Virgin Money Pension

karl456

HI All,

Im 18 and in full time employment, I would like to start a pension but have a few questions:

If I start a personal pension with virgin money - personal pension and my work place start offering pensions can I switch at any time?

If I ended up paying into a company pension and left the company does the pension come with me? Or do I loose it?

And lastly a few mates seem to think If I got killed tomorrow (Touch wood) all the money I had paid into my pension would not go to my family?

Does the virgin money personal pension seem ideal for me? I dont want anything high risk!
Cheers

bigadaj

It's good that your starting to think of a pension but 18 is still quite young. Do you have any savings, it's a good idea to save into an isa or regular saver to get into the habit and also have an emergency fund available.

The virgin scheme is often seen as expensive however at low levels of contribution this might not make too much of a difference initially at least and you can transfer as you learn more, you may well not be able to transfer into an employer scheme but you can have more than one pensions, active or not.

The money in a pension is paid out by the trustees if you die, you would normally complete a form to nominate who this would be paid to when you join.

mania112

Virgin is the runt of the litter to be fair. There are others.

Google: Cavendish Online - they're about the only place on the web I know you can get a quality pension without using an IFA (any of their selection will suffice).

Also, when we talk about risk - remember it's the investment within the pension that matters, not the provider. You've also got plenty of years until retirement, so you can afford to be a little risky (given time ALL investments will grow)

dunstonh

Virgin pension is one of the worst options going. What attracted you to it?