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Pension
Gareth2020
Posts: 32 Forumite
Being off for soo long I've had a good review of my finances and think now is the best time to start setting aside a small amount of around £50 a month into a pension
Are there any providers I should look at?
Are there any providers I should look at?
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Comments
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Self employed ?
Company pension ?
And so on.
Bit more information pleaseEx forum ambassador
Long term forum member0 -
Assuming you don't have access to an employer's scheme (in February another post said you were going to a new employer?), probably a stakeholder pension via Cavendish Online (cheap to set up, stakeholders must offer a default option so you don't have to take investment decisions until you want to, no exit charges) while the amount is relatively modest. You can always move it at a later date. Link: https://www.cavendishonline.co.uk/stakeholder-pension
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Are there any providers I should look at?£50 is a small contribution. So, that would eliminate a number of providers.
Are you paying just £50pm to tick a box saying "done the pension" or do you have other retirement provision and this is just part of that?
Are you employed, self employed or a director of own company?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Currently employed. And paying a pension but the company although big doesn't offer a great pension minimum amount they are donating0
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Are you able to make additional contributions to your existing workplace pension? This would seem the simplest solution.
Example
https://thepeoplespension.co.uk/workplace-pension-contributions/#paying-more-into-your-pension-pot
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What's wrong with paying more into your workplace pension?0
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In this case, it is much easier administration wise just to increase your employee's contribution then. It may be that your employer may negotiate cheaper fees for the pension fund. Do you know which provider it is?Gareth2020 said:Currently employed. And paying a pension but the company although big doesn't offer a great pension minimum amount they are donating0 -
I agree, just up your work pension.
And keep doing so each time you get a raise. Have you got emergency cash? Have you got S&S isas?0 -
How old are you?Gareth2020 said:Currently employed. And paying a pension but the company although big doesn't offer a great pension minimum amount they are donating
Are you a basic rate tax payer?
What are your retirement plans?
Depending on a lot of variables, some above, have you investigated the benefit of using a Lifetime ISA for these additional monies rather than a pension?
Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0
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