£25-50 a month pension

cuthbertlilly

Hi, I’m looking to start a pension (aged 33) as employer has no option (long story!).
For a small contribution level, say £25-50 a month – does anyone have any suggestions?
I’ve checked Cavendish but they charge £35 set-up fee and need documents sent, I really want one free to set-up.
Also, the Fidelity SIPP looks good with low fees, however £80pcm is needed there.

Any suggestions gratefully appreciated…

MEM62

Your employer has an obligation to provide a pension under Auto Enrolment. You really should push this.

Making your own arrangements, particularly with the level of contribution you are suggesting, will not yield much of a benefit when you retire.

Indout96

Do you actually have an "employer" or are you Freelance just working for them under the self employed wrapper (paying own tax / NI) ?

cuthbertlilly

I'm freelance, sort out my own tax/NI yes.

I'm just after suggestions for good £25-50 self set-up pension options please...

Ghost_of_JonSnow

I've recently started a Hargreaves lansdown vantage SIPP, you can pay £50 a month, it was all done online very easily, you can look at which funds you want to choose, at your age I would go for higher risk in the hope of good returns, look at all the performance charts etc. and see what takes your fancy, I went for a split of specialist biotech funds and UK small companies. There are good sites to do a bit of research, Trustnet and the Telegraph are good places to start.

atush

Pay in 50 or more if you can. 25/m isn't enough esp at your age.

Realistically, you should look to be paying in at least 16% of your salary.

dunstonh

Ghost_of_JonSnow wrote: »

I've recently started a Hargreaves lansdown vantage SIPP, you can pay £50 a month, it was all done online very easily, you can look at which funds you want to choose, at your age I would go for higher risk in the hope of good returns, look at all the performance charts etc. and see what takes your fancy, I went for a split of specialist biotech funds and UK small companies. There are good sites to do a bit of research, Trustnet and the Telegraph are good places to start.

New DIY investor doing media led fashion investing.....

weenie15

Maybe check out AJBell Youinvest. The fee for a SIPP under £10k in value is £20 per annum (£5 a quarter). Over £10k it's £15 per quarter, over £20k, it's £25 per quarter.

Funds will cost you £4.95 to purchase and also attract a 0.2% fee per annum.

However, if you just purchase investment trusts, ETFs or individual shares, buy them as regular investments (£1.50 per purchase) and then there is no other fee to pay, just the annual SIPP fee.

Minimum regular investment is £25.

cuthbertlilly

dunstonh wrote: »

New DIY investor doing media led fashion investing.....

what's so bad about a HL SIPP?

cuthbertlilly

weenie15 wrote: »

Maybe check out AJBell Youinvest. The fee for a SIPP under £10k in value is £20 per annum (£5 a quarter). Over £10k it's £15 per quarter, over £20k, it's £25 per quarter.

Funds will cost you £4.95 to purchase and also attract a 0.2% fee per annum.

However, if you just purchase investment trusts, ETFs or individual shares, buy them as regular investments (£1.50 per purchase) and then there is no other fee to pay, just the annual SIPP fee.

Minimum regular investment is £25.

thanks, but £1.50 sounds quite high fees on £25 regular payments - there must be better options out there for small contributions?

greenglide

With proposed investment amount of £25 noone would invest in investment trusts, ETFs or individual shares.

Even investing in funds would be difficult because of the minimum amounts.

HL is not the cheapest platform by any means but their service is good.

If you are employed by your limited company you want the company to pay into the pension as is is much more tax efficient. You shouldnt make any personal contributions is these circumstances.