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Pension

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? 

Comments

  • Browntoa
    Browntoa Posts: 49,612 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Self employed ? 

    Company pension ?

    And so on.

    Bit more information please
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    Long term forum member
  • Brynsam
    Brynsam Posts: 3,643 Forumite
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    edited 11 April 2020 at 4:55PM
    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

  • dunstonh
    dunstonh Posts: 120,309 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
  • Currently employed. And paying a pension but the company although big doesn't offer a great pension minimum amount they are donating
  • xylophone
    xylophone Posts: 45,765 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
  • Brynsam
    Brynsam Posts: 3,643 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Combo Breaker
    What's wrong with paying more into your workplace pension?
  • JoeCrystal
    JoeCrystal Posts: 3,388 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 12 April 2020 at 1:35PM
    Currently employed. And paying a pension but the company although big doesn't offer a great pension minimum amount they are donating
    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?
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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?
  • cloud_dog
    cloud_dog Posts: 6,365 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Currently employed. And paying a pension but the company although big doesn't offer a great pension minimum amount they are donating
    How old are you?

    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 :D

    Sometimes.... I am like a dog with a bone
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