Pension for an 18 year old

18yr

Just wondering where to start really?! Employed full time, but no access to a work pension. Therefore thinking about starting a private pension, but really dont know where to start or what options to I need to consider..

Any help would be appreciated

Thanks

nickynack

i would suggest doing a bit of online reading, with the major ones, Prudential, Scottish Widows, Standard Life, HSBC etc etc

then I would get myself down to a Financial advisor and see what he or she thinks best. Most FA's wont charge you as they get paid commission from the companies.

Steppy

Hiya,

While you're thinking about starting a pension and reading up on it. I think it would be prudent for you to get into the habit of saving regularly. Try and put away 10% of your earnings each month. If you can master this then you're half way there!

If you haven't got an cash ISA already then I would suggest you have a look around and pick one that fits your spending habits.

While you're looking around / reading up on the topic. It's important that you don't buy or sign up with the first pension advisors recommendation. Take your time... sit on it for a while and buy / sign it when you feel ready.

Say to yourself... right I'm looking for a pension.. but I'm not going to buy the first thing that comes along.. but I would like to start a pension within the next... x months / year or two.

In the meantime keep up the habit of saving regularly and build up that cash ISA. So if you like you can put some of or all of that ISA savings into the new pension in a lump sum payment.

Another wise thing to do is build up a rainy day cash fund.. 1 ~ 3 months salary will be fine.. You never know when you'll need a little cash for a car repair or a holiday or time off work to study.

Cheers,

Steppy