Pension Plan Advice

bubby08

Hello I am a pension newbee so please look past my ignorance, I am looking for some information on pension plans and pension funds, apart from a state pension I do not have any active pension plan in place, I have a few investments which I would like to keep separate from a pension plan. I am looking for a specific pension plan, soley used for that purpose I have seen information on Lifetime ISA's which the goverment apparently donate to on a yearly basis, this seems quite a good idea, but I have also seen some negative comments on them so it has left me a bit confused. Any advice would be welcome.

Thanks

[Deleted User]

Some good reading here https://www.moneysavingexpert.com/savings/discount-pensions/
And I found this book easy reading and also made me want to learn more
https://www.amazon.co.uk/DIY-Pensions-Simple-Retirement-Planning-ebook/dp/B00B7QN8XM

cfw1994

Main advice would be that if you work, check what scheme you have with work.   Often firms will add to the amount invested - ours does up to 6%, so putting in at least 6% for that matched donation is generally a no-brainer.
MSE has a "rule of thumb" to invest half your age in % terms, so if you are 30 and your company puts in 6%, try to add at least 9% yourself....more if you can.
There is a saying about "time in the market is more important than timing the market" - the more you can put in earlier in your career, the better the effects of compounding to the end result.
LISAs can be good - generally used for first time buyers to get a government addition (if you qualify).    If you don't use them for a first purchase of a house, then you can invest to the age of 50, but cannot access until you are 60 (IIRC), so personal/work pension schemes MAY be more flexible in that regard.

Other thing to understand: pensions (& LISA/ISAs) are 'just' a tax-efficient wrapper: WHAT you invest in is a whole other question, and people here (me included!) will only give their opinions, not *advice*.   For that, you would need an IFA or FA to assist (the former generally preferred over the latter!).   My *personal* view is that I quite like the approach taken by Lars Kroijer - worth taking a listen to some of his short videos on http://kroijer.com, IMHO.   In short: invest broadly, and invest with lowest costs possible.

Final thing to know is that this isn't a precise science, and life can be unpredictable.  Save what you can, enjoy what you can - the only certainty is that none of us get out alive!

Albermarle

Have a look a this government website 
https://www.pensionsadvisoryservice.org.uk/

bubby08

cfw1994 said:

Main advice would be that if you work, check what scheme you have with work.   Often firms will add to the amount invested - ours does up to 6%, so putting in at least 6% for that matched donation is generally a no-brainer.
MSE has a "rule of thumb" to invest half your age in % terms, so if you are 30 and your company puts in 6%, try to add at least 9% yourself....more if you can.
There is a saying about "time in the market is more important than timing the market" - the more you can put in earlier in your career, the better the effects of compounding to the end result.
LISAs can be good - generally used for first time buyers to get a government addition (if you qualify).    If you don't use them for a first purchase of a house, then you can invest to the age of 50, but cannot access until you are 60 (IIRC), so personal/work pension schemes MAY be more flexible in that regard.

Other thing to understand: pensions (& LISA/ISAs) are 'just' a tax-efficient wrapper: WHAT you invest in is a whole other question, and people here (me included!) will only give their opinions, not *advice*.   For that, you would need an IFA or FA to assist (the former generally preferred over the latter!).   My *personal* view is that I quite like the approach taken by Lars Kroijer - worth taking a listen to some of his short videos on http://kroijer.com, IMHO.   In short: invest broadly, and invest with lowest costs possible.

Final thing to know is that this isn't a precise science, and life can be unpredictable.  Save what you can, enjoy what you can - the only certainty is that none of us get out alive!

Thank you very much very helpful, in terms of investments I am ok, so I specifically wanted to look at a pension fund that I am not going to chop in and out of.  which is why I liked the LISA. 
Thank you so much for taking the time.

Albermarle

so I specifically wanted to look at a pension fund that I am not going to chop in and out of.  which is why I liked the LISA. 

To avoid any potential confusion with nomenclature ( which can be an issue when talking about financial products ), the LISA is not a pension fund . It can be used as an alternative way of saving for retirement but the benefits and rules are completely different from a pension.

LHW99

If you are worrying about getting several small bits of pension due to changing jobs, remember DC pensions can always be transferred. So you may be able to take one company's pension and transfer it into the new company's scheme if you move. Or at that point you could consider a SIPP, and collect several "old" company pensions into it.

A LISA can run alongside if that is what you want, and has the flexibility that it could be used for a house deposit, as well as retirement, though obviously if you do that, you can't have the money as a pension any more.