Need a pension

[IsleOfRight]

I am 35. I have a pension from my part time job (in a university so a good pension in the USS scheme though based on part time hours).

I want to also start a new private pension as I am worried about being old and poor.

I think I can afford about £200 a month. Is this any good for a pension?

As you're only 35, you've plenty of time to build up your pension fund. Remember, If you're paying in £200 of post-tax funds, tax relief of 20% will automatically be added to it and if you're a higher rate tax-payer you can claim the remaining 20% on your tax return.

Does your existing scheme allow you to make Additional Voluntary Contributions, to top up? It might be worth investigating that option.

Otherwise a low cost SIPP might be appropriate. If you're happy to make your own investment choices, I would suggest you have a look at execution only brokers, such as Hargreaves Lansdown.

That is helpful thank you

have you filled up all of your ISA allowances before locking money away in a pension for 30 years?

if you plonk funds into ISAs you can always get them back if you need, and they are your pension fund if you don't

I am still utterly unconvinced by the maths of private pensions for pensioners

I echo the others. Look at SIPPs provided by Hargreaves Landsdown or other low cost providers. The tax breaks3aks and flexibility are impressive. Then perhaps look at the make up of a reputable conservatively managed pension fund or one of the examples HL provides. Use indexed linked funds if you want to keep costs down and risks limited to stock market volatility rather than fund manager performance.