Organising savings between SIPP, S&S ISA and general

Jessiejane17

Hey, this site has proved very helpful in the past when I've asked about Help to Buy ISAs and other things so thought I'd seek advice. 
 
I turn 30 this year and I have started a new job, I will be enrolled in the pension next month but this won't be a lot when compared to NHS / Civil Service etc pensions. I currently have majority of my savings in Premium Bonds, with just over £3k in Vanguard (Index funds) and the rest in a 5% interest savings account. After doing some research and trying to educate myself as much as I can, I think it's wisest to move money from my premium bonds and put more into my S&S and I'm thinking of opening a personal pension. I am quite worried for the future as I don't have "fall back" or inheritance money so want to make sure I'm doing the most I can, although I have savings now, I don't think they are accumulating as much interest long term. 

- Is there a SIPP that anybody would recommend? (I heard Aviva is good, I was nervous about the yearly charges but they don't seem high?) Would I need to put in a minimum each month, is this tax-free at the end...?

- Is there a minimum recommended to put into a personal pension each month?

- Is there another option for savings I haven't mentioned that could be useful for me to research? I've read about Cash ISAs... and I know Martin Lewis says these are a great way to save

I know a financial advisor would fully be able to help but unfortunately I'm not in a position to afford that right now so just wanted some general hints or tips. Thank you!

Mark_d

I would aim to keep £10k-£15k in readily accessible cash ie. easy access savings account/cash ISA.

If your employer matches pension contributions up to 5% then I would pay in 5%.  You want to maximise what you're getting.  Pension is a good investment but you don't want to destroy your life now in the hope of a happy retirement.

The other critical thing to do would be to enure you get maximum benefit from a Lifetime ISA.  With AJ Bell you can use the Lifetime ISA to invest in funds and shares.

If you have more money to put away then go for an S&S ISA.

Albermarle

You will have a pension at work, so probably not much point opening a personal one separately.

When you are enrolled in this pension ( or before), check out the following details:

1) How much is the employer going to add ?( 3% is the legal minimum for them)
2) If you add more than the legal minimum for you ( 5%) will the employer add more ?( some will up to a point) 
3) How will your pension contributions be taken ? There are three different methods.

If the answer to 2) is yes, and/or the answer to 3) is 'by salary sacrifice' , then in both cases it will definitely be more beneficial to put all pension contributions into the workplace pension.

Feel free to name the workplace pension provider for more feedback.

eskbanker

Jessiejane17 said:

I know a financial advisor would fully be able to help but unfortunately I'm not in a position to afford that right now so just wanted some general hints or tips. Thank you!

The Flowchart - UKPersonalFinance Wiki is quite a good structure to follow IMHO....