Nest pension and alternatives

flopsy1973

I am aware we are not changing the employer contribution part. This is 600 she is adding additionally nothing to do with employer. So effectively we need to find another pension provider for this 600 pounds ?

LHW99

https://forums.moneysavingexpert.com/discussion/comment/81950611#Comment_81950611

I think the point is you could choose another provider, or not. It depends on future plans, eg if likely to change jobs in the next year or two, then maybe no need. If interested in learning about DIY or wanting greater range of choices then it could be a good idea.

Understand the pensions that she has just now - charges, options for adding more, choices available, perhaps flexibility for drawdown if that may be the plan. Then the decision may make itself.

flopsy1973

Need to revisit this as she is still paying into the nest scheme. Been looking at the free-trade platform for putting in the extra 600. Just looking for better fund than what nest offers any ideas for fund selection ?

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/82054795#Comment_82054795

Most modern platform-based pensions are whole of market with around 30,000 odd different investments available to them. Okay.So it's easy to find funds that fit what you are looking for.

Workplace pensions tend to be much more limited due to cost and employers realising that the majority of their employees would be daunted by 30,000 or different investments being available to them. Hence, they utilise lower-cost, more simple options.

flopsy1973

Not easy when there is that much choice ideas suggestions welcome

Marcon

Is is worth her starting a new sip she also has a old workplace TPP scheme would that be a better scheme to divert the extra monthly payments to ?

Doesn't sound as if a SIPP is necessarily the best option, but see https://www.moneysavingexpert.com/pensions/cheap-sipps/ and think about whether setting one up would suit her objectives.

If as I suspect TPP is The People's Pension, has she revisited contributing her extra monthly payments to that?

LHW99

How happy is she making a choice of what to invest in? If not, she could look at a personal pension eg from L&G where you can have a restricted choice of just a few funds

https://www.legalandgeneral.com/retirement/pensions/personal-pension/

Alternatively there are robo providers eg Pensionbee which I believe do a quick "attitude to risk test" and put you into one of their "plans". The big DIY providers (AJBell, HL, II) also seem to have "managed pension plans" with a restricted range to choose from.

If she's interested in learning about investing, or already has some experience, any of the big SIPP providers will be OK.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82055945#Comment_82055945

Or Standard LIfe.

They have about 200 options ( not 30,000) for the DIY market and just a handful for the 'Do it for you' customers.

Pensions | Standard Life

Plus most SIPPs offer a limited range of multi asset type funds for the less confident investor ( just avoid the managed ones with big fees)

flopsy1973

https://forums.moneysavingexpert.com/discussion/comment/82055935#Comment_82055935

Would contributions to the peoples pension be the better option are their funds and fees reasonable ? I need to check if this an option

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/82060278#Comment_82060278

You don't have the initial charge, but you've got a higher ongoing charge. Plus, I'm not sure their funds are much to write home about either.

Any reason why you're looking at auto-enrolment schemes for personal provision? You should really be looking at SIPPS and Robo schemes.