New job - no pension (previously employer contribution pension)??

[mandy214]

So I have worked for 4 companies in the last 20 years and have always contributed to a pension. I've always paid in 5% even when I was on maternity leave, employer has always paid in 5%. Not a massive pot but at least its something!

I am now going to a new company that doesn't have a pension. I am keen to carry on saving for my retirement (in whatever format - not necessarily a pension) but just wondered what people would recommend.

Anyone know who to approach for advice? How to research it myself if I don't want to pay for someone to do it?

We have children, mortgaged to the hilt, no accessible savings (we contribute towards CTFs and a Family Bond - about £50 a month) but if either of us were ill / unable to work / had an emergency, we wouldn't have anything to fall back on. In those circumstances, is it worth just trying to build up a savings pot before starting my own pension? Just conscious that I won't get the tax back on contributions to a savings account whereas I would to a pension?

Any advice welcome!

What size company is it? And do you earn over 10k?
Eventually (2018) everyone will get a pension through work - the auto enrolement route
The bigger the company, the earlier it will come in.

In the mean time, I think I'd save into a tax efficient savings account, like an ISA to give you an emergency fund.

About 20 people and yes, more than £10k. I think your suggestion sounds sensible, thank you for your advice.

Contributions into an ISA wouldn't get tax relief. A SIPP might be a better option if you're looking to save for retirement.

SIPP?? What is that??

Something like a self invested personal pension.
Yes, the ISA won't give you tax refleif on anything other than interest, so pensions can be better value for money, but if you have NO savings, any additional tax top ups will be wiped out by the interest on the credit card when you need to buy a new washing machine!
I'm all for pensions, but think they come further down the priority list than a rainy day fund of 3-6 months living expenses.

Despite suggesting a SIPP, on re-reading your OP, addicted is absolutely right. With no savings and a mortgage it would probably be more sensible to keep your savings somewhere where you can access them before retirement age.

Thank you all.