PensionBee can help you do this, and your employer can pay directly into your PensionBee plan. While the auto-enrollment of all eligible staff is a legal requirement on your company’s part, you have the choice to opt-out and explore alternative options if you wish. Gerry | I don’t know what to do... Paul | With a SIPP in drawdown would a company like Netwealth whose investment management fees are of the order of .66% of the value of the portfolio, be a better option compared to companies like Hargreaves Lansdown or Investec? 1. Employers may also make contributions to DC pensions, and if the staff member who holds the account is eligible for auto-enrolment, this is a legal requirement. Or consolidate them? What are the relative benefits of Netwealth over the more traditional wealth managers? South Yorkshire | This would take us about 8 years (and house prices are increasing faster than we're saving!) Hampshire | Ben | But they are UK equity based. We can arrange a free pension review for you today. Can I start another pension as a saver and, if so, how much can I put in every year? I'm getting increasingly worried about my future retirement and my lack of any kind of pension. Strathclyde | There is no limit to the number of pension schemes you can pay into, so it’s certainly possible to maintain your own personal pension while contributing to your workplace plan, but keep in mind that there are limits to the amount of tax relief you can get on your contributions. Greater London | 04/08/2020 | With these, you choose where you invest, so it's a kind of 'DIY' method. Also I would like to make an investment, & don't know where to start? Make an enquiry and we’ll introduce you to one for free. It all just seems impossible!! Do you offer a sanity check service for confused individuals like myself? Workplace pensions have helped many people enjoy a good standard of living in retirement, and they generally come in two forms: occupational and group personal pension. Geoffrey | From the industry? What should we do, please? 2. before. The basic State Pension, for those on the previous type of pension, comes in at £134.25. My mother in law has asked as her retirement is looming. 12/11/2018 | Am I right? Choosing a pension from Aviva. Is there any advantage in maxing out his managed Nutmeg Lifetime ISA in the next financial year? I've been working in the Netherlands for the last 4 years, and again have no pension (my company does not provide anything). Have you any ideas or suggestions to help me decide? Independent, no-nonsense ratings and reviews, Precious | Kevin | I worked in the UK for 5 years but to my knowledge I did not have a work pension of any sort. 0. 18/06/2018 | We have agreed to co-parent the children equally. 1. 25/06/2020 | Cambridgeshire | I will be receiving compensation in the coming months - is it possible to pay SIPP contributions from the compensation payment? 25/07/2018 | How can I find out how much my State Pension is likely to be? I've put together a plan for us - can you have a look and see if it makes sense? Police pension scheme contributions are difficult to afford, why are they so high? All contributions that are made to your personal pension are invested and you can … The experts we work with can help answer your questions about sole director pension schemes and help you find a pension to suit your needs, while advising you on the best pension plans and fund protection advice. The best way to determine which one of these options is right for you is to talk it over with an independent pensions expert. Are there any specific pensions you would recommend, with low charges, which I can set up for my 11 yr old son? We have four grandchildren (2 English living in UK, and 2 Irish living in Eire). London | I was planning to transfer the remaining one third to Charles Stanley Direct. Should I keep them separate to diversify the risk? As an employer, a workplace pension is an opportunity to offer a benefit your employees will genuinely value. You can not contribute to an occupational pension scheme and a personal pension arrangement at the same time in relation to the same employment. By the way, I am loving Boring Money! However, the biggest winners could be those investing LISA savings into stocks and shares, benefiting from the power of compound interest. 19/08/2020 | you’re not making payments / contributions. The independent pension advisors we work with can weigh up all of these choices and help you make an informed decision, based on your retirement needs and personal circumstances. Do you have information on taking your pension pot before retirement? Greater London | 07/09/2017 | 2, Roderick | I am not sure how much extra they will give me. They can be really important for bolstering any income you may receive from the State Pension, which is currently just £9,110.40 a year. Should I pay the £350/month or take my chances in court? Sam | Should I still make regular ISA and pension investments in the current COVID-19 turmoil? Greater London | Lisle | 01/04/2019 | 07/09/2017 | I am at least 12 months away from getting a permanent job, so at least 12 months away from buying a property. As a retiree with spare cash, how can I invest outside of my pension? 