Private pension / retiring

Lisajh

Hi - I'm fast approaching 50 and I have a pension with my workplace but would like to have a private pension in place to ensure that I have sufficient funds when I eventually retire.  Please could anyone recommend a private pension scheme/company?

xylophone

Is there a reason why you would not wish to make additional contributions to your workplace pension?

Costabit

Lisajh said:

Hi - I'm fast approaching 50 and I have a pension with my workplace but would like to have a private pension in place to ensure that I have sufficient funds when I eventually retire.  Please could anyone recommend a private pension scheme/company?

Vanguard fill the requirements for me
Cheap at my level / easy to set up/ website ok / investment options suitable for me
It may not suit all your requirements but is worth a look

dunstonh

 Please could anyone recommend a private pension scheme/company?

Virtually all pensions meet the criteria you have given in your post.    You will need to give more information if you want people to help filter the options further.
If your workplace pension operates salary sacrifice, that would be the most tax efficient option.

Albermarle

Are you fully familiar with your workplace pension, with on line access etc ? Do you you know what your money is invested in ? the alternatives on offer? The charges ?

thickasabrick

Lisajh said:

Hi - I'm fast approaching 50 and I have a pension with my workplace but would like to have a private pension in place to ensure that I have sufficient funds when I eventually retire.  Please could anyone recommend a private pension scheme/company?

Not sure I can recommend a particular scheme or company as everyone is different but my SIPP is mostly invested in Vanguard LifeStrategy 60 (held on the Fidelity platform) and my workplace pension is in a world tracker (held on the Aegon platform). The Aegon fund was the closest I could find to match the Vanguard all world VWRL as it wasn't available on that platform.
Most of my choices are based around the Simplicity portfolio as described by a few articles, some listed below.
Lars Koijer - Investing Demystified
The Escape Artist - The Simplicity Portfolio
JLCollins - Stock Series (that links through to "Investing with Vanguard for Europeans: 2020 update" as the writer is US based).

I started my SIPP using an IFA and only felt confident enough to DIY after reading what seemed like every financial independence / retirement article on the internet and following the forums on here for a couple of years. Hopefully a few of the more knowledgeable posters here will post some other options and you will be able to find something that fits.

Some things to consider 
1. Do you have a figure in mind that you're aiming for at retirement ?
I started by obtaining the current value of all my pensions then working out what savings rate I needed to to hit my target.
For "defined contribution pensions", how much is the "Current transfer value" showing when I log onto my company pension or SIPP / pension provider portal.
For defined benefit pensions I think you calculate the total value by multiplying your expected annual pension by 20 and adding any tax free lump sum.
Should be able to estimate the rate of saving to hit your target.
The Which article "How much do I need to save into a pension at different ages?" has an interactive table for some rough figures.

preston03

Lisajh ... I am similar to you - I havea workplace pension scheme - but also two other Private schemes through Standard Life and Hargreaves Lansdown

I'm switching all my Standard Life funds into Hargreaves. For me - the App is fantastic, easy to start, easy to use- fantastic choice of funds and lots of information to "have a go".

I'd recommend HL out of the two ... but only had limited exposure to Funds through Halifax Sharedealing (not easy) ... and Old Mutual ... not as sexy as Hargreaves Lansdown.

Happy to take recommendations on other platforms if anyone else wants to position some.

Marcon

Simplest (and possibly cheapest) option is to pay more into your workplace pension. Have you investigated doing that?

Lisajh

Marcon - I hadn't actually thought about this - thank you, I will investigate to see if it is possible.

Albermarle

Lisajh said:

Marcon - I hadn't actually thought about this - thank you, I will investigate to see if it is possible.

Normally it is possible  by increasing your % contributions each month ( although some employers may only let you change once or twice a year) .
Alternatively you should have direct access to the pension providers on line portal, and be able to  make one off lump sum payments direct into the pension ( no need to contact your employer).
Looking at this on line portal you should also be able to see what investment funds your pension is invested in  and what other choices there are .
If you want to ask questions about this aspect of your pension feel free to ask the forum .