge you to seek advice from an INDEPENDENT financial adviser on this.

never too old

You have left it to late ! get financial advice from IFA

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