New Pension - IFA Advice

pip2012

Hi guys

I turned 30 last year and have been spending time paying off quite a few debts I had. I earn a decent wage but to cut a long story short I was aweful with money. Anyway, I have a daughter now and it's definitely given me the reality check I needed. The next step is to set up a pension as I don't currently have one; I really need advice on how to go about this. I understand I should consult an IFA but I'm really not sure how to start.

I'm based in Nottingham and any advice would be appreciated!

Thanks

xylophone

Does your employer contribute to a pension? If not, he may soon have to?
https://www.gov.uk/workplace-pensions
http://www.unbiased.co.uk/find-an-adviser?gclid=CMXRpqzqhrYCFUTItAodRX4A3Q you could try here for Independent Financial Adviser.

atush

I agree with xylo's good advice. The best pension for you will be one your employer pays into as well, we here call this 'free money'

In the mean time, do you have 3-6 months in spending in cash saved? Using your ISA allowance? If not, take care of this now. Your OH should also do the same. then look to your S&S ISa allowance as well.

pip2012

xylophone wrote: »

Does your employer contribute to a pension? If not, he may soon have to?
https://www.gov.uk/workplace-pensions
http://www.unbiased.co.uk/find-an-adviser?gclid=CMXRpqzqhrYCFUTItAodRX4A3Q you could try here for Independent Financial Adviser.

Not yet - we are a PLC but I've been told by HR that they probably won't enter into one until they have to. Thanks for the linke, I will try there. I've had a look at the calculator and the website and I won't be able to commit to the amount I should based on age and salary but I will try for as much as I can.

pip2012

atush wrote: »

I agree with xylo's good advice. The best pension for you will be one your employer pays into as well, we here call this 'free money'

In the mean time, do you have 3-6 months in spending in cash saved? Using your ISA allowance? If not, take care of this now. Your OH should also do the same. then look to your S&S ISa allowance as well.

I have an ISA for my daughter and a persoanl ISA - I was concentating on the debts but I have managed to put £2000 away (not enough, I know but hopefully a start). I also have employment insurance which should help if anything was to happen.

In 2010 I was given shares by my company which I would like to sell but again, it's something I really need to get advice on as there are clauses attached which are slightly confusing for me.

I only wish I was more sensible when I was younger as I would be in a far better position, but it does feel really good not living Month to Month and actually paying things off! :j:j

pip2012

pip2012 wrote: »

I have an ISA for my daughter and a persoanl ISA - I was concentating on the debts but I have managed to put £2000 away (not enough, I know but hopefully a start). I also have employment insurance which should help if anything was to happen.

In 2010 I was given shares by my company which I would like to sell but again, it's something I really need to get advice on as there are clauses attached which are slightly confusing for me.

I only wish I was more sensible when I was younger as I would be in a far better position, but it does feel really good not living Month to Month and actually paying things off! :j:j

Aslo, what is an S&S? (sorry if it's a stupid question!)

xylophone

S&S?

Stocks and shares.
http://www.hmrc.gov.uk/isa/faqs.htm
http://webcache.googleusercontent.com/search?q=cache:R32TP1IkDAQJ:www.hmrc.gov.uk/shareschemes/sip-info-employees.rtf+&cd=2&hl=en&ct=clnk&gl=uk

Not yet - we are a PLC but I've been told by HR that they probably won't enter into one until they have to

Which will be when?
http://www.thepensionsregulator.gov.uk/employers/main-steps.aspx

I confess to being astonished that a PLC can take this attitude.

pip2012

xylophone wrote: »

Stocks and shares.
http://www.hmrc.gov.uk/isa/faqs.htm
http://webcache.googleusercontent.com/search?q=cache:R32TP1IkDAQJ:www.hmrc.gov.uk/shareschemes/sip-info-employees.rtf+&cd=2&hl=en&ct=clnk&gl=uk



Which will be when?
http://www.thepensionsregulator.gov.uk/employers/main-steps.aspx

I confess to being astonished that a PLC can take this attitude.

I actually just spoke ith the HR director again. He said they do have a pension but it's basically rubbish. 3% of basic and they match 1%. It will however be changing in November to a new one run by Aviva. This will be minimum 5% individual and 3% employer contribution. Is that any good?