please help

jonniemoney

hi all

im 24 and just started a new job and a new family coming soon (my girlfriend is pregnant)
and as such im looking into pensions but with so much choice and so many words i dont understand im really stuck as to what sort of pension to have and how much to pay in????????
I dont have much spare cash but i am worried about my and my familys future so any help or advice from anyone would be really really appriciated. thank you

kezia_jay

Hi, I'm no expert other than having taken my own pension recently but usually if your company provide a pension to which both you and they contribute, that would obviously be your best option. These days they are a form of private pension called a Stakeholder pension and the charges are less than older style pensions. There are different types of investment within a stakeholder pension and some one more knowledgable will probably advise you. One thing I would suggest from personal experience is not to put all your eggs in one basket. That is, put some money in a pension but also put some into savings which are under your personal control even if the savings rates aren't too good at the moment. As for how much, I think a company pension is usually about 4 or 5% of salary but whatever you can afford is better than nothing and the earlier you invest it the more interest it will make over the years. Hope that helps and well done on thinking of your future.