From what you’ve said, I’d lean towards building a pension before buying another rental property, provided you have emergency savings and can leave the money invested until retirement. You already have money in property, so a pension could help you spread your retirement savings across other investments.

If you’re worried about losing everything, the investments inside the pension matter. A pension is an account for retirement savings, and its risk depends on what it holds. A diversified pension can fall substantially in a downturn, though losing its entire value through ordinary market movements would be extremely unlikely. Recovery isn’t guaranteed, and a fall close to retirement matters more. You can choose a mix of shares, bonds and cash that suits your timeframe and the risk you’re comfortable taking. [MoneyHelper explains pension investment choices](https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/pension-investment-options-an-overview).

Property can also lose value, especially when a mortgage magnifies the loss. A property worth £200,000 with £150,000 of debt has £50,000 of equity. If its price falls by 20%, you’re left with £10,000 of equity: an 80% loss before selling costs. Repairs, unpaid rent and gaps between tenants can also turn a rental that breaks even into one you have to fund yourself. [MoneyHelper’s landlord guidance](https://www.moneyhelper.org.uk/en/blog/buy-or-rent-a-home/buy-to-let-mortgages-explained?source=mas).

Before deciding, I’d check a few things:

- Does “breaking even” include tax, insurance, maintenance, management fees and an allowance for vacancies? If your mortgage payments repay principal, you may still be building equity even with no cash left over.
- Does your employer contribute to a workplace pension? Those contributions can make pension saving particularly attractive.
- What are the full costs, and when can you access the money? Property has buying and selling costs. Pensions charge fees and generally restrict withdrawals until a specified age.

If you’re in the UK, eligible pension contributions usually receive tax relief, although withdrawals may be taxable. You can generally access a UK private pension from age 55, rising to 57 in April 2028, with exceptions. [MoneyHelper’s pension guide](https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/why-save-into-a-pension?source=mas). Protection against certain provider failures is separate from investment risk. The FSCS doesn’t cover ordinary market losses. [FSCS guidance](https://protected.fscs.org.uk/what-we-cover/investments/).

Which country are you tax-resident in, how old are you, and does your employer offer pension contributions? Those details would help me make a more useful comparison.