How Do I Start a New Personal Pension?

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. All employers, regardless of their size, must offer their employees a pension from 2018.

No Company Pension Scheme?

If 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.

Which one will be right for you will depend on your circumstances, so it’s best to get at least some form of advice before you start so you can be sure you’re starting off on the right track.