Not sure where to start...

whereschris

Hi,

I'm 34 and employed PAYE for 3 days a week and the rest is self employed. The PAYE role is new and they offer pension contributions so I really need to get something going. My boss suggested a Stakeholder scheme. Does this sound like a sensible option? Do you still get the tax relief on the Stakeholder?

Also, I was a teacher for about 6 years so I have a pension from that work which I no longer pay in to. Not sure what if anything I should do with that....

Any help/advice appreciated!

bigfreddiel

your teachers pension will be preserved, get a forecast from them and just leave it alone - in 40 years time it will pay a nice amount

xylophone

http://www.thepensionsregulator.gov.uk/employers/about-stakeholder-pensions.aspx
http://www.which.co.uk/money/retirement/guides/introduction-to-personal-pensions/
http://www.hmrc.gov.uk/incometax/relief-pension.htm

atush

Join the work pension. A stakeholder is fine, but a personal pension could be cheaper/better. Just make sure you get whatever the maximum your employer will pay in. And consider contributing on top.

Call the teacher's pension people, make sure they have your address, and get a statement. The 6 years of FS pension you have with them will be a tidy sum (which will increase each year) in retirement.

kidmugsy

whereschris wrote: »

I was a teacher for about 6 years so I have a pension from that work which I no longer pay in to. Not sure what if anything I should do with that....

Make sure they have your up-to-date address and otherwise sit tight.

mania112

+ you will still get tax relief on a Stakeholder. Stakeholders were introduced to be a cheap, simple pension.

But nowadays, Personal Pensions are coming out cheaper and with a wider fund choice.

Google - Cavendish Online, or speak to an IFA at https://www.unbiased.co.uk

whereschris

Hi,

Thanks for the feedback. So a personal pension is cheaper? That's really helpful advice.

dunstonh

So a personal pension is cheaper?

It can be. It can also be more expensive. Stakeholder is a defined charging method. Personal pensions allow different charging methods. Some of which can be cheaper.

whereschris

Right, so there's no clear winner. Just lots of investigation!