Pay as you go personal pension?

thriftybeatnik

Hi all

I currently use the Standard Life stakeholder pension where I pay by debit card daily when I want to add funds (It's my morning coffee ritual). I'm looking to spread my risk so are there any other pension plans with use this non-monthly debited system? (ideally through Cavendish). I've looked through the different providers but I'm not 100%.

Also. I now have a wife who has little pension provision other than her teacher's one. Other than divorce.... any recommendations?

(I'm joking. She's lovely : )

Cheers all

dunstonh

I'm looking to spread my risk

How does adding another provider do that?

are there any other pension plans with use this non-monthly debited system?

Most stakeholder pensions.

Also. I now have a wife who has little pension provision other than her teacher's one. Other than divorce.... any recommendations?

stakeholder pension, personal pension, Stocks & Shares ISA, TAPS... any option will increase what she gets back later. As for which will be best, that will depend your financial position both now and future and what you are looking to achieve.

middlepuss

Being with one provider does imply a risk. Maybe not for dunstonh who knows what's what, but for the less well informed being with only one provider does imply risk. You might pick an Equitable Life or worse. Or you might pick a fringe provider who suddenly ups the fees and tries to lock you in (see other thread on this board). Or you might even be unlucky enough to pick an out-and-out fraudster if you don't know anything about money or financial services.

dunstonh

Being with one provider does imply a risk.

In what way?

Historically it used to be when the investment funds were mostly With Profits and not ringfenced from the provider. However, with unit linked funds and the investments ring fenced, having multiple providers doesn't provide any real decrease in risk. You are not investing in the pension provider. You are investing in the assets within the investment funds.

You might pick an Equitable Life or worse.

Good example that backs up the above. The unit linked fund holders in Eq Life didnt suffer any issues.

Or you might pick a fringe provider who suddenly ups the fees and tries to lock you in

Not possible on a stakeholder pension.

Or you might even be unlucky enough to pick an out-and-out fraudster if you don't know anything about money or financial services.

Given the checks and balances in place with the major UK insurers, that is highly unlikely as you would need so many people involved. However, the FSCS protection exists. If you are that paranoid then maybe that could be the only reason to have multiple providers (assuming you are going to be above the FSCS limits).

Linton

The important thing surely is to be in more than one of a broad range of good funds. Who provides the platform is a secondary issue.

ISTM there is no greater advantage in being with multiple pension providers who provide the good range of funds than in using multiple online stockbrokers or fund supermarkets, or would you that also advocate that?

Loughton_Monkey

I see little point in changing what you are doing if you are happy with it.

As has been said, the 'provider' is a red herring and nothing to do with it. One of my pensions was with Equitable Life - and because it was unit linked I didn't lose a single penny. It is the fund selection that makes for diversification.

middlepuss

No risk if you go with one provider? What if you had put all your money with this provider:

http://www.blackpoolcitizen.co.uk/news/lythamstannes/5078746.Conman_jailed_for___640k_Lancashire_pensions_fraud/

thriftybeatnik

Hi guys. Cheers for the info. I just prefer to 'spread bet' across banks really but since Barclays took over Standard Life I don't wish to have any more in the same company that has my Stockbrokers account and pension. Mortgage with another . Current account with another. It's just my way


Going through Cavendish though they all seem to be based on monthly debits. Is this part of the process for the saving?

Don't mean to cause any divisions so I'll thank you all equally

dunstonh

I just prefer to 'spread bet' across banks really but since Barclays took over Standard Life I don't wish to have any more in the same company that has my Stockbrokers account and pension. Mortgage with another . Current account with another. It's just my way

Barclays have nothing to do with Standard Life. They bought Standard Life bank. Not Standard Life itself. Banking is different to Life & Pensions.

The FSCS protection for pensions is independent from banking as well. Not that FSCS protection is really needed for unit linked investments as already covered.

Going through Cavendish though they all seem to be based on monthly debits. Is this part of the process for the saving?

Cavendish only offer a limited range of products and its possible they only offer a limited range of options. Indeed, I suspect buying a pension through Cavendish in the way you want to pay would be pretty damned expensive.

No risk if you go with one provider? What if you had put all your money with this provider:

http://www.blackpoolcitizen.co.uk/ne...ensions_fraud/

That joker was not a "provider" and has nothing to do with pensions (despite the media outlet using that in their weblink).

purch

What if you had put all your money with this provider

Hardly relevant to the OP's question about personal pension providers.

A quick google will find you details of numerous scams and scammers, and none of them will be relevant to the OP's position.