Private pension or works pension ?

Paulie29

Hi
I've posted a few questions regarding pensions recently.
I'm looking at getting a personal pension for myself through a IFA.
I only work for a small company so the N.E.S.T scheme isn't available in my work place till 2017 ish.. And don't want to wait till then as I'm 41 now.

Having spoke to my employer today he is willing to set up a works pension scheme for all employees.

So I've now confused myself further

Do I get a private pension ?

Do I go with works scheme ?

Do I do both ?

Can I enroll onto the NEST scheme earlier ?

Thanks in advance for your advise.

mania112

Paulie29 wrote: »

Do I get a private pension ?

You will get a personal pension from your employer, so there's no real difference between theirs and one you set up yourself (charges and fund choices may not be the same).

Paulie29 wrote: »

Do I go with works scheme ?

There's no real reason not to.

Paulie29 wrote: »

Do I do both ?

There's no real reason to.

Paulie29 wrote: »

Can I enroll onto the NEST scheme earlier ?

No.

In fact your employer may not decide to go for NEST. NEST is a pension product.

The legislation is called 'auto-enrolment'. There are many way to fulfil the criteria of this, and NEST is just the most common way firms are doing this.

Many firms are starting now, even those who don't need to. Your firm should probably consider (and maybe they already are) setting up this pension for you in anticipation for 'auto-enrolment' and who knows, perhaps they will start their contributions early.