Royal London CIS Stakeholder Pension

longleggedhair

To cut a long story short I had been in my works Final Salary Scheme for 4 years until it was closed a couple of years ago and my benefits were deferred, they are relatively small £1000 annual pension and 3k lump sum.

My new employer is exempt from providing me with a pension (unusual situation) but I do have an old Stakeholder Royal London CIS unitised with-profits pension which I have been sticking £25 a month into for years. The AMC is 1%.

Given my old pension has stopped I have had a couple of years of inaction and really feel I should be putting more away so was going to increase this to £100 but before I do I wonder if any of the experts on here could tell me if I am putting the money into a dud and being ripped off and should look elsewhere or if I have a good deal? I understand the fee is capped at 1% due to the regulations at the time I took the policy out.

Thanks in advance for any advice.

xylophone

My new employer is exempt from providing me with a pension (unusual situation)

Because?

https://www.gov.uk/workplace-pensions/joining-a-workplace-pension

Stakeholder Royal London CIS

This?

http://www.royallondongroup.co.uk/documents/coop/pdf/kf105_cfs_24064.pdf

How old are you?

Have you checked your state pension situation?

https://www.gov.uk/check-state-pension

longleggedhair

It's an exempt organisation, don't really want to say more than that but there is no pension provision. Yes you have the correct scheme.

I'm 30, and have my full NI record paid to date.

xylophone

Stakeholder plans still have a place but have largely been superseded by more modern plans available at lower cost.

http://www.money.co.uk/pensions/personal-pension-plans.htm

If you are now solely responsible for your own pension provision, then you might want to seek the advice of an IFA.

https://www.unbiased.co.uk/

There are DIY options - examples

http://moneytothemasses.com/saving-for-your-future/pensions/the-best-cheapest-sipps-low-cost-diy-pensions