New workplace pension scheme

Paulie29

Hi

I work for a small company so it's going to be a while before I can join the workplace pension scheme.

Is there a way of me joining it earlier on my own ?

I'm forty years old and have no pension at all so feel I need to get the ball rolling.

Cheers

Paulie.

taking_stock

it'll depend on the scheme rules whether you can join it sooner - probably not, but quickest way is to ask.

if not, you could open a stakeholder in the interim (easily done online in minutes) and then just reduce your contributions when you join your company scheme, or better still, continue to make sensible contributions to it even after joining your company scheme.

worth googling stakeholder pensions if you're not fully familiar with the options available etc. also worth looking at what options are available when you choose to take the private pension (any age from 55 onwards, even while you're still working).

sure there'll be others on here who will have strong opinions on which stakeholder is better value etc etc and through which platform. the discussion will then inevitably go down a rabbit hole about some technical issue or other or whether IFAs are a rip-off or whether the government is to blame for everything.... including all the space-ships they kep hidden for when the world revolts against corrupt pensions blah blah blah

when all that happens, the point remains that if you want to live an old age on more than the government-decided minimum, then you'll need some pension savings - and the more the better. my personal opinion would be to give the stakeholder a go and be pleased that every time you put in £40, it magically (tax relief) appears as £50 in your pension, which you should be able to view online. all the best

Paulie29

Cheers for that info.

Would I have to make regular payments into a stake holder pension or could I just put spare cash in as and when I have it ?

Could I transfer my SERPS pension into it ?

Cheers

taking_stock

one of the benefits of stakeholders is the flexibility to make one-off payments (often from as low as £20, usually including online with a debit card - very easy) or setting up regular payments or stopping payments whenever you like for as long as you like. like a fully flexible savings account... except one that you cant withdraw money from!

having said that, No - you can't transfer any SERPS entitlement.

Paulie29

Cheers for your advise.

I'm going to look into a stake holder pension.

mania112

in 2013, Stakeholder pensions should set off alarm bells, there are much cheaper personal pensions available.