New Pension Question

christhesparky_2

i am looking to start contributing to a new pension scheme and would like a bit of advice

At the moment i have a stakeholder pension from a former employer, transfer value £9.5k. And a frozen final salary pension from my first employer, currently worth around £1500 pa

I am looking to start paying into a new pension, but i want to be able to transfer payments into it via internet banking so i can vary the payments i.e pay more as and when i can afford it, Is there such a thing as a stakeholder pension which i can pay into via a transfer from internet banking? and should i transfer in the existing stakeholder pension (Standard life with profits)?


Thanks

Chris

dunstonh

Pensions can accept bacs payments into them using the usual sort code and account number given by providers. However, you cannot run a pension like an account and there does need to be an application made with each ad hoc payment. This can be quite easy with some providers who allow electronic applications but others will require a paper application each time. You will probably find more flexible options exist on SIPPs and personal pensions.

EdInvestor

dunstonh wrote: »

However, you cannot run a pension like an account and there does need to be an application made with each ad hoc payment.

Not at all.

You will probably find more flexible options exist on SIPPs

Indeed so.A few potential SIPP providers, depending on your investment preferences:

https://www.h-l.co.uk
https://www.sippdeal.co.uk
https://www.alliancetrust.co.uk

dunstonh

Ed, if you are going to quote me, at least quote me accurately. I said SIPPs and personal pensions.

Plus, I said that an application is needed each time, which it is and I said some will do this electronically. You cannot just send a bacs payment to the provider.

EdInvestor

dunstonh wrote: »

Plus, I said that an application is needed each time, which it is and I said some will do this electronically. You cannot just send a bacs payment to the provider.

Yes you can. You set up the "application" ( ie fill in your bank details etc) just the once at the start. :rolleyes:

bigbloke45

maybe it would be an idea to set up a small(ish) regular contribution and top it up with occasional single contributions. But better if you can find a variable contribution plan if possible that has good admin, fund performance etc.!

Try not to have too many single contribution plans, it will become an admin nightmare, I suspect!

Good luck and let us know what you decide.

nicko33

EdInvestor wrote: »

Yes you can. You set up the "application" ( ie fill in your bank details etc) just the once at the start. :rolleyes:

Is that going to be a Direct Debit initiated at the Pension Provider's end (e.g. after logging into your account on their website), rather than sending a BACS payment from your bank account?
Otherwise, why would you need to tell them your bank details?

dunstonh

EdInvestor wrote: »

Yes you can. You set up the "application" ( ie fill in your bank details etc) just the once at the start. :rolleyes:

Not good enough. You cannot send ad hoc bacs payments to a pension provider without letting them know to complete the application process for each one.

EdInvestor

nicko33 wrote: »

Is that going to be a Direct Debit initiated at the Pension Provider's end (e.g. after logging into your account on their website), rather than sending a BACS payment from your bank account?

The process comes under the DD system, but it's activated at your command, not theirs.A brokerage account is funded on the same basis.

Retired_I.F.A.

Sombody told me that Ed actually apologised once for being wrong instead of repeating it.

I did not believe it though, nobody has an imagination that far fetched.

christhesparky_2

Thanks for the info, will look into it further and let you know on the outcome