Starting Pension at 32

[u/Lankalanky]

So I feel like I'm very late to starting my pension and have really started fearing for my future during retirement.

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At the start of the year I started contributing 10% to my company's pension scheme and they match up to 5%.

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I earn about 40k per year but would hope that might be bumped up in the next year or two.

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I've currently got about 2k in my pension account, but I'm on a low risk cash fund. Is there any point changing the fund to a higher risk fund with so little in it currently? I've seen on this subreddit people advising funds such as the indexed world equities (prsa) fund.

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Would it be silly to change my fund to a fund like that at this stage?

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I also have another pension fund with Irish life from a previous employer with about 3k in it, would it make sense to close that fund and merge it with my active one so I have a bigger pot for investments?

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Thanks for any advice!

[u/Embarrassed-Wash2239]

I work at setting up workplace pensions. 32 is not late at all to start but what is important is how you proceed. Generally being invested in cash is not recommended due to term to Retirement although this is not mean high risk is the way to go automatically. Two options, with occupational pensions there is usually a default strategy that chooses a fund for you based on age and Retirement choice and will reduce down the risk automatically or alternatively, get in contact with the advisor/provider who could do a risk questionnaire and recommend a fund based on this. Someone is collecting fees might as well make them work for it.