25 - no pension - where do I start? SIPP?

[PontyGirl]

It's bad, I know, but although I've been working since I was 16, I haven't established a career and so haven't been paying into a pension for any company I've worked for (I needed the money so withdrew).

I now work for the family business, as does my DH and we have a young DD. I've been looking at SIPPs - is this a good idea? I was thinking of setting one up for each of us, including DD. I'm so clueless it's embarrassing, but I need to get a handle on this situation, and soon.

Any advice at all would be really appreciated.

SI in SIPP means "self-invested" where you pick the assets (shares, property, bonds) that go into the pension. If you are "clueless" and don't have a fortune I suspect that SI would not be the way to go.

The big insurance companies offer more standard personal pensions, where you buy units in their funds (or the funds of investment companies that they make available). As an example, I just went to Legal and General's website and they have a whole section on their Stakeholder Pension giving basic explanations.

That said, it might be you'd benefit from wider financial advice from a qualified adviser, eg to look at life cover to protect your family etc.

And there's good old MSE for an idiot's guide to the basics:
www.moneysavingexpert.com/savings/discount-pensions

Dad - - thanks for that info. I have life insurance and everything like that sorted (due to mortgage), I just feel overwhelmed by all the options available. I've looked more into SIPPs, you're right, not what I'm looking for. I will look into getting some advice from an adviser then, thanks!

not a professional, but FWIW try a basic stakeholder with as low charges as possible.

you also need wills, that life insurance and a nominated guardian for your child.

I would get an IFA to help you.

A pension is a very good way of getting money out of a business and is a good tax vehicle. Lots of other benefits. Expect to pay a one off fee.