I'm only 25 but my Dad is advising me to get a pension.
Anyone here got a pension scheme they can recommend?
I've been looking at Aviva simply because I have my car insurance with them...
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- 05-04-2016 22:54
- 05-04-2016 23:34
What pension does your employer offer? Unless you're in a very small company you should already have had some correspondence from them about a workplace pension scheme.
It's usually worth joining your employer's scheme because they'll contribute a certain percentage of your salary to it for free.
- 06-04-2016 00:10
I did have a part time job that had a pension scheme, but I recently left to just work freelance as self employed in video production and photography.Last edited by Jedders; 06-04-2016 at 00:11.
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- 06-04-2016 08:37
I believe you can continue your previous pension with your employer.. just check with them otherwise evaluating performance of pension companies is quite complicated and most people make use of word of mouth..
(Original post by Jedders)
- 06-04-2016 17:12
I did have a part time job that had a pension scheme, but I recently left to just work freelance as self employed in video production and photography.
Some options you have available:
* Open a pension through a large pension provider (such as Aviva). You'll have a range of funds that you can invest in that will give you some options about where you want to put your money. This can be an intimidating choice, but it ultimately boils down to how much risk you're willing to expose your money to in exchange for the potential of larger returns from your investments.
* Open a SIPP (self invested personal pension). This is similar to the above, but it skips Aviva as an intermediary. You have a greater choice of funds in which to make you investments and might need to take a more "hands on" approach, but in exchange you'll probably save on some costs that you'd overwise pay to a pension provider.
* Find a group pension plan that you can apply for. For example, IPSE members have access to an Aviva pension scheme at a lower cost than going with IPSE directly.
Personally I opened a SIPP through Cavendish Online about a year ago and have mostly ignored it since.
If you're self-employed through your own limited company, remember that you can make contributions to your pensions directly from you limited company. This would probably reduce your NI liability.
Finally, the Lifetime ISA is being introduced in 2017 as an alternative to pensions. These look like they'll be good pension alternatives (because they can also be used flexibly for a house deposit) that are being particularly targeted at the self-employed. For a basic rate tax payer, they offer the same tax relief as a normal pension.Post rating:2
- 07-04-2016 09:14
Thanks for that, I'll look into an SIPP!