Should I put my cash in a pension or a stocks and shares ISA before I retire?

A lot depends on your tax position and what you have already contributed. If you are a higher rate taxpayer, pensions are pretty compelling. You get tax relief on what you pay into a pension, which could mean you get £1 in a pension for a cost of 60p to you today — 20p back immediately from the pension provider (basic rate relief) and another 20p back when you next file a tax return (higher rate relief).

Pensions can also be brilliant for reducing taxable income, which is helpful for parents at thresholds when it comes to child benefit, or for those at the £100k income level where things start to get eye-wateringly complicated from a tax perspective.

I can't give you a definitive answer, but do make sure you weigh up the tax benefits of pensions when making your decision. Generally, the advantage of an ISA is its flexibility and immediate access — but given your stage of life, that access is less of a factor. And of course, don't forget that the right answer could be to invest a bit in both.