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How many pensions are you allowed?
Lorraine2008
Posts: 18 Forumite
I have a pension with my employer. I work in the public sector and unfortunately haven't got one of these so-called Gold plate pensions. I am a low paid public sector worker.
Therefore, I wanted to start a private pension. I wanted to start a private stakeholder pension with my bank and wondered if you were allowed two?
Therefore, I wanted to start a private pension. I wanted to start a private stakeholder pension with my bank and wondered if you were allowed two?
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You are allowed as many as you want but you can only contribute the higher of 100% of your earned income or £2880 net per year.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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I wanted to start a private stakeholder pension with my bank
Strange choice. You do realise this is a money saving site. Going to a minor distribution channel that is typically the most expensive and lowest quality doesnt really fit in with the ethos of this site.wondered if you were allowed two?
you can have as many as you like.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
So what are the alternatives to stakeholder pensions?0
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Lorraine2008 wrote: »So what are the alternatives to stakeholder pensions?
better stakeholder pensions, personal pensions and SIPPS or Stocks & Shares ISAs (depending on tax position now and future).
Its not necessarily the product type that is at issue. Its the cost, the quality of the investments and what you are getting for your money that is the main issue.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Never buy a pension from a High Street Bank.0
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Loughton_Monkey wrote: »Never buy [STRIKE]a pension[/STRIKE] an investment product of any kind from a High Street Bank.
Fixed that for you.0 -
why can't you get a pension from your employer?EU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
Lorraine2008 wrote: »I wanted to start a private stakeholder pension with my bank and wondered if you were allowed two?
I think you can now have as many as you want.
Please see the "Pensions Moneysaving" section under "Banking and Saving" at the top. It explains how to buy a stakeholder pension very cheaply via an online provider.
I looked at this recently for wife and daughter, and they are now both the proud possessors of Aviva pensions via Cavendish Online.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Only caveat to that is that the Aviva stakeholder in the site article is not the same one you buy today. That version was withdrawn over 3 years ago and the newer version is more expensive. Plus the Aviva PPP on fee basis, can end up cheaper than the nil commission stakeholder. Aviva are reducing the commission on their stakeholder in June. I dont know if that will affect the cost of the rebated commission version or not.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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I looked at a wide variety of the pensions available via Cavendish and the Aviva one seemed to give a good choice of funds with reasonable fees. ISTR 0.55% for a teeny pension like my wife's, which only has the basic £240pcm going into it.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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