Personal Pension advice please 🙏🏼

Freedomforever

Good morning All

I've been pondering over all the excellent advice received recently regarding pension and retirement. Many thanks to all who contributed their time and thoughts, much appreciated!

From my own perspective I’d like to take up the advice offered of opening a personal pension in my own name. As I’m currently unable to work, I want to make a net contribution of £2880 - receiving tax relief at source.

Does anyone have any suggestions of companies, (small charges if any) that would provide the basic policy style I’m considering please?

Marcon

Freedomforever said:

Good morning All

I've been pondering over all the excellent advice received recently regarding pension and retirement. Many thanks to all who contributed their time and thoughts, much appreciated!

From my own perspective I’d like to take up the advice offered of opening a personal pension in my own name. As I’m currently unable to work, I want to make a net contribution of £2880 - receiving tax relief at source.

Does anyone have any suggestions of companies, (small charges if any) that would provide the basic policy style I’m considering please?

See https://www.moneysavingexpert.com/savings/cheap-sipps/

If you don't want a SIPP, then a simple personal pension should do the trick. https://www.money.co.uk/pensions/personal-pension-plans/pm-1?track=885118&inset-cookie-banner&utm_accountid=3115971200&utm_source=google&utm_medium=cpc&utm_term=personal%20pension&utm_cmpid=11661682012&utm_adgid=112076440023&utm_tgtid=kwd-31955413&utm_mt=e&utm_adid=494033438594&utm_dvc=c&utm_ntwk=g&utm_plcmnt=&utm_locphysid=1006548&utm_locintid=&utm_feeditemid=&utm_devicemdl=&utm_plcmnttgt=&gclid=EAIaIQobChMIkIGrxum5hQMVYopQBh1XtwIlEAAYASAAEgLFrfD_BwE

Freedomforever

Marcon said:

Freedomforever said:

Good morning All

I've been pondering over all the excellent advice received recently regarding pension and retirement. Many thanks to all who contributed their time and thoughts, much appreciated!

From my own perspective I’d like to take up the advice offered of opening a personal pension in my own name. As I’m currently unable to work, I want to make a net contribution of £2880 - receiving tax relief at source.

Does anyone have any suggestions of companies, (small charges if any) that would provide the basic policy style I’m considering please?

See https://www.moneysavingexpert.com/savings/cheap-sipps/

If you don't want a SIPP, then a simple personal pension should do the trick. https://www.money.co.uk/pensions/personal-pension-plans/pm-1?track=885118&inset-cookie-banner&utm_accountid=3115971200&utm_source=google&utm_medium=cpc&utm_term=personal%20pension&utm_cmpid=11661682012&utm_adgid=112076440023&utm_tgtid=kwd-31955413&utm_mt=e&utm_adid=494033438594&utm_dvc=c&utm_ntwk=g&utm_plcmnt=&utm_locphysid=1006548&utm_locintid=&utm_feeditemid=&utm_devicemdl=&utm_plcmnttgt=&gclid=EAIaIQobChMIkIGrxum5hQMVYopQBh1XtwIlEAAYASAAEgLFrfD_BwE

Thank you very much!

atush

But you need t think about what you want to invest in, some pensions have a larger choice than others.

Freedomforever

atush said:

But you need t think about what you want to invest in, some pensions have a larger choice than others.

Definitely 👍🏻 I remember we set a personal pension up for my husband many years ago.
Although we did use a IFA.
For such a small pension I’d prefer to go it alone so that’s why I’m looking for simplicity.

Albermarle

Freedomforever said:

atush said:

But you need t think about what you want to invest in, some pensions have a larger choice than others.

Definitely 👍🏻 I remember we set a personal pension up for my husband many years ago.
Although we did use a IFA.
For such a small pension I’d prefer to go it alone so that’s why I’m looking for simplicity.

You do not have much choice in fact, as an IFA will not be interested in these smaller amounts.

xylophone

A number of posters indicate that the Hargreaves Lansdown SIPP works well for these modest contributions.

barnstar2077

Vanguard are cheaper than Hargreaves Lansdown, but have less choice of funds (something I consider a good thing, as it stops me changing my mind all the time!  : ) 

Lifematters

If you are making a net contribution of £2880 per tax year to receive the tax relief of £720 and then draw it out each year, you could just hold it as cash inside the pension. A bit risky to invest in funds if you are planning to draw it out in the next few years but maybe you’re not?  

I believe Hargreaves Lansdown do not charge for holding cash in a pension but Vanguard do? Please someone correct me if this has changed / incorrect. 

Freedomforever

Lifematters said:

If you are making a net contribution of £2880 per tax year to receive the tax relief of £720 and then draw it out each year, you could just hold it as cash inside the pension. A bit risky to invest in funds if you are planning to draw it out in the next few years but maybe you’re not?  

I believe Hargreaves Lansdown do not charge for holding cash in a pension but Vanguard do? Please someone correct me if this has changed / incorrect. 

Thanks for sharing your thoughts, much appreciated.

Freedomforever

barnstar2077 said:

Vanguard are cheaper than Hargreaves Lansdown, but have less choice of funds (something I consider a good thing, as it stops me changing my mind all the time!  : ) 

Yes less options the better 😊 thank you for taking the time to comment.