I need a pension

bikebarbie

Hello, Can anyone tell me where I can get good unbiased advice on pensions? I dont know anything about pensions and my new employer does not offer any pension and I need to act now.
thanks BB

EdInvestor

I suggest you start by collecting information about the pension you have no doubt already got.Find out how much it is likely to be here:

https://www.thepensionservice.gov.uk

If you are a basic rate taxpayer and have no employer pension,then you are probably better to open a maxi ISA rather than a pension.There is no difference in the investment options but the ISA is much more flexible and is also a "use it or lose it" allowance, unlike the pension. Leave the pension until later, preferably when you are a high rate taxpayer, or can get free money from the company.

dunstonh

www.unbiased.co.uk is the uk database for IFAs. Filter by postcode to find your local IFAs.

bikebarbie

thank you for both your replies which I found useful. Ed when you say "basic rate taxpayer" does it mean someone who earns the minimum wage? If so not but my new employer does not provide a pension scheme.
Also how do I find out how much I have paid so far in the pensions I contributed in my previous employments and what happens to the money if I forget or die (prematurely)? Thanks again

Murdina

Basic rate taxpayer means someone whose income is taxed only at the basic rate after taking account of allowances etc ie not paying any tax at 40%. Very broadly (since it depends on your personal allowances and also eg if you pay any gift aid ) have to be earning around £40k per year. Does not mean minimum wage. Point is if you are paying tax at 40% and pay for a pension then you get tax relief at 40% ie pension costs you less so makes it a better deal. If you only pay tax at 22% (earnings) or 20% savings not such a good return hence the sensible advice to go for a maxi ISA first.
There are arrangements to trace pensions if you forget about them (though obviously a good idea to keep them up to date with your address). if you die may depend on the scheme/arrangement what happens eg pension for dependants, return of contributions only or whatever. Any pension scheme you are in are obliged to tell you anything like this so do ask.

bikebarbie

hi dunstonh thanks for the link I called my nearest IFA and was advised (by a very friendly person) to take a Private Pension Plan. Can you or anyone give me some information (no matter how basic - as I know NOTHING) on this plan and do's and donts if there are any. Thanks again BB

timoran

You can use the web to find out some information on private plans.There are a lot that are available on the web.