No Pension, Getting older, Panicking slightly ! Where do i start ?

countrycat

They say that the young find pensions confusing so do i!    I'm not financially minded (hence no pension pot) can anyone advise where to start or a good free advice service, there are so many products i don't know where to start !

Mid forties, self employed and full time Mum so income is a bit sporadic and quite low.   I keep putting it off because i think its too late or i don't have enough money to make a difference but i need to start somewhere.

I did try and work it out a few months ago and someone suggested i should do a stakeholder, is this the way to go and whats the minimum i could pay in that would make a difference ?  Should i do more than one or are they pretty reliable ?

Advice or pointers appreciated.

Thank you

Albermarle

Before thinking about the future ( which at least you are starting to ) can you give some more detail about your present situation?
Most importantly do you have any savings/emergency cash fund and secondly do you have a mortgage /any debts ?

MallyGirl

I would keep it simple and only choose one product - whatever is the most appropriate for you which may well be a stakeholder pension. Anything you contribute will make a difference in retirement but if you can contribute more then it will obviously make more of a difference. Tax relief on pension contributions gives and instant, and significant, boost to whatever you put in.

xylophone

Have you obtained a state pension forecast?
https://www.gov.uk/check-state-pension
You might consider a stakeholder pension.
https://www.cavendishonline.co.uk/stakeholder-pension

Dox

Plenty of free information (including by phone and e-mail): https://www.pensionsadvisoryservice.org.uk

A simple stakeholder pension sounds a perfectly good idea if you don't want to get involved in taking regular investment decisions - low charges, default fund (hence no need to take investment decisions), no exit charges if you decide to move the funds later on.  Cheapest to set up (online) is £35: https://www.cavendishonline.co.uk/stakeholder-pension

countrycat

Hi Albermarle,
Married (husband has teachers pension) Have around £6000 savings, Mortgage left £50k, No debts No other savings 

Mrbeethoven

"advise where to start"

Google Money Advice Service and then select the Pensions tab. Lots of useful information there including "Pensions Basics".

Albermarle

countrycat said:

Hi Albermarle,
Married (husband has teachers pension) Have around £6000 savings, Mortgage left £50k, No debts No other savings 

OK , I would follow the advice above about a stakeholder pension and Suggest you follow some of the links to gain some basic knowledge.
After that feel free to come back and ask more questions .

countrycat

I've done some reading around and decided to go for a stakeholder - i'm looking at Aviva directly although Cavendish seem to offer one with Aviva they say i can't get direct.  https://www.cavendishonline.co.uk/stakeholder-pension
Has anyone done this one though cavendish ?
I'm thinking Aviva have got a good reputation and as i don't fully understand all the charges on all the pensions they would be a good bet for trustworthiness.
Is their a good pensions comparison site anywhere ?    

Thanks all

xylophone

How much would you intend to contribute to a pension each year?

countrycat

Xylophone Approx  £1000 and any lump sums of £300 can do but thats likely to be random if and when i can