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    • intowhere
    • By intowhere 7th Sep 17, 7:19 AM
    • 36Posts
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    intowhere
    Simple cheap stakeholder or personal pension
    • #1
    • 7th Sep 17, 7:19 AM
    Simple cheap stakeholder or personal pension 7th Sep 17 at 7:19 AM
    Hi
    I am looking for a cheap insured stakeholder or personal pension plan from an insurance company. I would like to just save 50 to 150 a month. I have a workplace defined contribution pension which I contribute to so this would be in addition to my current pension. I don't want to put all eggs in one basket, which is why I am looking for another pension which I can add whatever extra I can save each month.

    Any suggestions as to which pension would be suitable
Page 1
    • newatc
    • By newatc 7th Sep 17, 8:51 AM
    • 87 Posts
    • 73 Thanks
    newatc
    • #2
    • 7th Sep 17, 8:51 AM
    • #2
    • 7th Sep 17, 8:51 AM
    Wife had a Standard Life Persional Pension which we had no problems with either customer service or performance.
    • xylophone
    • By xylophone 7th Sep 17, 9:34 AM
    • 23,426 Posts
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    xylophone
    • #3
    • 7th Sep 17, 9:34 AM
    • #3
    • 7th Sep 17, 9:34 AM
    https://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/aviva/


    https://www.legalandgeneral.com/pensions-retirement/stakeholder-pensions/
    • dunstonh
    • By dunstonh 7th Sep 17, 9:38 AM
    • 89,558 Posts
    • 56,009 Thanks
    dunstonh
    • #4
    • 7th Sep 17, 9:38 AM
    • #4
    • 7th Sep 17, 9:38 AM
    I am looking for a cheap insured stakeholder or personal pension plan from an insurance company. I would like to just save 50 to 150 a month.
    Most of the decent PPPs have a minimum contribution of 100pm. So, at 50pm you would be looking at a stakeholder pension.

    I have a workplace defined contribution pension which I contribute to so this would be in addition to my current pension.
    Why not add it to that?

    I don't want to put all eggs in one basket, which is why I am looking for another pension which I can add whatever extra I can save each month.
    Why not?
    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 an Independent Financial Adviser local to you.
    • intowhere
    • By intowhere 7th Sep 17, 11:25 AM
    • 36 Posts
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    intowhere
    • #5
    • 7th Sep 17, 11:25 AM
    • #5
    • 7th Sep 17, 11:25 AM
    Most of the decent PPPs have a minimum contribution of 100pm. So, at 50pm you would be looking at a stakeholder pension.


    - I could meet the 100pm if required. It wouldn't be impossible.


    Is it easier to transfer a stakeholder pension or a private pension? I was just thinking that if I ever wish to move my pension to another firm in the future it might be sensible to opt for one and not the other.
    Last edited by intowhere; 07-09-2017 at 11:48 AM.
    • dunstonh
    • By dunstonh 7th Sep 17, 3:20 PM
    • 89,558 Posts
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    dunstonh
    • #6
    • 7th Sep 17, 3:20 PM
    • #6
    • 7th Sep 17, 3:20 PM
    Most of the decent PPPs have a minimum contribution of 100pm. So, at 50pm you would be looking at a stakeholder pension.


    - I could meet the 100pm if required. It wouldn't be impossible.
    The other problem is that personal pensions are more of an IFA product nowadays. The DIY market chose to use SIPPs instead (due to lower regulation and therefore lower costs).

    s it easier to transfer a stakeholder pension or a private pension?
    Stakeholders yes. Private pension is not a real term. It generally refers to any type of pension that is not an occupational pension or a state pension. Personal pensions are easily transferred too. Modern plans rarely have any exit penalities. Stakeholders cannot have any exit penalties.

    The cost difference between stakeholder and PPP doesnt really appear until you have over 20,000. Below that you may as well go stakeholder.
    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 an Independent Financial Adviser local to you.
    • bostonerimus
    • By bostonerimus 7th Sep 17, 5:13 PM
    • 1,119 Posts
    • 628 Thanks
    bostonerimus
    • #7
    • 7th Sep 17, 5:13 PM
    • #7
    • 7th Sep 17, 5:13 PM
    Hi
    I am looking for a cheap insured stakeholder or personal pension plan from an insurance company. I would like to just save 50 to 150 a month. I have a workplace defined contribution pension which I contribute to so this would be in addition to my current pension. I don't want to put all eggs in one basket, which is why I am looking for another pension which I can add whatever extra I can save each month.

    Any suggestions as to which pension would be suitable
    Originally posted by intowhere
    Why complicate matters?

    Are you putting in enough to your workplace pension to get the maximum employer matching contribution? If not the obvious thing to do is to make extra contributions there.

    You might also look at an S&S ISA for more flexible tax advantaged investing.
    Misanthrope in search of similar for mutual loathing
    • intowhere
    • By intowhere 7th Sep 17, 6:02 PM
    • 36 Posts
    • 5 Thanks
    intowhere
    • #8
    • 7th Sep 17, 6:02 PM
    • #8
    • 7th Sep 17, 6:02 PM
    Why complicate matters?

    Are you putting in enough to your workplace pension to get the maximum employer matching contribution? If not the obvious thing to do is to make extra contributions there.
    I am saving as much as i can in my workplace pension but i don't want all of my pension to be in one place, incase something happens to the pension provider.
    • dunstonh
    • By dunstonh 7th Sep 17, 6:34 PM
    • 89,558 Posts
    • 56,009 Thanks
    dunstonh
    • #9
    • 7th Sep 17, 6:34 PM
    • #9
    • 7th Sep 17, 6:34 PM
    I am saving as much as i can in my workplace pension but i don't want all of my pension to be in one place, incase something happens to the pension provider.
    That is unfounded worry. You say your scheme is DC. That means it is either contract based or trust based. Both have protections in place to prevent that sort of thing.

    For example, a group personal pension or group stakeholder pension has 100% FSCS protection with no upper limit. So, if the insurer failed to meet its liabilities and had unlawfully used your funds (which it is not meant to do as these are ringfenced and held under a trust) you would not lose a penny.
    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 an Independent Financial Adviser local to you.
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