Private Pension Yay or Ney

[Deleted User]

30
Full Time Employment earning around 23.5k but hopefully this will go closer to 30K in the new year.  I already contribute to my workplace pension but I’m quite disappointed with it as I can’t choose funds and subscribing more is a nightmare with our work payrol! Live @ Home but aiming to buy my first home in 2024

I don’t have a car but I am looking at getting this finally sorted in 2024. I would probably take some loan / finance to cover this. Looking at a car at around 10K. Buying a car  I think would be better before buying a house

- Experian Credit Score - Excellent

- LISA - £7,000
- Stocks and Shares ISA - £5,125
- Bank Account - £3,500

- No Debt

As it currently sits I have all my bills covered already for 2024, I don’t have a large amount of monthly direct debits as I have no mortgage or car payments but I feel I could cope ok if I did start making car payments etc.

I want to try and tie down some long term savings and I was looking at maybe a small private pension with a small DD of £30/40 a month. I was looking at stakeholder pensions from Aviva / Virgin.  Is this a good idea? I am aiming in 2024 to start investing about 300 into my LISA each month to really supercharge this. I would like to get to around 10K in my LISA before I start looking seriously at houses.

so what’s everyone thought on a private pension or any other creative ideas on how to do some long term saving with a small amount of cash? 

penners324

Increase work place pension as much as possible to get maximum employer contributions. Is it salary sacrifice?

Plenty of self service pension schemes around for any extra you want to pay in. I use PensionBee, has 8 or 9 funds to choose from. Hargreaves Landsdown has many more

penners324

There is a Pensions forum, post this there

[Deleted User]

I already pay the maximum into my workplace pension to get it maxed fully by the company 

Albermarle

[Deleted User] said:

I already pay the maximum into my workplace pension to get it maxed fully by the company 

You seem unhappy with the Workplace pension. Who is the provider?

Otherwise topping up your LISA seems sensible.
When you do not live at home and have a car, then you really need more cash savings ( note savings , not sitting in a current account) to fund unexpected expenses and maybe even the mortgage for a few months if you lose your job.