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  • FIRST POST
    • Makavelio
    • By Makavelio 12th Sep 17, 9:47 AM
    • 10Posts
    • 0Thanks
    Makavelio
    Advice on setting up my own private pension please?
    • #1
    • 12th Sep 17, 9:47 AM
    Advice on setting up my own private pension please? 12th Sep 17 at 9:47 AM
    Hello everyone,

    I want to setup my own private pension and unsure of which investments and funds to choose. Is there any easy pension for people in my situation and can you recommend any. My current employer uses nest and only matches 1% and I have a old group pension with standard life for a previous employer. The rates are not the best and I want open my own to reduce risk of loss. Thank you
Page 1
    • wavelets
    • By wavelets 12th Sep 17, 10:10 AM
    • 158 Posts
    • 44 Thanks
    wavelets
    • #2
    • 12th Sep 17, 10:10 AM
    • #2
    • 12th Sep 17, 10:10 AM
    50% it'll come up Red.

    Well, slightly less actually, as it's set up to ensure the banker almost always wins.

    See an imdependant financial adviser
    • crv1963
    • By crv1963 12th Sep 17, 10:12 AM
    • 75 Posts
    • 313 Thanks
    crv1963
    • #3
    • 12th Sep 17, 10:12 AM
    • #3
    • 12th Sep 17, 10:12 AM
    I am not able to advise but am sure that leaving NEST would be the same as taking a 1% pay cut. Others will likely know better but need more info- age, planned age of retirement, amount to be saved, other savings and financial situation currently.
    Good luck with the planning, it's the stage we are at too and once you get into the detail and flesh out your personal ideas/ plans others do give really informative options and advice.
    • xylophone
    • By xylophone 12th Sep 17, 10:17 AM
    • 22,867 Posts
    • 13,225 Thanks
    xylophone
    • #4
    • 12th Sep 17, 10:17 AM
    • #4
    • 12th Sep 17, 10:17 AM
    I am not able to advise but am sure that leaving NEST would be the same as taking a 1% pay cut.
    The OP does not seem to be contemplating leaving NEST but rather making some additional provision through a personal pension plan.
    • xylophone
    • By xylophone 12th Sep 17, 10:25 AM
    • 22,867 Posts
    • 13,225 Thanks
    xylophone
    • #5
    • 12th Sep 17, 10:25 AM
    • #5
    • 12th Sep 17, 10:25 AM
    I want to setup my own private pension and unsure of which investments and funds to choose. Is there any easy pension for people in my situation and can you recommend any. My current employer uses nest and only matches 1% and I have a old group pension with standard life for a previous employer. The rates are not the best and I want open my own to reduce risk of loss. Thank you
    With regard to NEST, employer/employee contributions are expected to increase.

    https://www.nestpensions.org.uk/schemeweb/nest/members/your-account/costs-and-contributions.html

    You mention a Standard Life plan - are you still able to make contributions to this plan?

    If not, are you able to move it to another SL plan and continue to make contributions?

    Or would you wish to move the SL plan to another pension plan and continue to make contributions?

    https://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/

    or below may be worth a browse

    http://monevator.com/cheapest-pension-diy/ (platform update below)

    http://monevator.com/find-the-best-online-broker/

    Or you might consult an Independent Financial Adviser

    https://directory.moneyadviceservice.org.uk/en
    • dunstonh
    • By dunstonh 12th Sep 17, 10:36 AM
    • 89,464 Posts
    • 54,934 Thanks
    dunstonh
    • #6
    • 12th Sep 17, 10:36 AM
    • #6
    • 12th Sep 17, 10:36 AM
    Is there any easy pension for people in my situation and can you recommend
    Cannot recommend any as that is a regulated activity and the board is not regulated to do that. However, why would you not use your workplace scheme? That is easy as its already set up and they will accept a larger contribution from you.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • BLB53
    • By BLB53 12th Sep 17, 10:51 AM
    • 1,106 Posts
    • 890 Thanks
    BLB53
    • #7
    • 12th Sep 17, 10:51 AM
    • #7
    • 12th Sep 17, 10:51 AM
    Is there any easy pension for people in my situation and can you recommend any.
    The easiest solution would be to open a SIPP with the likes of AJ Bell Youinvest and then set up a monthly direct debit to invest in Vanguard Target Retirement fund - just select the date of the fund nearest to when you intend to retire. That's just about all there is to it.

    Maybe get hold of Edwards 'DIY Pensions' if you want to learn more on DIY retirement plans.
    If you choose index funds you can never outperform the market.
    If you choose managed funds there's a high probability you will underperform index funds.
    • Makavelio
    • By Makavelio 12th Sep 17, 10:59 AM
    • 10 Posts
    • 0 Thanks
    Makavelio
    • #8
    • 12th Sep 17, 10:59 AM
    • #8
    • 12th Sep 17, 10:59 AM
    I have a group pension with Standard life with only about 10k on passive plus 3 fund and not sure what to do with it. I will still keep the nest pension but want open a personnel pension for around £300 a month that is recognised by Child Maintenance Services and they told me the group pension with standard life inst. My fees on the nest and standard life seem higher then the likes of the Aviva Ready Made Pension builder. I am 32 years old and just want to build a pot for my retirement. Thanks for your comments
    • Makavelio
    • By Makavelio 12th Sep 17, 11:29 AM
    • 10 Posts
    • 0 Thanks
    Makavelio
    • #9
    • 12th Sep 17, 11:29 AM
    • #9
    • 12th Sep 17, 11:29 AM
    The easiest solution would be to open a SIPP with the likes of AJ Bell Youinvest and then set up a monthly direct debit to invest in Vanguard Target Retirement fund - just select the date of the fund nearest to when you intend to retire. That's just about all there is to it.

