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Original poster

Private pension on top of the one with work

28 replies

AWholeNewWorls · 18/01/2023 12:38

Hi all,

I wanted to know whether this is common:
To have a private pension separate to the one you pay into with work?

Growing up, I was led to believe this was standard but thinking about it, it could have been because my dad was self employed. DH is a serious saver but doesn't have a pension separate to the one he pays into via work and doesn't think it's necessary. I have one which was essentially set up for me by my dad once I graduated from university and I haven't really bothered to keep it up in the sense that I pay only £50 a month in it and basically forgot about it.

OP posts:
Ilovetocrochet · 19/01/2023 13:43

My advice, for what it’s worth, would be to start using an Independent Financial Adviser from age 45 to 50 when hopefully you have built up a pension pot and also in the position to have some savings. The Adviser can tell you about the options available for you to retire at your preferred age such as amalgamating pensions from several employers, investing your savings, starting a new pension, annuities v drawdown etc.

The firm I used have a department who checks the advice given by the Adviser against a massive questionnaire I filled in about my risk levels, household income, life style etc, to make sure that it best meets my needs.

I first saw the Adviser when I was 58 which was a bit late really had I needed to start saving but luckily I had been making my own retirement provision for about 15 years so it was a case of the Adviser recommending better places to put my money and amalgamating two small pensions.

Thanks to his help, I was able to retire at 60 without waiting for my state pension.

clarrylove · 19/01/2023 13:49

Yes, because I have had many jobs/redundancies so wanted something consistent.

Also, because I took a long career break to raise my children, I made sure my H was paying £300pcm into my private pension for me during this period so that I want disadvantaged by it.

saveforthat · 19/01/2023 21:02

Ilovetocrochet · 19/01/2023 13:43

My advice, for what it’s worth, would be to start using an Independent Financial Adviser from age 45 to 50 when hopefully you have built up a pension pot and also in the position to have some savings. The Adviser can tell you about the options available for you to retire at your preferred age such as amalgamating pensions from several employers, investing your savings, starting a new pension, annuities v drawdown etc.

The firm I used have a department who checks the advice given by the Adviser against a massive questionnaire I filled in about my risk levels, household income, life style etc, to make sure that it best meets my needs.

I first saw the Adviser when I was 58 which was a bit late really had I needed to start saving but luckily I had been making my own retirement provision for about 15 years so it was a case of the Adviser recommending better places to put my money and amalgamating two small pensions.

Thanks to his help, I was able to retire at 60 without waiting for my state pension.

Anyone who is over 50 with a DC pot can have a free impartial appointment with Pension Wise, part of Money Helper, a government organisation. It's not advice, it's guidance but if you are thinking of getting advice, this is a good start

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