What pension to go for !!!!!

pauliepie

I am a married man 32 years old and have yet started a pension.
I have a good job as a sales consultant for a heating company and earn around 30k per year.
The company employs around 25 people.

I urgently need to start a pension, but don`t have a clue where to start.
I beleive a few work colleauges have a stakeholder pension, what does this mean....should I start this type of pension!!!

Any advise whatsoever would be most grateful

Thanks very much

Anya

Yep I'm interested in this one as well. We are on a lower income than that and are both in our late 20's. Neither of us have a pension option through our workplaces, so any advice would be welcome.

YorkshireBoy

No-one will be able to give you "advice" as such. However, can I suggest the following...

1/ There are one or two articles on this site worth reading.

2/ Also, look back over recent (similar) post themes.

3/ Finally, I would suggest a a look at http://www.opra.gov.uk/stakeholderPensions/, particularly the "what is a stakeholder?" section.

Please don't be offended but generally the best way is to read up a little first and then come back with some specific questions, and I'm sure other forum contributors will be able to clarify any points you raise.

HTH
YB

Best_Investor

If your company employes 5 or more staff they need to offer all employees a stakeholder pension through the company - its the law.

How good the scheme is though depends upon the provider.

dunstonh

They have to offer a scheme but it doesnt mean the scheme exists. The vast majority are "hollow" schemes which just exist on paper to satisfy the requirements.

roger56

A starting point to know what your pension needs to provide is to look at your current outgoings, see which bits may be less or not be necessary at retirement (eg petrol costs to get to work etc). Add them up.

Now think about what outgoings you may need at retirement that are not included. Add them on at todays cost.

Now a real guess - assume average inflation at some rate (3%??!!)

Use the inflation rate to project the pension you'll expect for your circumstances at retirement (say 65). It may be a shock but at least you've got an idea to develop.

Now the hard bit is working out how to achieve that income. The options are large, some risky, some safe. (YorkshireBoy has some links). What works for one person isn't necessarily true for another.

Best advice is don't leave (ignore) the need for a pension any longer.
And at least make sure the state pension contrigutions are paid up.

Nick1978

Not sure if this is of help but i used the co-op to help organise my pension a few years ago.

The good thing about them is that they look across the market (or rather a panel of their current best buys - this does change regularly) so are not tied to a particular organisation.

Also the advisors don't receive any commission - they just get a salary so will not get extra incentives for recommending one company over another, which some advisors may get
.
They'll even come to your house in the evening if that helps!
The website is https://www.cbfa.co.uk if you wanted to contact them.

Hope this is of help.

Nick.

dunstonh

The good thing about them is that they look across the market (or rather a panel of their current best buys - this does change regularly) so are not tied to a particular organisation.

You mean they are IFAs but restricted to a panel? That is not a positive thing. Surely it would be better to whole of market than restricted to the equivalent of a multi-tied panel.

Also the advisors don't receive any commission - they just get a salary so will not get extra incentives for recommending one company over another, which some advisors may get

Don't read too much into salaried advisors. I know many that get paid a salary and that salary is dependent on them acheiving a certain amount of commission income. That commission income target can often be significantly higher than the salaried income received. Meaning they have to work harder and earn more to get the same as an IFA that is paid commission.

They'll even come to your house in the evening if that helps!

Like most IFAs. (argh, reminds me that I have an evening appointment tonight).

I not trying to knock what you are saying but it's easy to fall into what is often marketing speak.