Daughters Private Pension Help

meltonred

Evening,
My daughter is 23, has a good job with a reputable company ( has a company pension scheme)but is looking to take out her own private pension.
I know its a minefield , but any pensions any one can recommend?, or a good site to find one ?.


Thanks

AlanP_2

Why does she want a private pension?

There may be good reasons but employer schemes are often lower charges than DIY for example.

Is the employer scheme DB or DC?

Great that she is thinking about later life so young, but is now the best time to be prioritising pensions compared to house deposit for example? I know my 23 year old daughter is not in a pension mindset.

If personal pension is the choice the first choice is what investments are going to sit inside that wrapper? Then choose a platform that offers the desired investments at a reasonable cost.

dunstonh

but any pensions any one can recommend

That is a regulated activity.

Even if we could do it, there is nothing in what you have said that gives any hint of us being able to narrow down the options.

but is looking to take out her own private pension.

why?

Is she an experienced investor wanting more unusual or specialist investments or more advanced investment options not available in the workplace scheme?

Does the workplace scheme support salary sacrifice?

Alexland

Is she already contributing enough to get the maximum employer contribution?

If her employer supports salary sacrifice to save the national insurance then making a higher percentage contribution that will be more efficient than making contributions into a private pension.

If no salary sacrifice and already getting max employer contribution then consider a S&S Lifetime ISA for additional retirement contribution.

In her 20s she will need to balance her short term and long term money needs to meet her overall life goals.

Alex

Brynsam

Good for her for thinking about pensions at all at her age! What's she trying to achieve by taking out a private pension? I'm sure she has a reason, but might possibly be wrong on her reasoning?