Please help Pension advice!

engineer21

Hello,
Iam a 22 yr old guy with a very well paid offshore job at the moment and i really need too put some money aside.
at the moment iam paid gross and therefore dont pay National Insurance or tax so no state pension!
I have been and read a state pension isnt worth it now
So my question is what should i do??
where should i look too read about it in laymens terms??
what should you put aside? is a high interest rate bank accont enough or do i need a private pension fund?
and who with? what will it make etc ect etc

its really confused me and anyone i ask dosent seem too know much

could really do with some advice

Cheers Matthew

EdInvestor

engineer21 wrote: »

at the moment iam paid gross and therefore dont pay National Insurance or tax so no state pension!I have been and read a state pension isnt worth it now

Absolute rubbish, the state pension would cost you 150,000 pounds to buy on the open market.You can make voluntary NI contributions if you want.But you only need 30 years over your whole working life to get the full pension, so if you think you will have a conventional job later, it may not be urgent.

Is a high interest rate bank accont enough

Start with an emergency fund in a cash ISA, max 3,600 p.a.

or do i need a private pension fund?

You could put another 3,600 a year into a private pension and get tax relief.

You could also put another 3,600 into a stocks and shares ISA, also tax free.

Choose a discount broker such as https://www.h-l.co.uk for the cheapest deal.
Plenty of info on the HL site about how to choose funds for investment of the money - strategy can be the same for a pension as an S&S ISA.