How do I start a new personal pension?

I’m looking to invest for my retirement and want to know how to go about starting a new pension. Where do I start?

Question asked by Todd Green
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Answered by Stephen Moore

If you are employed, then your first port of call should be your employer, as they will usually make contributions into the pension scheme they offer on your behalf which can boost your pension savings considerably.

Employer Auto-Enrolment Scheme

Under the Government’s auto-enrolment legislation, your employer must automatically enrol you into their pension plan. However, this scheme is being rolled out gradually, starting with the largest employers first. All employers, regardless of their size, must offer their employees a pension by 2018.

No Company Pension Scheme

If your’s doesn’t provide a pension yet, or you are self-employed, then you can set up your own pension plan with an insurance company, bank or building society, or via a pension adviser such as Drewberry. Always compare charges and investigate which investments you can put your money into before paying into a new pension.

If you want to manage your pension yourself, you might want to consider a self-invested personal pension (SIPP) as they offer a wide choice of investment types.

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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