Looking To Start A Private Pension...

jdw88rm

Evening guys,


I'm looking to start paying into a private pension ASAP but have no idea where to start!?
Who do you all recommend? And is there a certain amount required each month to be paid in?


Thanks guys

xylophone

You are still in the armed forces?

https://www.moneyforce.org.uk/Managing-money/Plan/Pensions/Military-pensions

atush

If you want to pay into a DC scheme alongside, and want to DIY look at Cavendish online, and Hargreeves Lansdown.

jdw88rm

Yes I'm still in the forces but I'm not going to be staying in long enough to get the pension.
Whats a DC scheme?

atush

Defined contribution = money purchase= personal pension. One you can pay money into, get tax relief and take as early as 55.

how long will you be in the armed forces in total? Best to keep this pension if 2 years or more as it is a good one.

jdw88rm

I've been in for 3 and half years and hope to be out by 2017.
No one has ever told us or gone into detail about the armed forces pension!?

xylophone

I've been in for 3 and half years and hope to be out by 2017.
No one has ever told us or gone into detail about the armed forces pension!?

Have you read the link in my post 2? You might find it informative.

Dunnit

With the exclusion of MP's you have potentially the best pension available in the UK. You need to read more and ensure you leave at the best time and do not miss out on its benefits.

jdw88rm

Yes I read it thank you. I'd still like to start a private pension. What can you recommend?

atush

Cavendish online and hargreves lansdown

jdw88rm

Ok, reading into this... I didn't realise that not only do you have to pay to set a pension up but you also have to pay an annual fee for the management of the plan!? What management is needed exactly? lol
AND THEN the amount of cash put away over the life of the plan isn't always guaranteed to be as much as put in!!!!
I'm thinking of just having lots of ISAs instead