Peoples pension

Albermarle

If you are not so familiar with investing etc you can get a personal pension with one of the big household names like Scottish Widows, Standard Life , Aviva etc .
Just go to their websites , which are quite user friendly .
They offer personal pensions and SIPPS. In fact for the average pension investor there is little difference . Very approx a personal pension will have less choice of funds but still enough for most people. .
In any case they will automatically add on the tax relief for you . However as mentioned if you are a non taxpayer then the max you can add a year and gain tax relief is £2880 ( then £720 will be added by HMRC to make £3600)
Although you mention you pay very little tax and not no tax , in which case you could contibute a bit more and still get tax relief. ( calculation would depend on excatly what your total income is and how much it is above the personal tax allowance)

Thrugelmir

JudiB wrote: »

Hargreaves Landsdowne run sipp’s are they reputable to invest with?

High charges. On a small pot could materially impact the outcome.

greenglide

. However as mentioned if you are a non taxpayer then the max you can add a year and gain tax relief is £2880 ( then £720 will be added by HMRC to make £3600)

No it isn't! I wish that people would stop posting this fallacy!


If you have income of less than £3,600 you can contribute up to £3,600 (£2,880 yourself and £720 tax relief). If your

income is over £3,600 you can contribute up to your earned income until you hit the limit at £40,000. Again this is total contributions including tax relief.


It makes no difference whether you actually pay tax at any point.

seacaitch

JudiB wrote: »

I don’t know what a stakeholder Pension is but I think I do understand a little about a sipp, so that’s what I need to do.

If you don't know what stakeholder pensions or personal pensions are then the better course of action is to learn what they are, rather than to automatically turn to another option (a SIPP) instead, particularly bearing in mind what you wrote earlier:

"I’ve looked at a sipp but feel this is too complicated for me"

You'll be in a better position if you patiently consider a range of options and see which one would most closely meet your requirements. At the moment you probably don't actually have a good understanding of what your various options are, never mind being able to specify your requirements. It'd be a good idea to first research the options, then decide what you want, and only then look for products to deliver it.

At the moment you're in danger of jumping straight to the final stage of choosing a product (such as a SIPP account) before you've thought through the earlier steps and drawn up a plan. It can be tempting to crack on but act in haste repent at leisure.

Albermarle

“

. However as mentioned if you are a non taxpayer then the max you can add a year and gain tax relief is £2880 ( then £720 will be added by HMRC to make £3600)
”
No it isn't! I wish that people would stop posting this fallacy!

I stand corrected, you are right !

FatherAbraham

JudiB wrote: »

So all in all I need to bite the bullet and invest in a sipp, so irrespective as to whether I’m working or not I can still contribute monthly to it! Will I get a contribution from Hmrc even if I’m not paying tax? Sorry that’s another question !
Hargreaves Landsdowne run sipp’s are they reputable to invest with?

Why a SIPP in preference to voluntarily joining the employer's scheme?

If you join the employer's scheme, then the employer must also make contributions.

xylophone

Your employer offers The People's Pension?

Ask to join and make additional contributions?

https://thepeoplespension.co.uk/workplace-pension-contributions/#paying-more-into-your-pension-pot