Second pension- how/where do i set this up?

[Pensionhelp2023]

I have a pension through people’s pension, via work which my employer tops up too.

It’s only about £50 a month so i’m looking at increasing this. Can I request they take more than £50 (or whatever % that works out at)? If so, do i speak to my employer or people’s pension to arrange this?

if this isn’t the best solution, would it makes sense to create a second pension somewhere else? If so, can anyone advise where I would go to set this up? I have a lifetime ISA which the government top up 25% and can be withdrawn for retirement. Would this work or is it better placed elsewhere?

I wish I learnt this stuff in school!!

Thanks in advance

The instruction usually goes to your employer first if you have a HR team they can increase your pension by percent/ amount.
yes you can set up other pension elsewhere too if you wish best google best pension companies and will list them for you try and go for low cost fees but good provider.

if you google money helper they can talk you through how they work.

Speak to your employer and see if you can increase your contribution. Also try to max out your LISA contributions because it’s a really good deal.

Speak to employer/payroll. Depending on how the pension is being done they may be able to increase the monthly amount taken from pay. They may not want to change that often though, so change by an amount which is affordable for the next year.

If they cannot change it, then you can likely make personal contributions directly to the pension via the pension companies website. That is easy with Nest so I imagine it is easy with TPP.

Another option is to open a Self Invested Personal Pension or a managed pension with another provider. Vanguard has a SIPP that is simple to use. AJ Bell, Interactive Investor, Hargreaves Lansdown and others also provide a SIPP wrapper.

If you are a lower rate tax payer, then using Lifetime ISA is also a good option.

@nannynick are LISAs also good for higher rate tax payers, or just lower rate?

@bullywee Higher rate tax payers can get additional tax relief on pension contributions. That combined with employer contribution, makes a pension better than LISA in the majority of cases.

m.youtube.com/watch?v=lfsIQ7swO0E

If you pay more in to your workplace pension will your employer contribute more? If so then that is your best option.

I am in receipt of an occupational pension, I also have a SIPP and I also put a small amount into NEST.

NEST is the government scheme and is really easy to set up.

It's probably worth paying for some advice for this.