Pension for unemployed?

MallyGirl

I would do a bit of reading- there is no rush. Try John Edwards DIY pension book as an easy way in to the terms (his other DIY books on investment etc are good too).
I would find the paperwork for any existing pensions and see what you have - what you are invested in and what the charges are.
You can't make any informed decisions till you have that info.
There are lots of blogs and other free resources to read which would save you having to pay for advice but start with the basics and build up.

MallyGirl

atush wrote: »

Call each pension, and ask about the charges (and any guarantees).

If they are DB, i'd leave them alone (to grow each year) if they are DC then if one is low charging, and has been converted to a personal pension (as many do) then you could use that one to put your ongoing contributions in. You dont necessarily have to open a new pension.

When we did this for DH we discovered, for one of his old pensions, that the fees were much lower for active members than those who had stopped contributing so we pay £20 per month in now and it saves us money.

xylophone

I was employed until last April and have pension contributions from that which are now frozen.

You mention the above and two other pensions.

The pension is unlikely to be frozen.

What kind of pensions are the three pensions? DB?DC?

Are any of them from unfunded public service schemes?

lisyloo

atush wrote: »

Call each pension, and ask about the charges (and any guarantees).

I followed forum advice and did this.
Turns out I had a benefit that wasn’t guaranteed that didn’t get mentioned by using the above advice.
So also ask about any non-guaranteed features/benefits.

My IFA found the details when the forum advice for doing it DIY failed.

This is an MsE site and therefore there is a bias against paying professionals but sometimes there is a benefit to using someone that knows what they are doing.

As an example the advice above is not exhaustive.

triplea35

If you are under 40 you might also consider a Lifetime S&S ISA into which you can pay up to £4000 each year and taxman contributes 25% so another £1000. It can be invested in funds just the same as a SIPP pension and the big benefit is that when you access it at 60years the entire pot is not subject to tax.

Worth researching and you could contribute to both, a total of £6880pa and get a uplift from HMRC to £8600.