Recommended Personal Pension

Cnkp21 · 28 December 2018 at 5:39PM

Hi, My wife is a Dental Therapist who works for a Dental Practice on a self employed basis. The Dentists in the practice receive a workplace pension through the NHS, however Therapists do not.

We are therefore trying to set up a good personal pension, however our knowledge of pensions and good schemes are limited. We recently visited a local pension advisor, however the set up and ongoing fees for the scheme she recommended were excessive.

As my wife does not have the protection of a workplace pension we are looking for a good recommended scheme with low ongoing fees and low/medium risk factor.

Can anyone recommend a good Personal Pension scheme?

We are also considering a Lifetime ISA, however my wife is 35 and it seems pointless that she is only able to invest in the scheme until she is 50.

Any advice would be appreciated.

Many thanks

Chris

AlanP_2 · 28 December 2018 at 5:53PM

Unless you are looking for something special then have a look at Cavendish Funds Network pension.

Low cost, with a wide variety of funds to choose from and accepts monthly contributions.

Look at multi asset funds such as the HSBC Global range, Vanguard Lifestrategy range, L&G multi asset range. Choose the risk /equity level you feel comfortable with and that's it. Higher equity could / should produce better returns over 25+ years but will be more of a roller-coaster rude than lower equity.

If I was under 40 I would open a Lisa while I could just to increase options available until age 50.

xylophone · 28 December 2018 at 6:14PM

https://www.cavendishonline.co.uk/pensions/

DrSyn · 28 December 2018 at 6:35PM

Have you read these?

https://www.citizensadvice.org.uk/debt-and-money/pensions/starting-a-pension/choosing-a-personal-pension/

https://www.moneysavingexpert.com/savings/discount-pensions/

https://www.hl.co.uk/pensions

Why not a SIPP? The following is from last year. Might be worth a read.

https://www.moneywise.co.uk/pensions/managing-your-pension/moneywise-pension-awards-2017

With respect to what AlanP has posted you might find the following videos of interest.

https://www.ifa.com/indexfundsthemovie/

http://www.kroijer.com/

Cnkp21 · 28 December 2018 at 7:09PM

Hi All, I appreciate your excellent advice. I have heard about Cavendish on this website and it was a consideration, however I will look into the scheme more closely.

I will also look at the other schemes Alan P recommends and the websites and videos that DrSyn recommends.

Thanks again

Chris

BLB53 · 28 December 2018 at 7:46PM

It's fairly easy these days to open a SIPP which operated much the same as an ISA. They can be flexible and there is a wide range of funds but probably the easiest is a global multi-asset fund such as Vanguard Lifestrategy or their Target Retirement option where you basically select one of the dates nearest to your preferred retirement, set up your monthly DD and check progress every year.

There are many low cost providers. I have used AJ Bell Youinvest but HL is popular.

If you want to read up on SIPPs then I recommend Edwards book 'DIY Pensions' as a starting point.

I would also not discount the LISA which could run along side the SIPP and provide more flexibility.