Pensions - Baptism of Fire

mr97

I'm wondering if any of you guys can help point me in the right direction?
At the ripe old age of 52, I'm looking to get a pension.  My situation is positive that I'm restarting my life after overcoming long term mental health difficulties and, I'm due to start university in Sept with a view to becoming a mental health nurse.     The bad news is that overcoming so many difficulties has robbed me of life and, as much as I'm moving forward now, I'm forever trying to play catch-up with past as a result. 
When my father died, I was left some money, the money I am now thinking I could use towards a pension.  My plan was to put £3600 into a pension each year while I'm at uni as a way of utilising some of this money for my future.  The trouble is I'm finding all this quite difficult to understand.  I've only just got my head around ISA's but pensions - even having some advice from pensionwise - has me baffled!   The bottom line is - in my naivety   -  I half expected options for pensions in a similar vein to how MSE highlights top savings accounts. 
My thinking now is that I may have to get some financial advice.   Do you think this would be wise?  
I have quite a bit of money that I want to be careful with and use to invest in my future.  I know there must be some investment plan that will suit my situation/requirements and will certainly work better for me than letting it stay in an average bank account.
Thank you for your time.

RetSol

Hello Mr 97 It's great to hear that you have got to this point in your life.  At 55, I am at a similar juncture and looking ahead at the next 15 years of my working life.  I don't want you to feel pressurised into disclosing more information than you are comfortable with but I am wondering whether you are getting a bit ahead of yourself here re pensions.  Just to kick the discussion off, the first steps must be for you to to finance yourself through your training (and to enjoy life at the same time) and to qualify.  Once you have a pensionable job,  you can then think about building your pension savings, albeit that you are starting late. I think that you are wise to be attempting to explore your options for using your available resources but I suppose that what I am saying is that I don't feel that I have enough information about your financial situation to be able to give you any guidance at present. I hope that this helps. 
   

Gary1984

Have you had a state pension forecast? https://www.gov.uk/check-state-pension

If you're not on target to reach the full state pension then the best use of available funds would probably be to fill any recent gaps in your national insurance record. 

Ceme3000

If you have spare cash for a pension you could consider a simple low cost stakeholder pension. The annual charges are low and you could opt for a default lifestyle plan if you don't want to worry about which funds to choose.  Standard Life and a few other providers do them.  

xylophone

I have quite a bit of money that I want to be careful with and use to invest in my future.  I know there must be some investment plan that will suit my situation/requirements and will certainly work better for me than letting it stay in an average bank account.

Would you benefit from financial advice from an IFA?  This would be tailored to your specific circumstances.

https://adviserbook.co.uk/  

You would tick "confirmed independent" and any other specialisms required.

mr97

RetSol - Thank you. I'm a worrier in general and still working at getting the work/life balance ratio.  In some respects, money seems to intensify my fears rather than giving comfort.  My plan is to have an isa account £20000 for savings and get the ball rolling re. a pension.  I think due to being a student/income  I can pay  £3600 per year into a pension. These figures are based of some advice I have got from pensionwise and from websites such as MSE.  I have enough to be comfortable through my degree.  If I graduate I will be a registered nurse and hopefully gain employment in the NHS.  ...I do get ahead of myself! lol You are right to point this out but I think all this research into pensions and investments really has made me focus on the future.  I really need to stay present at times. lol 
Gary1984 - Thank you, I checked this recently and I have made 35yrs worth of contributions.
Ceme3000 - Thank you. Yes, I have spare cash for this and would really like to put it to some use.  I'll look at those providers.
Hypothetical question: How much money are we talking when seeking/paying for finical advice is wise? 
I'm careful with money but I'm not used to having any. My understanding - which isn't great - is that one ought to get a pension ASAP.  

Albermarle

My plan was to put £3600 into a pension each year while I'm at uni as a way of utilising some of this money for my future.

If you have no taxable earnings then the most you personally can add to a pension is £2880. The pension provider will claim back £720 tax relief from HMRC ( tax office ) on you behalf and add it to your pension. £2880 + £720 = £3,600

As mentioned by Gary1984, a good first step before thinking about the above, would be to check your state pension/NI record.

mr97

Thank you, Albermarle.  Yes, I had the £3600 down as I couldn't remember the breakdown.  Thank you for providing this I have made a note of this now.  Seems a good option.   Already checked my state pension NI record and I have made the required 35yrs contributions. 

mr97

xylophone said:

I have quite a bit of money that I want to be careful with and use to invest in my future.  I know there must be some investment plan that will suit my situation/requirements and will certainly work better for me than letting it stay in an average bank account.

Would you benefit from financial advice from an IFA?  This would be tailored to your specific circumstances.

https://adviserbook.co.uk/  

You would tick "confirmed independent" and any other specialisms required.

Thank you. xylophone I have made a note of this.  Very helpful.

[Deleted User]

mr97 said:

Thank you, Albermarle.  Yes, I had the £3600 down as I couldn't remember the breakdown.  Thank you for providing this I have made a note of this now.  Seems a good option.   Already checked my state pension NI record and I have made the required 35yrs contributions. 

The 35 years doesn't count in your situation - it's only for the youngsters. Does the State Pension Forecast say "£175.20 is the most you can get, you cannot improve your forecast anymore."

mr97

Deleted_User said:

mr97 said:

Thank you, Albermarle.  Yes, I had the £3600 down as I couldn't remember the breakdown.  Thank you for providing this I have made a note of this now.  Seems a good option.   Already checked my state pension NI record and I have made the required 35yrs contributions. 

The 35 years doesn't count in your situation - it's only for the youngsters. Does the State Pension Forecast say "£175.20 is the most you can get, you cannot improve your forecast anymore."

Yes, that's exactly what it says. I'm confused, is this good?