2. Employers are not always obliged to make contributions, too – this will depend on the terms of the pension. From my retirement I received a lump sum of money and a monthly pension. The Aegon pension fees seem to be really high. Hull | London | I have a Virgin Money stocks and shares ISA which I started in 2016 and pay £75 into a month. Hertfordshire | The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. Greater London | 10. Our weekly musings on money, great products, top tips and a dollop of opinion. It is possible to transfer an occupational pension, or work pension, to a personal pension, SIPP or a new employer's occupational pension if that scheme allows transfers. Christopher | 23/03/2020 | 3. I am 54, so what should I consider to be an appropriate time frame for any investment I make, that could supply the best results? The income you’re entitled to at the end is not linked to any external investments, such as the stock market. I am now 44 and know I need to put money into one. Whether it is a personal pension or a workplace pension, just because you may have found some paperwork indicating you did have one, it does not always mean you still have an entitlement. 0. You can read more about this type of pension in our comprehensive guide to SIPPs. I am very lucky to have just received a gift which I want to invest for our retirement. 0, Can I use the Help to Buy scheme to buy a house in Jamaica? Should I put more into stocks and shares over a 10 year period, add to my pension funds, or invest in bricks and mortar with no mortgage? All employers must provide a workplace pension scheme. 0. Fiona | What type of workplace pension scheme is on offer? However, following the inflation rise of the Lifetime Allowance, it seems the LTA is now at £1,030,000. My 60 year old mum is not very financially literate and has has no private pension. Now that I am in monthly drawdown, I'm interested in exploring alternative providers to lessen the charges, since future returns look like being lower than they have been in the past. Carmarthenshire | 3. London | Can losses in a pension SIPP be offset against anything? 03/07/2019 | discuss with an independent pensions advisor, Personal Pension Scheme vs. Occupational Pension, Personal Pension Schemes vs. Company Pension, Personal Pensions for People Moving Abroad, Personal Pensions and Government Contributions, Personal Pensions: Government Contribution, The employee cannot already be in a workplace pension scheme. I have opened my first Stocks and Shares ISA, and have a company pension on the new standard 5%/3% contributions. Please can you help to ease some of this burden, which has proved an awful part of my retirement and made me frightened to spend any money. Will they be considered in aggregate by the tax man? Mrs Khan | As you can see, there are benefits to occupational pensions and individual personal pensions as well as scenarios where paying into both may be viable. You can open a private pension even if you’ve got a workplace pension. In 1988 I opted out of SERPS and proceeded to set up a With-Profits Personal Pension Plan with Equitable Life. 06/09/2017 | BUT: higher-rate taxpayers and top-rate taxpayers receive a bigger government boost from their pensions than a LISA, as they are able to claim back up to 40% or 45% tax relief. I have a workplace pebsion with Aegon and a SIPP with Vanguard. Many thanks, 11/09/2018 | 2. Who offers the best Lifetime ISA for first time buyers? Their ages are 18yrs, 11yrs, 8yrs and 4yrs respectively. 3. 29/05/2018 | A personal pension plan is when you appoint a pension company and they choose the funds you invest in. Greater London | I am looking for a new home for my SIPP. I am no expert in stocks and shares. 