Finding a good private pension if I don’t have a job

emma.cook3

I was a teacher but had to give up work to be an unpaid carer ( on carer’s allowance) I really need to get a new private pension that I can pay into myself. I can’t have savings because we may switch to universal credits but I think I am allowed a pension.  I keep putting this off because the advice and choice is overwhelming. I have read the guide on here, but still nowhere near finding one. I worry that I will pay in and not get a good pension if I choose the wrong one. Maybe a flexible pension so I could pay in more when I do start working again ( if that exists). I just need good advice on where to start. Thanks

xylophone

I was a teacher but had to give up work to be an unpaid carer 

You have a deferred pension inTPS?

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

It appears that you have no  relevant  income and therefore you are restricted to a net contribution of £2880 per annum to which £720 will be added when claimed by the pension provider.

Might below suit?

https://www.standardlife.co.uk/pensions/personal-pension/stakeholder

Dazed_and_C0nfused

You need to look at two separate things.

1).  The pension provider (and their fees, minimum contributions etc).

2).  The fund(s) you invest your contribution in.

Both are important.

emma.cook3

Dazed_and_C0nfused said:

You need to look at two separate things.

1).  The pension provider (and their fees, minimum contributions etc).

2).  The fund(s) you invest your contribution in.

Both . 

Thanks, That doesn’t mean a lot to me unfortunately. I have no idea how to choose a provider or a fund. 

emma.cook3

xylophone said:

I was a teacher but had to give up work to be an unpaid carer 

You have a deferred pension inTPS?

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

It appears that you have no  relevant  income and therefore you are restricted to a net contribution of £2880 per annum to which £720 will be added when claimed by the pension provider.

Might below suit?

https://www.standardlife.co.uk/pensions/personal-pension/stakeholder

I haven’t deferred my teaching pension- I don’t know what that means. 
My income is about £3500 per year on carers allowance. 

emma.cook3

xylophone said:

I was a teacher but had to give up work to be an unpaid carer 

You have a deferred pension inTPS?

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

It appears that you have no  relevant  income and therefore you are restricted to a net contribution of £2880 per annum to which £720 will be added when claimed by the pension provider.

Might below suit?

https://www.standardlife.co.uk/pensions/personal-pension/stakeholder

I just looked at the forecast, thanks. I should now check my teaching pension for the total. The standard life one looks suitable. Is there a comparison for similar ones. I a, worried about getting the wrong company and losing money

xylophone

I haven’t deferred my teaching pension- I don’t know what that means. 

You left your job before the age at which you could access the pension?

If so, see 

https://www.teacherspensions.co.uk/members/faqs/taking-a-break/deferred-membership.aspx#:~:text=When a member leaves pensionable,as the minimum qualifying period).

Re "relevant earnings"

https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm044100#qualifying

It would appear that you do not have any "relevant earnings" therefore the amount you may contribute and receive tax relief is limited as explained above,

The standard life one looks suitable. Is there a comparison for similar ones. I a, worried about getting the wrong company and losing money

The SL is a basic stakeholder pension - Aviva offers similar

https://www.aviva.co.uk/retirement/aviva-stakeholder-pension/

Otherwise you might consider https://www.vanguardinvestor.co.uk/what-we-offer/personal-pension/personal-pension-account - perhaps using a Target Retirement option.

With regard to "losing money", the performance of the pension depends on how the investments within it perform over the years when you are contributing.

Albermarle

I a, worried about getting the wrong company and losing money

As long as you stick to mainstream pension providers, like the ones already mentioned , it does not matter that much which one you pick .

For all of them , you then have to choose what to invest in within the pension.

If you read their websites carefully they will give you some ideas/guidance . Also you can read this for the basics.

Investing in stocks for beginners: how to get started - MSE (moneysavingexpert.com)

Marcon

emma.cook3 said:

Dazed_and_C0nfused said:

You need to look at two separate things.

1).  The pension provider (and their fees, minimum contributions etc).

2).  The fund(s) you invest your contribution in.

Both . 

Thanks, That doesn’t mean a lot to me unfortunately. I have no idea how to choose a provider or a fund. 

The comments made here are all well meant, but I suspect over-estimating both your level of knowledge and your enthusiasm for delving in any depth into this most arcane of topics. Try a more basic read such as https://www.thetimes.co.uk/money-mentor/article/best-ready-made-personal-pension/

Brie

emma.cook3 said:

Thanks, That doesn’t mean a lot to me unfortunately. I have no idea how to choose a provider or a fund. 

I've been looking at this website that is essentially a compare the market for pension providers.  Might be worth looking at to get some ideas.  There's also some interesting profiles of women which gives their situations and what they are doing with their money that might be helpful.

https://www.boringmoney.co.uk/women-talk-finance/meet-the-!!!!!!-ladies/

emma.cook3

Thank you so much everyone. I was so nervous about getting it wrong but I think with all this information. I can get it sorted out.