Pension Help - totally clueless!

leni

I don't have one, I'm almost 25 and have never paid into one! When I started my current job 3.5 years ago, they forgot to allocate me a training budget, so was offered to not have a pension in return I could have a training budget - so I went for it!

Now I have 1 years contract left with them and I'm thinking I need to sort out a pension, whether through work or privately or get a ISA!

Any advice? My partners mum said last night that you can only be in 2 pension schemes in your whole life! Is that true?

I'm totally clueless, I currently earn £21k.

CIS

Theres no limit to the number of schemes you can join and leave in your life.

Andy_L

Any advice? My partners mum said last night that you can only be in 2 pension schemes in your whole life! Is that true?

No.

Have a browse through this

http://www.fool.co.uk/pensions/articles/whatis.htm

claretmatt

Technically some people can't have two pensions if they are a member of an occupational scheme and fit other criteria, but you certainly will not be in the category.

I certainly wouldn't panic that you haven't got a pension sorted yet, your still young and have enough time to save for retirement. The main thing is for you to decide on an amount that you can comfortably afford to save each month and ensure that you keep up with the payments.

I would definately look at investing broadly and wide ranging (e.g Japan, Europe, China) as when you retire these are probably going to be the biggest economies.

I always think that seeing an IFA is worthwhile

EdInvestor

leni wrote:

I don't have one, I'm almost 25 and have never paid into one!

Nonsense, if you've been working full time and paying National Insurance contributions, you are actually paying into two pensions - the basic state pension and the top-up pension, called S2P.

Contact these people to get a forecast of what pension you will get at retirement if you keep doing what you're doing now.

I suggest you ask for one of these forecasts every year.