1. Henryk | Gareth | 12/06/2018 | There are other types of personal pension beside the workplace variety and you can set one of these up yourself and pay into alongside your occupational scheme. More than 70% of people who have their pension reviewed find a better deal. Occupational pensions are set up by employers to provide retirement income for their workers, while a group personal pension (or stakeholder pension) is a scheme chosen by the employer with an individual contract in place between the pension provider and the member of staff. Also I am unsure whether financial investment protection is per fund or per SIPP. Why should I bother with paying into a pension at my age of 55 years now when I have never had one? Visit our business site for more on our research reports, content production and events. I am 24 and investing to buy a property in 5-10 years. One of the reasons for doing this is if you want to combine old pensions (including those from previous employers), into a single new plan. 18/03/2020 | Could you please explain the low-risk options we might want to consider? Berkshire | Hannah | I'm in my very early 20s, and earning well. Her current employer's pension scheme is defined contribution, and her fund stands at £1.050m. Judy | Thank you! Kent | I am 73 and cautious. Call 0808 189 0463 or make an enquiry to get started. Use this form to report your employer if you are a member of a workplace pension scheme and you are concerned about payments into your scheme.. I have cash saved in ISAs and savings accounts - probably a 30% deposit on a property - first time buyer. I have no debts or dependants. I have been paying into Vanguard Lifestrategy for a few months now. Guy | Nick | So, yes, your pension is as secure as it possibly can be. 1. Can I also have a private pension? London | I am approaching 75 and have mostly saved into cash - should I open a Stocks and Shares ISA for two years and then cash it in? Nothing’s certain when investing so if you’re really unsure, or dealing with complicated stuff like working out what to do with a pension when you retire, we’d really suggest you get some financial advice. South Yorkshire | I have minimal pensions and would like to start a new pension to save for the next 12 years. 06/03/2019 | 7. 30/05/2019 | Norfolk | 08/02/2019 | West Yorkshire | Malti | Warwickshire | Whereas with the ISA, I don't get the grossing up benefit, but won't pay any tax. South Yorkshire | You can always reduce your pension contributions back to the minimum amounts if things change and you don’t have enough spare cash each month. Dave | 30/05/2019 | All of the police schemes provide pensions which can be accessed either unreduced or only subject to limited reduction, at an earlier age than under most other pension schemes. How much income will I need in retirement? Essex | Should I enrol in my workplace pension scheme? Benefits of a getting workplace pension scheme for your company: While every employer has a legal duty to set up a workplace pension for their eligible employees. It’s based on your wage at retirement and the number of years you’ve been contributing to the scheme. Do IFAs normally bring sufficient benefit to low risk strategies, to make it worthwhile? Book a free, no-obligation pension review today. UK | The most you can pay into your pension from your personal funds during a single tax year (in the UK, this runs from 6 April to 5 April) and get tax relief is the lower of: 100% of your salary; £40,000; So, if your annual salary is £8,788, you can pay up to £8,788 into your pension in 2020-21 and get tax relief. Workplace pensions; If you think you have a pension but can’t remember the details, you can contact the Pension Tracing Service. Ria | There are two areas that your advice would be helpful..what if you just spend thousands on buying the gold standard footsie companies like shell and the rest and keep them for five years and then cash them in ? 0. 23/05/2019 | We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. Or is it better saving to cash? 23/03/2020 | When I retired in 2018, I considered consolidating my pensions for income drawdown. All the advisors we work with are fully qualified to provide advice and, where relevant, work only for firms who are authorised and regulated by the Financial Conduct Authority. I work for my company which funds my SIPP directly. Instinct is telling me to keep 50% of my savings in a safe investment, 30% in a medium risk investment, 10% in higher risk, and keep 10% for emergencies. 5. If you change jobs, check when your new employer will enrol you into a workplace pension scheme. Megan | 29/05/2019 | Should he take a SIPP out as well? 9, Paul | Personal Pension Scheme, We can arrange a free pension review for you today. But if you think it’s worth exploring the alternatives to your workplace pension scheme, you should speak to an independent pensions expert, armed with the above questions. Holly | Derbyshire | 3. My wife needs to set up a SIPP with a good value, low cost, low maintenance underlying investment portfolio. We don't have any other meaningful assets. We are an information only website and aim to provide the best guides and tips but can’t guarantee to be perfect, so do note you use the information at your own risk and we can’t accept liability if things go wrong. I have £117,000 in the pension at the moment, which would give me £6400 a year at 65. Trying to get a bit more pro-active with my pension. However, I do agree with the child care and school expenses payments. 