Flexible payment pension?

jonbey

I am on a low income that is in two parts - paid employment and a small amount of self-employed earnings that varies each month.

The self-employed earnings are around £300 a month and I was thinking of putting this straight into a personal pension.

My employment does not provide pension. I am 40 years old and have an old work pension that is no longer paid into.

Is there a flexible pension plan that will allow me to vary how much I pay in each month? If there is such a plan, does its fees mean that it is not worthwhile for a small contribution?

I am looking for any suggestions really, I know almost nothing about pensions. I did talk to the company that hold my old company pension but they said that I cannot add to it.

dunstonh

Is there a flexible pension plan that will allow me to vary how much I pay in each month?

Stakeholder pensions are required under legislation to allow flexible payment methods and frequencies. Although most modern pensions are flexible in that respect but are subject to higher minimum payments than stakeholder.

If there is such a plan, does its fees mean that it is not worthwhile for a small contribution?

Fees are percentage based with stakeholder so its not an issue.

jonbey

I just searched for stakeholder pensions and this came up: http://scottishwidows.co.uk/pensions/stakeholder_pensions/index.html

I remember the adverts on the tele, but had forgotten about the company!

Is this a good option? Sounds Ok to me, but I guess there must be loads of options.

Being me, I am really after an easy option, not necessarily the bestest, most competitive one. Although, if easy and better is out there ...

TH1878

jonbey wrote: »

I just searched for stakeholder pensions and this came up: http://scottishwidows.co.uk/pensions/stakeholder_pensions/index.html

I remember the adverts on the tele, but had forgotten about the company!

Is this a good option? Sounds Ok to me, but I guess there must be loads of options.

Being me, I am really after an easy option, not necessarily the bestest, most competitive one. Although, if easy and better is out there ...

Not much between Stakeholders. Here's an alternative:

http://www.legalandgeneral.com/pensions-retirement/stakeholder-pensions/

atush

Have you asked your employer when their staging date is? They will have to pay into a pension for you at some point.

I would set up an automatic payment into your pension each month, set where you know it can be afforded. Then add extra on top if need be?