Hello lovely Mumsnetters.
An anyone give me any advice on private pensions. I'm 35 and work as a nurse. I have being paying into my NHS work pension for 11 years now but have recently been thinking about trying to put a small amount away each month into a private pension fund too (ideally I'd like to be able to leave full time work at 60).
I don't have lots to put in each month (was thinking of about £100 a month, and maybe increase later in time). Is there any companies that will be okay with putting away such a relatively small amount each month? Also do you have to decide in advance whether you would want an annuity pension or a drawdown pension? And which is generally considered better? I always thought of having an annuity with a pension but I'm wondering whether it would be better to just have an annuity set up with my workplace pension (so that I know I always have some money coming in regularly), and have drawdown on my own pension so I can access larger sums of cash after retirement to be used as and when needed (e.g, to get a car, for house repairs etc)? Also as I understand with drawdown pension if I were to die younger than expected the remaining fund would be passed to DH / the kids, rather than just lost?
Many thanks.