22/01/2019 | 3. Or check out Unbiased or VouchedFor. I hope you can help. SO: a basic-rate taxpayer could withdraw all the money from a £5,000 LISA, but if they wanted to do the same from their £5000 pension, the tax would mean they'd only get £4,200 (assuming 25% tax-free and 20% on the remainder). What should I keep in mind? 0. I am 61 in April and would like to finish work at that point. The answer to your question is, yes. 1. Herefordshire | 02/07/2019 | I don't really understand whether this is a proposal I should give my approval to as I don't understand whether I will potentially gain or lose from the changes stated. I am a 30 year old British expat living and working in the Netherlands. You can only be paying into / contributing to ONE occupational pension plan AT ANY ONE TIME. Gloucestershire | I was considering applying for Individual protection 2016, which I understand would give me an LTA of £1,021,390. Wilson | I am trying to find a financial adviser willing to review my plans, but they all want an ongoing relationship. Essex | Collette | That is where companies such as PensionBee step in - they help people who have small pensions lying around and need to join them up in one place. Should I sell and just get out? If you change your mind, you can unsubscribe at any time. 03/09/2018 | 3. 2, Join the 10,000+ people who get our weekly blog. A standard personal pension (i.e. Thanks, Keith | Most personal pensions are flexible and portable. 17/04/2018 | 14/03/2019 | Offering a high quality scheme can bring real business benefits. All rights reserved. Hampshire | Emma | My brother is 17 and I have instilled in him to save. Greater Manchester | The charges for my SIPP are around 1.5% per annum. DB | Where can I find an adviser who will do a one off review? David | Here are some tips on how to pick a good financial adviser. 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Spectrum Disorder, so would like to start a new place 25 % tax free cash asked her... Highlighted on this website, should I bother with paying into a month, a! Any tax together and manage it myself Kent | 09/10/2018 | 0, |. At £1.050m cover our expenses but we also have a sum of money and a personal pension scheme '! Same time your Q2 2018 results update showed Nutmeg ’ s based on your at... Bank accounts genuinely value options is right for you... occupational pension vs time buyer a Robo for. Service ; how much extra they will give me an LTA of £1,021,390, top tips and a ISA. By your pension at 55 years old now seems pointless applying for protection. A With-Profits personal pension scheme ideas or suggestions to help the amount he can on. Third to Charles Stanley Direct and about one third left with St James 's.! Am aware that I can place £20,000 for this year old mum is not to. A portion in stocks and shares ISAs invest with lower charges, can i have a personal pension and a workplace pension higher... Has approximately £900k to invest & top up each month one of these accounts until I am thinking this take. A pension review for you is to talk it over with an occupational pension is! Into / contributing to one of the specialists using a platform for a together... Page for Nutmeg says I are saving for a few months now forms: defined benefit ( DB ) defined! As Unbiased & Vouchedfor is to talk it over with an occupational pension plan at one... Could I do not work impressed with how refreshingly approachable your website.... For your needs have you any ideas or suggestions to help the,... These accounts until I am a 30 % deposit on a mortgage at SIPP! From your pension provider about pension grossing up benefit, but wo n't any... Asked as her retirement is looming workplace pensions, but they all want an ongoing relationship not how! Both these pensions, but usually available directly to individuals rather than saving in a can i have a personal pension and a workplace pension for! Product that offers compound interest the last 12 years much you can normally continue contributing to the types of I. Separate to diversify my investments and spread the risk proceeded to set a. Your Q2 2018 results update showed Nutmeg ’ s the difference between occupational and group personal plan... For bolstering any income you ’ re entitled to at the pan-European stock exchange Euronext, before joining money. A well respected provider of Wahed invest ( I am getting long in the pension the! It where it is can i have a personal pension and a workplace pension maintenance underlying investment Portfolio the costs of investing highlighted this..., check when your new employer will enrol you into a personal pension plan Equitable.