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

xylophone

If you have no "relevant earnings", you are limited to up to a net £2880 per annum - the provider will claim tax relief up to £720 and add it to your pot.
Otherwise you may contribute your net relevant earnings (up to  £32,000) and the provider will claim tax relief of up to £8,000 and add it to your pot.
For a person who wishes to make  very modest monthly contributions (minimum £20) with the occasional lump sum, a stakeholder offers the necessary flexibility and would seem to suit your purpose.
And don't forget your state pension forecast.

Albermarle

You are correct in that you can not join the Aviva stakeholder direct , you have to go through Cavendish , but should be no big issue .
Otherwise have a look at this one , also with a household name .https://www.standardlife.co.uk/c1/accounts-and-services/pensions/stakeholder-pension-features.page

countrycat

Hi All, nearly there, thanks for all your advice so far, Aviva and Standard offer stakeholder pensions and standard personal pensions (not sipp) - both seem to do the same thing although standard's wording seems favour its standard pension over the stakeholder.  my understanding is that these may have slightly higher chargers however have a broader range of funds (both provide management of these) so am thinking these would be a better bet.  I have missed any obvious cons for a standard pension other than capped charges ? (im assuming a good company like aviva or standard would never have ridiculous charges )

Thanks

Albermarle

Aviva stakeholder has the lowest charges at 0.55% and has a reasonably large range of fund options. 
Standard Life charges are 1% , with some small discounts when your pot gets >£25K

countrycat

thanks to all, just about to open an Aviva Stakeholder !

countrycat

i have been reading so much i now feel like im going round in circles !  The stakeholder i was applying for is AMC  0.55 however Avivas standard PP is now only an AMC of 0.4 which seems pretty good and a minimum payment of £50 which i have been told i can stop and start if needed and think i could do.  Assuming this has a larger range of managed funds would this not be better to go for ?

Albermarle

For the PP , the 0.4% is only the management charge- then it is plus the fees for the fund(s) you invest in .
For the stakeholder it is 0.55% in total , so better.
Assuming this has a larger range of managed funds would this not be better to go for ?
For 95% of investors a larger range brings no benefit, maybe just more confusion !