Where can I set up a personal pension? (Find it all so confusing)

[Pensionadvice]

The situation is that I work full time, earning around 20k and I have been with my employer for just over a year. He does not do things by the book. My tax and NI contributions are paid each month (have checked my personal allowance account online as I never receive payslips) but he has not enrolled me into the workplace pension scheme. I believe he has opted out on my behalf, apparently he has done this previously with other employees to. I’m not sure how he gets away with it.

I have already spoken to him about this and he has said that I’m not entitled to one. He thinks I’m stupid, I have done a lot of research about it and I’m 100% certain that I qualify. I have also spoken to the pensions regulator anonymously and they have said that if I wanted to report it they would investigate it and he may face a fine and have to pay back the contributions that were missed. But I’m to scared to report it in fear of rocking the boat and pissing him off.

I know I can do it anonymously but it would be pretty obvious that it was me. He has a way of making people “disappear” if they don’t do what he wants and I can’t take that risk. I have rent and bills to think about. I am looking to leave but have to make sure that I have another job to go to first, and one that pays enough to. For the time being I want to set up my own pension so that at least I’ll be making some form of contributions, but I don’t know where to start. I’ve looked online and I find it all very confusing. Can anyone advise? Or recommend a company?

I am planning to report him once I’ve left and have found another job, as I need a decent reference from him to.

Thanks 😊

You want to set up something called a SIPP, self invested personal pension.
Moneysavingexpert has a decent run through
www.moneysavingexpert.com/savings/cheap-sipps/
I've used AJ Bell for our ISA stuff and they've been fine - everything is online, I've never needed to speak to anyone. For long term pension savings whilst you are young I'd go mostly equities - my pension effectively tracks the major companies, 70% US and 30% EU.

Thank you @bungaloid, it makes a bit more sense now.

Would something like this be okay?

https://www.hl.co.uk/partners/search/sipp?theSource=PCGSW&Override=1&adg=G+SIPP+OPN+E+OLP&gclid=Cj0KCQjw7sz6BRDYARIsAPHzrNK-2zBAwTDFn7y4V6zz2ZxwmQ5CQs5kOtoVBBMRhfPgcsvJzCtgAaAgyXEALwwwcB

I'm 25 btw.

I have found this one now. I think this is what you were talking about

https://www.youinvest.co.uk/sipp-product?utmsource=money&utmmmedium=affiliates&utmcampaign=sipp&dclid=COPins7m0esCFYbJ1QodS9UHRA&utmmexpid=.lqJk0tQQGiMPg6N0A6iAQ.1&utmm_referrer=

Get one set up. And then look for another job. How are you supposed to prove income if you have no payslips?

You’ll need these as I think you’ll need to complete a tax return if you’re making your own standalone contributions as there is tax relief on contributions up to 40k

I don't have a strong opinion on SIPP providers - but if you aren't intending to become obsessed with loads of investment ootions, then something simple and very low cost is preferable. To be fair costs are always important. Might be worth looking at a Vanguard SIPP. Vanguard have built a huge business on a model which is a simple limited selection of funds with the lowest possible costs.

Thank you all for your messages.

How would I go about transferring funds from one to another?

I had a workplace pension with nest a few years ago and then one with Now: pensions in my last job.

I had a workplace pension with nest a few years ago and then one with Now: pensions in my last job.
I am not qualified to give financial advice.

Be careful of having lots of little pension pots because you money can get eaten up in multiple administration fees. You've waited this long, wait until you find the new job. Or wait until towards the end of the tax year. There is no rush to do it right now.

There is no rush to do it right now.

Well said. Why not just put the money aside in a bank savings account or a mini cash ISA, so at least you're putting it away and not spending it. You can transfer it into a pension as a lump sum investment at a future date when you've researched and made informed decisions.

Don't forget investments in stocks & shares etc go down as well as up, so you "could" lose money if you invest at the wrong time or in the wrong funds.

For the time being I want to set up my own pension so that at least I’ll be making some form of contributions
Do you realise that you can make lump-sum contributions in addition to regular ones? In pensions lingo the lump-sums are called Additional Voluntary Contributions (AVC). You can save some money now, equivalent to your current missing contributions, and then put it into your future employer's pension scheme as AVC (subject to their pension rules, obviously).

Hi OP,

Really sorry to hear about your current situation. It sounds really tricky, but it sounds like you’re taking a really good approach.

Have you looked into opening a Lifetime ISA - www.gov.uk/lifetime-isa?

The drawback is that you can’t withdraw the cash from it without paying a fine until you turn 60, but you can put in up to £4000, and the government top up what you put in yearly with a quarter of the amount you put in.

This might be good alongside a personal pension, due to the fact it’s a bit restrictive, but it might be worth looking into.