Add to work place pension or private pension?

Jet

Having been self employed, I started a private pension 2 years ago, I am now also part time employed so now have an auto enrolment pension too.

I am in the fortunate position where I can put 100% of my working income into a pension so need to do that for this financial year.

Where is it best to put it?  The private pension or the auto enrolment pension?

Thanks.

El_Torro

It might not matter, or maybe (depending on how you pay into the pension) you're better off putting more into your workplace pension. 

If your employer pays in by salary sacrifice then not only are you making a saving on Income Tax, you're also making a saving on National Insurance. 

Marcon

Jet said:

Having been self employed, I started a private pension 2 years ago, I am now also part time employed so now have an auto enrolment pension too.

I am in the fortunate position where I can put 100% of my working income into a pension so need to do that for this financial year.

Where is it best to put it?  The private pension or the auto enrolment pension?

Thanks.

No idea - what are the respective costs/charges? Fund choices?

Marcon

El_Torro said:

It might not matter, or maybe (depending on how you pay into the pension) you're better off putting more into your workplace pension. 

If your employer pays in by salary sacrifice then not only are you making a saving on Income Tax, you're also making a saving on National Insurance. 

Remember you can't salary sacrifice income from employment below minimum wage levels, so that might dictate where at least some of the contributions go.

El_Torro

Marcon said:

El_Torro said:

It might not matter, or maybe (depending on how you pay into the pension) you're better off putting more into your workplace pension. 

If your employer pays in by salary sacrifice then not only are you making a saving on Income Tax, you're also making a saving on National Insurance. 

Remember you can't salary sacrifice income from employment below minimum wage levels, so that might dictate where at least some of the contributions go.

Very true. Without more information from the OP I didn't want to get too far into the details though

Albermarle

Jet said:

Having been self employed, I started a private pension 2 years ago, I am now also part time employed so now have an auto enrolment pension too.

I am in the fortunate position where I can put 100% of my working income into a pension so need to do that for this financial year.

Where is it best to put it?  The private pension or the auto enrolment pension?

Thanks.

How the money is invested within each pension is more important than what pension provider(s) you use,

Jet

Marcon said:

Jet said:

Having been self employed, I started a private pension 2 years ago, I am now also part time employed so now have an auto enrolment pension too.

I am in the fortunate position where I can put 100% of my working income into a pension so need to do that for this financial year.

Where is it best to put it?  The private pension or the auto enrolment pension?

Thanks.

No idea - what are the respective costs/charges? Fund choices?

And this is why the average lay person gets confused.  Have looked at both and come up with the following details, is this enough?

Charges look like they are as follows;

Private pension - AMC  0.70% and on going charge 0.84%
Workplace pension - AMC 1.17%

Private pension - MIXED PORTFOLIO 20 - 60% SHARES

Workplace pension - Invesco Perpetual Global Targeted Returns Fund 

Marcon

Jet said:

Marcon said:

Jet said:

Having been self employed, I started a private pension 2 years ago, I am now also part time employed so now have an auto enrolment pension too.

I am in the fortunate position where I can put 100% of my working income into a pension so need to do that for this financial year.

Where is it best to put it?  The private pension or the auto enrolment pension?

Thanks.

No idea - what are the respective costs/charges? Fund choices?

And this is why the average lay person gets confused.  Have looked at both and come up with the following details, is this enough?

Charges look like they are as follows;

Private pension - AMC  0.70% and on going charge 0.84%
Workplace pension - AMC 1.17%

Private pension - MIXED PORTFOLIO 20 - 60% SHARES

Workplace pension - Invesco Perpetual Global Targeted Returns Fund 

What exactly are you getting for your 'ongoing charge'? If it's buying you advice(!) then you shouldn't need to ask a random bunch of strangers...but is it actually buying you anything worth having?

Jet

Marcon said:

Jet said:

Marcon said:

Jet said:

Having been self employed, I started a private pension 2 years ago, I am now also part time employed so now have an auto enrolment pension too.

I am in the fortunate position where I can put 100% of my working income into a pension so need to do that for this financial year.

Where is it best to put it?  The private pension or the auto enrolment pension?

Thanks.

No idea - what are the respective costs/charges? Fund choices?

And this is why the average lay person gets confused.  Have looked at both and come up with the following details, is this enough?

Charges look like they are as follows;

Private pension - AMC  0.70% and on going charge 0.84%
Workplace pension - AMC 1.17%

Private pension - MIXED PORTFOLIO 20 - 60% SHARES

Workplace pension - Invesco Perpetual Global Targeted Returns Fund 

What exactly are you getting for your 'ongoing charge'? If it's buying you advice(!) then you shouldn't need to ask a random bunch of strangers...but is it actually buying you anything worth having?

Being completely honest, I don't know!  I haven't actually spoken to the "financial adviser" yet as clearly he will want me to invest in his product won't he?

Marcon

Jet said:

Marcon said:

Jet said:

Marcon said:

Jet said:

Having been self employed, I started a private pension 2 years ago, I am now also part time employed so now have an auto enrolment pension too.

I am in the fortunate position where I can put 100% of my working income into a pension so need to do that for this financial year.

Where is it best to put it?  The private pension or the auto enrolment pension?

Thanks.

No idea - what are the respective costs/charges? Fund choices?

And this is why the average lay person gets confused.  Have looked at both and come up with the following details, is this enough?

Charges look like they are as follows;

Private pension - AMC  0.70% and on going charge 0.84%
Workplace pension - AMC 1.17%

Private pension - MIXED PORTFOLIO 20 - 60% SHARES

Workplace pension - Invesco Perpetual Global Targeted Returns Fund 

What exactly are you getting for your 'ongoing charge'? If it's buying you advice(!) then you shouldn't need to ask a random bunch of strangers...but is it actually buying you anything worth having?

Being completely honest, I don't know!  I haven't actually spoken to the "financial adviser" yet as clearly he will want me to invest in his product won't he?

Is this an independent financial adviser, or a tied agent (often aka salesman)?

Jet

It's NFU mutual