Talk

Advanced search

Taking out a personal prnsion

(13 Posts)
nNina22 Wed 07-Feb-18 13:56:51

My 30 year old daughter is a sahm and not paying into a pension plan. She doesn’t claim any benefis at all as is supported by her dh but they are extremely hard up. Can she take out a personal pension plan or continue to contribute to the pension plan she had when she was working? I could afford to pay in £50 a month on her behalf until she starts working again. Could I do that?

Winebottle Wed 07-Feb-18 21:57:48

Yes. She can put in up to £2,880 per year.

specialsubject Sat 10-Feb-18 12:08:54

...which the government will make up to £3600.

Jackyjill6 Sat 10-Feb-18 19:56:40

Is there any difference if the OP pays into the daughter's pension, or gives the money to her to pay in herself?

GummyGoddess Sat 10-Feb-18 20:04:04

Depends on what the work pension plan was. If it was a final salary one then no she can't contribute further. If it was a plan with Legal and General or similar then she probably can just call and ask for a direct debit form.

dontcallmethatyoucunt Sat 10-Feb-18 20:27:33

No there is no difference who pays the money in.

nNina22 Sat 10-Feb-18 21:46:27

Thanks. It’s Legal and General 😁

dontcallmethatyoucunt Sat 10-Feb-18 21:57:18

They tend to be quite reasonable

GummyGoddess Sun 11-Feb-18 19:29:24

Just call for a DD form, or they might have one to download in your daughters online account with them.

Mxyzptlk Wed 04-Apr-18 16:11:30

I'm in a similar situation, wanting to help my AC.
Should we consult a financial advisor? Or are we likely to be able to sort it out ourselves, getting info online etc?

Mxyzptlk Wed 04-Apr-18 16:12:19

My AC have no pension so far, btw.

Sophiesdog11 Wed 04-Apr-18 16:26:35

Mxyzptlk

There are a lot of online brokers, all of which should allow your AC to open a self-invested personal pension (SIPP) with them.

We use one called Hargreaves Lansdown but they aren't particularly cheap fees-wise, there are lots of cheaper ones. All should offer a large range of funds to invest in. Maybe start by looking on money supermarket or such, for advise on online brokers offering ISAs and SIPPs.

If they offer ISAs they will normally offer a SIPP too, as you can have the same funds in both, its just the 'wrapper' which is different.

My advise would just be to drip money in monthly, to smooth the peaks and troughs of stock market, and select at least two different funds for diversification.

Mxyzptlk Wed 04-Apr-18 17:30:48

Thanks for your help, Sophiesdog11.

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: