Private Pensions Advice

NikitaMT

Hi everyone,

I’m new to this forum also I’m not too great when it comes to finance, I’m not very savvy with all the terms and words in regards to it, hence why I’m here, so please go easy on me!

I have been looking around some time now on setting up a private pension. I currently have a NEST work place pension but I wanted to set up a private one where I could put around £50 a month in direct debits into it but I’m just not too sure which the best company is or even bank to go with so I just wanted to ask around if anyone can provide any advise on this.

I have looked around and there are just so many. Can anyone advise me on this please, I would be so grateful.

Thank you,
Nikita.

xylophone

Had you thought of simply increasing your contribution to NEST?

https://www.nestpensions.org.uk/schemeweb/NestWeb/public/memberhelpcentre/contents/how-can-i-make-additional-contributions.html

dunstonh

but I wanted to set up a private one where I could put around £50 a month in direct debits

That is not a large amount. Indeed, it is under the regular contribution limit of many providers. So, that will limit your choice. However, you already have a pension with Nest. Any reason you wouldnt use that?

or even bank to go with

You never use a bank for investment and insurance products.

Kit_Katt

Banks IMO have never been great pension providers

I'd either :
1) invest the extra into your current Nest pension
2) seek out a local good IFA to help you
3) look at seriously increasing the £50pm that won't buy you a big fund so look at ramping those payments up .

Good news you are starting well done for that and good luck .

triplea35

Using an IFA for your level of investments would not be cost effective.

As has been mentioned easiest way is to increase contributions to your Nest pension.

You should approach your employer and you may be able to make additional contributions direct from salary and they just might agree to match with their minimum contributions. Otherwise you can make direct contributions to Nest.

In any event are you aware that minimum contributions are going up from April 2019 so you will be contributing 5% rather than the current 3% and your employer 3% rather than 2%. Not discouraging you from making additional contributions but just to be aware.