Please help me start a pension!

[GettingOrganisedNow]

Ok, I need some help. I've never been in a position to start a pension, until recently. I'm now 44. I do have full state pension contributions (I kept up with the full rate of NI contributions even when I wasn't working) but I haven't been employed (mixture of unemployed/self-employed/looking after kids/ill).

DH has a fairly decent work pension, which I still get if he dies, so I'm not totally sunk, but really want to get organised for a pension of my own now that I have a regular income.

I just don't know where to start - neither of my parents ever had private pensions, so they can't advise me, and when I Googled there was so much info that I got overwhelmed. I guess I kind of thought that Google would give me a few options and I'd pick one and apply online, but that doesn't seem to be an option!

I already have an ISA which has about 10k in it, and I can afford to put a few hundred each month into a pension, so although I know I won't be getting a fortune, I'm hoping to have at least a non-negligible pension coming in.

Currently I'm 44, happy to work to 70 as my job isn't all that physically demanding. I'm not bothered about getting a lump sum on retirement, but want a regular income.

So, where do I begin? Can I do it all online or is it best to go to a financial advisor? I'm fairly savvy with things like interest rates etc, so I'm happy to work out the best value etc once I know what I'm looking at - not a huge fan of financial advisors as we had a bad experience with our mortgage, where I saved us about 100k by doing my research instead of listening to the advisor, but if that's the best way to go then I will.

A personal pension is called a SIPP, but it's no more than a wrapper - you can have just about any fund in a SIPP.

All the big pension providers will have a guide to pensions on their website, e.g. Hargreaves Lansdown, AJ Bell, Vanguard etc.

Look at Vanguard. They have a vast range of funds and their charges are very low. Personally I'd go with a range of trackers, say UK, Europe and Worldwide.

Whoever you decide to go with will claim the tax relief you are entitled to from HMRC.

Feed your contributions via payments via monthly Standing Orders so that the peaks and troughs of the financial market even out.

Has this never been discussed with your dh before?

Hi Perple I know this message is from a few years ago but I hope you get this. I l have lived in Australia for 36 years and my husband and I are thinking of retiring back in the UK. It’s been so frustrating trying to find information on pensions/investments in UK! In Australia even Centrelink has free financial advice and they are fantastic. We will both be entitled to part British pensions. We will both be entitled to full Australian pensions too as long as we keep our Supperannuation at 419k which we would income stream 5% tax free. Sorry this is so long! My questions are - can we keep our pensions and lump sum super in Australia and just transfer to a UK bank monthly? What would be the tax implications or should be transfer our Super to the UK and if so where would we put it? I can’t seem to find a fund that offers tax free income stream. I do hope this message finds you. It’s been so frustrating trying to get information and at this stage in our life we can’t make a costly mistake. Thanks so much. Julie

@PussytoesJulie I have no idea on any of your questions, as they are about the Australian pension system. If the situation was reversed, a UK pension could pay you in Australia, but I don't know if the opposite is true. Does your pension provider give any information for those living overseas? Centerlink International Services 131 673

I would try searching Facebook for an Australian ex-pat community, so you can ask Australians who are living in the UK how they are getting pension payments. Also the Australian High Commission

@PussytoesJulie Do pensions in Australia pay you tax free? That does not happen in the UK. We have a Personal Tax Allowance which means some income is 0% Income Tax. A pension payment would be subject to Income Tax, if you had full UK personal tax allowance £12570, and got a pension payment of £20000, then you would pay Income Tax on £7,430 at 20% (in England, different Income Tax in other parts of the UK) = £1486 in Income Tax.
If you receive UK State Pension, that reduces your personal tax allowance.