Advice on setting up my own private pension please?

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Makavelio
Makavelio Posts: 11 Forumite
in Pensions, annuities & retirement planning
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
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  • wavelets
    wavelets Posts: 1,164 Forumite
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    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
    crv1963 Posts: 1,372 Forumite
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    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.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • xylophone
    xylophone Posts: 44,412 Forumite
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    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
    xylophone Posts: 44,412 Forumite
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    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
    dunstonh Posts: 116,371 Forumite
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    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). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • BLB53
    BLB53 Posts: 1,583 Forumite
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    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.
  • Makavelio
    Makavelio Posts: 11 Forumite
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    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
    Makavelio Posts: 11 Forumite
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    BLB53 wrote: »
    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.

    Where do i find these funds on the AJ bell website? Thanks
  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    Makavelio wrote: »
    Where do i find these funds on the AJ bell website? Thanks

    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). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • BLB53
    BLB53 Posts: 1,583 Forumite
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    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
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