    Maybe get hold of Edwards 'DIY Pensions' if you want to learn more on DIY retirement plans.
    Originally posted by BLB53
    Where do i find these funds on the AJ bell website? Thanks
    • dunstonh
    • By dunstonh 12th Sep 17, 11:34 AM
    • 89,464 Posts
    • 54,934 Thanks
    dunstonh
    Where do i find these funds on the AJ bell website? Thanks
    Originally posted by Makavelio
    A SIPP is the most complicated of the all the pension options. It doesnt fit with your objective of going with the easiest.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • BLB53
    • By BLB53 12th Sep 17, 11:41 AM
    • 1,106 Posts
    • 890 Thanks
    BLB53
    Where do i find these funds on the AJ bell website?
    These are funds so search under the 'funds' tab and then just enter 'Vanguard Target' in the appropriate box

    https://www.youinvest.co.uk/research-tools/quickrank/fund
    If you choose index funds you can never outperform the market.
    If you choose managed funds there's a high probability you will underperform index funds.
    • Makavelio
    • By Makavelio 12th Sep 17, 12:02 PM
    • 10 Posts
    • 0 Thanks
    Makavelio
    [QUOTE=BLB53;73114158]These are funds so search under the 'funds' tab and then just enter 'Vanguard Target' in the appropriate box


    So is that a manged fund to target retirement for selected year such as 2050 Fund? Thanks
    • xylophone
    • By xylophone 12th Sep 17, 12:04 PM
    • 22,867 Posts
    • 13,225 Thanks
    xylophone
    Thanks for your comments
    Have you read through the links in post 6?
    • Makavelio
    • By Makavelio 12th Sep 17, 12:21 PM
    • 10 Posts
    • 0 Thanks
    Makavelio
    Have you read through the links in post 6?
    Originally posted by xylophone
    Yes thanks, I am considering opening a SIPP on the Vanguard Target Retirement 2050 Fund as I am 32 years old.
    • Mnd
    • By Mnd 12th Sep 17, 12:23 PM
    • 121 Posts
    • 133 Thanks
    Mnd
    If you are looking for easy, then you can make additional contributions to your nest pension, which will give you the chance to research further options.
    • xylophone
    • By xylophone 12th Sep 17, 12:32 PM
    • 22,867 Posts
    • 13,225 Thanks
    xylophone
    If you are looking for easy, then you can make additional contributions to your nest pension, which will give you the chance to research further options.

    https://www.nestpensions.org.uk/schemeweb/NestWeb/public/memberhelpcentre/contents/how-can-i-make-additional-contributions.html
    • Alexland
    • By Alexland 12th Sep 17, 12:41 PM
    • 206 Posts
    • 106 Thanks
    Alexland
    I agree a SIPP via a DIY platform is a complicated option. Nothing against SIPPs as I have one myself.

    The easiest and probably best option is to contribute more into your NEST via payroll deduction.

    The next easiest option is to takeout a stakeholder pension with a default fund strategy (such as Aviva stakeholder via Cavendish).

    The next easiest option is a SIPP from a robo investor such as Nutmeg (although these usually want a starting lump sum and the fees can be high)
    • Makavelio
    • By Makavelio 12th Sep 17, 12:48 PM
    • 10 Posts
    • 0 Thanks
    Makavelio
    Is nest any good? I want to contribute £250-300 a month. Should I transfer my standard life pension over to nest or it is best to leave it.
    • BLB53
    • By BLB53 12th Sep 17, 12:57 PM
    • 1,106 Posts
    • 890 Thanks
    BLB53
    So is that a manged fund to target retirement for selected year such as 2050 Fund?
    The fund starts off with a higher % of equities when you are furthest from your retirement and gradually reduces the equities and increases the bonds as you get closer to the target date. So there is nothing for you to do which is why I suggest it should be a fairly simple option. It is also relatively low cost as the fund charges are just 0.24%.
    If you choose index funds you can never outperform the market.
    If you choose managed funds there's a high probability you will underperform index funds.
    • xylophone
    • By xylophone 12th Sep 17, 1:18 PM
    • 22,867 Posts
    • 13,225 Thanks
    xylophone
    https://www.nestpensions.org.uk/schemeweb/NestWeb/public/members/contents/transferring-your-pension-pot.html

    https://www.nestpensions.org.uk/schemeweb/nest/members/your-account/costs-and-contributions.html

    http://www.nestpensions.org.uk/schemeweb/NestWeb/includes/public/docs/Transfers-into-NEST,PDF.pdf

    You could consult an IFA - link in my previous post above - ring round to compare service offered/fees.
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