I want to start a pension, help

lauren_1

I am a student with 2 kids but want to start one now, dp has one and pays £20 a month in to it, i would like to pay initailly £10 increasing as i start earning.
Any tip on which kind or who?

starbump

Any "stakeholder" pension would surely do - most pension providers offer one. I believe the minimum monthly contribution is always £20.

If you cannot afford this now, perhaps you could save the £10 per month until you can afford more and pay it in as a lump sum before switching to monthly contributions?

This might be useful to explain contributions:
http://www.stakeholderhelpline.org.uk/FAQ.asp

michaelvintner

Virgin offer a stakeholder pension with a minimum contribution level of £1. However it is not a very good stakeholder pension according to some people. I have one with them at the moment and will probably transfer it when I can get some advice on which would be a better plan.

With any Stakeholder pension you do not have to pay in every month. You could pay £20 in every 2 months to one of the better ones and there is nothing to say you have to make regular contributions. I have no idea which ones are better though.

Some people say it is better to put the money into an ISA. This would probably work out better in my case but I do not trust myself to put my money somewhere I can get at it. I need it to go somewhere I cannot touch it.

Hope this helps a bit.

dunstonh

Virgin offer a stakeholder pension with a minimum contribution level of £1. However it is not a very good stakeholder pension according to some people. I have one with them at the moment and will probably transfer it when I can get some advice on which would be a better plan.

Its probably the worst value and worst optioned stakeholder there is.

If you cannot make the £20pm minimum (which is £16 net of tax relief from April) then its not worth it. Stick with a cash ISA until you can afford more.