Company Pension and Stakeholder Pension

ee0jmt

I am currently looking at my pension options.

I have been self employed for a couple of years but have now taken a permanent role. I have not been paying into a pension for a while.

The sensible thing to do is take the company pension as they match my contributions, but I don't really see myself staying there too long and will probably return to self employment. In addition to the company pension I would also like to pay into a personal stakeholder pension, so that when I do return to self employment I can increase my payments into it.

I read somewhere that you can't have a company pension and a stakeholder pension if you earn more than £30k is this right? What if I already had a stakeholder pension before getting a company pension?

Thanks in advance!

mania112

ee0jmt wrote: »

I read somewhere that you can't have a company pension and a stakeholder pension if you earn more than £30k is this right? What if I already had a stakeholder pension before getting a

No that's not right.

The only thing I can think you're confusing it with is the fact that you can only pay 100% of your salary up to £50k into a pension pa.

But you can have as many pensions of any description that you like.

And as you say - 'The sensible thing to do is take the company pension as they match my contributions'

westy22

I agree with mania112 - you can have as many different pensions as you like.

I am less certain whether a Stakeholder pension would be best for you. These are quite dated these days (lack of fund choices) and you will probably find better value and choice in a modern Personal Pension than in a Stakeholder pension.

dunstonh

I read somewhere that you can't have a company pension and a stakeholder pension if you earn more than £30k is this right?

That is obsolete information that was abolished many many years ago.

ee0jmt

Thank you for your replies!

I thought it was a bit odd especially in this day and age when the government are encouraging people to save for retirement.

I will look into the personal pension.

atush

And put as much as you need to into your company pension, to get their maximum employers contribution.

If you like the charges, and the funds available to invest in, no need to open a PP now as you can just increase your own contribs into the employers scheme.