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Choosing your own pension plan
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sanderella
Posts: 4 Newbie
Hi, I'm just starting to think about a pension plan. My question is whether, when employers offer to make contributions to your pension fund, they usually will only do that if you use their specified pension provider? Or can you usually choose your own one and they will still pay into it? I found the info on this site about choosing a pension plan interesting, but not sure how much freedom I will ever actually have in making that choice. Can anyone tell me?
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Employers will generally only contribute into a fund that they have an interest in.
You can have an FSAVC but I've never heard of any employer paying into this.0 -
Thanks. So the advice on buying through pension discount brokers, SIPPs etc - who is it for? - self-employed people and those whose employers don't contribute? I'm just a little confused whether any of that might be relevant to me.0
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sanderella wrote: »Thanks. So the advice on buying through pension discount brokers, SIPPs etc - who is it for? - self-employed people and those whose employers don't contribute? I'm just a little confused whether any of that might be relevant to me.
Yes, self employed, people who work for employers who don't provide a satisfactory company pension scheme, people who want an FSAVC, etc.
I'm due to see an IFA later this week to discuss my pensions
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sanderella wrote: »So the advice on buying through pension discount brokers, SIPPs etc - who is it for? - self-employed people and those whose employers don't contribute?
Yes, mostly, or those who prefer to run another private pension in parallel with their employers.
Most employers will only pay into a pension with one provider to keep admin to a minimum, but it's still your personal pension.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 -
You can have an FSAVC but I've never heard of any employer paying into this.
FSAVCs ceased to exist in 2006. I have come across the odd employer that paid into AVCs with matched contributions but they are rare beasts.So the advice on buying through pension discount brokers, SIPPs etc - who is it for?
Anyone who wants to pay more than their employer matched contribution or where there is no employer contribution.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 -
My employer will pay contributions into a HL SIPP but i imagine it is one of the rare few that do.0
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