Pension Help
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Boorox82
Posts: 1 Newbie
Hi,
I need some advice after going round in circles trying to find a pension plan. I am 35 and have 5 years of an auto-enrolment pension.
For some time I have been wanting to put money away in a pension pot not to be touched until 55. I am looking at investing £100 per month. Virgin money seemed straight forward but I have been put off by annual fees of 1%. I've had a look around today at a few that have lower fees and low monthly contribution thresholds. I do not know anything about stocks and shares etc and literally just want a pot to put cash into that is good in terms of tax and risk. All the pensions I seem to come across seem to be linked to investment? Can anyone recommend something for me?
Claire
I need some advice after going round in circles trying to find a pension plan. I am 35 and have 5 years of an auto-enrolment pension.
For some time I have been wanting to put money away in a pension pot not to be touched until 55. I am looking at investing £100 per month. Virgin money seemed straight forward but I have been put off by annual fees of 1%. I've had a look around today at a few that have lower fees and low monthly contribution thresholds. I do not know anything about stocks and shares etc and literally just want a pot to put cash into that is good in terms of tax and risk. All the pensions I seem to come across seem to be linked to investment? Can anyone recommend something for me?
Claire
0
Comments
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pensions will tend to have a significant portion in investments as the returns on cash are often less than inflation so a cash only pot would decrease in real terms value over time. A 20 year timescale is long enough to weather a few investment storms and make some growthI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
The easiest solution would be to put the extra into your workplace pension if they agree to that.
Otherwise open a SIPP with the likes of AJ Bell Youinvest and set up your monthly DD in a Vanguard Lifestrategy fund - maybe the LS 60.
If you want to read up more about DIY pension options generally I recommend get hold of Edwards 'DIY Pensions' book.0 -
Check if your workplace pension has AVC scheme in it - worth exploring..0
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