Wanting to start pension for wife - advise please!!

pappadruid

Hi All!

Just after some advice please.

I am now in a position with a little spare cash to start putting some money away for a pension. I would like to start putting about £200 pm away for my wife (30 yrs old, housewife, no current pension arrangements). Can anyone advise some good plans to look at? Preferrably something with a flexible monthly contribution as £200 may not be available every month!!
All advice gratefully recieved!

Also, for myself, I am currently in the Forces, and therefore will get a full military pension in 6 yrs time (cant wait!!). Am I right in thinking that I cannot contribute to another pension as I have my forces pension on the go? I financial advisor friend told me that many years ago and Im wondering if it is still the case. Is there any other way I can contribute to a retirement fund of any kind??

Sorry if these questions are a bit vague - I have very little exposure to pensions and therefore very little knowledge!!

Thanks all!!

EdInvestor

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/StatePensionforecast/DG_10014008

First you should both get forecasts for your state pension entitlements so you know how much of your retirement tax allowance you are already using up with this taxable income. Then you (she) should aim to generate a pension which filled any remaining gap.Savings above that (including yours)should probably be in stocks and shares ISAs for flexibility since there is no free money from the employer - though there is no barrier to opening another pension plan these days.

There's no advantage between one pension provider and another. It all depends on the performance of the funds or other investments you choose.

You can at least cut costs by going through a discount broker.

https://www.h-l.co.uk This site has a lot of useful info about funds.

dunstonh

Can anyone advise some good plans to look at?

A local IFA can.

Preferrably something with a flexible monthly contribution as £200 may not be available every month!!

Probably indicates stakeholder would be most suitable as its geared for flexible payments more than most personal pensions. Although some PPPs could apply depending on how you want to invest.

Am I right in thinking that I cannot contribute to another pension as I have my forces pension on the go? I financial advisor friend told me that many years ago and Im wondering if it is still the case.

You can pay into multiple pensions if you want. However, whether its best for you is a different matter. Equalising retirement income between you and your spouse is often the best bet.

Be wary of promotions of discount brokers. Some of them, like HL, are actually more expensive than stakeholders and personal pensions bought on the same basis.