new pension

oldtractor

ok ,so ,re very helpful replies on my other thread am now considering taking out a pension, any ideas of which? Virgin pension?
needs to be clear and simple and I will need to be-able to adjust or stop monthly payments as and when.

dunstonh

Virgin pension?

One of the worst pensions available on the retail market. What attracted you to that?

any ideas of which?

There is no one best option. It really depends on how you want to invest, how you want to buy it and how much is likely to be in there in the early years.

oldtractor

had a look on their web page it seems really easy can stop start and just put £1 in.
I'm looking to invest my wages from my new part time job [cleaner 18 hrs a week].I'm 54 will get state pension at 66.
My wages will be approx £120 a week I am looking to save most of it and am wondering whether or not to put some or all into a pension rather than just a savings account. Am looking to access the pension/savings in 10 or 11 years time.
Is Virgin so very bad? If I put £100 -£200 in every month for 10 years would the resultant end lump sum be much worse than with another provider? Virgin only charge 1% I think others might charge more?

oldtractor

just looked at Aviva, they charge 0.55% so this looks better. Am worriedd about hte value going down though.

greenglide

But normally it is a percentage for running the scheme and there can be a fund charge on top depending on the funds in which it is invested with, often, a number of funds of their own with a reduced or "free" charge.

It also depends on whether you want to go diretly to the provider (Virgin, Aviva etc) or go to one of the dealers (Hargreaves Lansdown, Cavendish etc).

gadgetmind

When I did this for wife and daughter, I found that I could get a good deal on fees going via Cavendish but had to accept the up front fee. We went for Aviva pensions, but Friends Life is another good choice and it was close.

gadgetmind

oldtractor wrote: »

Am worriedd about hte value going down though.

Well, until you understand that at some point the value *will* go down, then you need to hold off. The price of everything is volatile, including houses, and even cash in the bank will lose value in real terms.

Even cautious funds (which it sounds like you should be using given your attitude to risk and relatively short 12 year time scale) will have bad times, but the drops won't be anything like you'd see for a fund that was entirely in shares.

xylophone

https://forums.moneysavingexpert.com/discussion/comment/67398846#Comment_67398846

The above might be worth a look - post 5 and 6.

saver861

gadgetmind wrote: »

When I did this for wife and daughter, I found that I could get a good deal on fees going via Cavendish but had to accept the up front fee. We went for Aviva pensions, but Friends Life is another good choice and it was close.

I made an initial enquiry at Aviva recently and they did seem reasonable re charges etc. But then you have to compare this with a SIPP such as with HL.

dunstonh

Am worriedd about hte value going down though.

That will happen at times. it cannot be avoided and isnt actually a bad thing in the long run. You need negative periods. However, you pick investments that match your needs. So, you need to make sure you dont invest above your risk tolerance but equally not too low that you end up with low volatility but low returns.

gadgetmind

saver861 wrote: »

I made an initial enquiry at Aviva recently and they did seem reasonable re charges etc. But then you have to compare this with a SIPP such as with HL.

I'd expect HL to be far more expensive. Unless you need the bells and whistles of a SIPP, they tend to be expensive, particularly for smaller pots.

Is approaching Aviva (et al) directly now competitive with using Cavendish?