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How do I pick a pension for my son?

26 replies

MotionActivatedDog · 08/07/2021 13:24

He has just got his first job and it pays very well. He’s a sensible lad and wants to save as much as he can. There is a work place pension however this job will be unlikely to be a long term job as he is still in education and will be for some time so I’m not sure if he should put extra into that pension? If he can? Or should he have a separate private pension. How much should he pay in? 10% of his wage?

I am one of those fools who has no pension so id like to start him off with good habits in the hope that he doesn’t find himself financially feckless like his mother.

And guidance gratefully received.

OP posts:
Weirdlynormal · 19/07/2021 16:48

He should take the workplace pension regardless. The employer payments are free money - why wouldn't you.

A good amount at this age is 11% contribution made up of both employer and employee %.

I would suggest he uses the global equity fund and nothing less. At 16 equities are the only option.

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