No workplace pension - how to set up one for myself?

[PensionWorry]

I don’t earn enough to qualify for a workplace pension but want to set up one for myself. I have tried researching but I am really struggling to understand it at all, and most websites I’ve been on seem to focus on workplace schemes.

What type of pension do I need? Please please can anyone point me in the right direction?!

SIPP from Vanguard. Low fees and very simple to use. Have a look at the Vang website

Vanguard website

If your employer has a scheme you can opt in to it even if you don't earn over the auto enrollment threshold. Otherwise something like Pension Bee could be a good place to start.

Look into NEST. They are government backed and really good at explaining things clearly.

Thank you - hadn’t come across these. My Googling skills must be rubbish. My employer doesn’t have a scheme at all so nothing I can opt in to there unfortunately

@bluejelly nest seems to be a workplace pension scheme, can’t work out if anyone can join 🤔

If you earn under £10k but over £6,240 then while you don’t fall under auto enrolment, your employer has to enroll you if you request it. Just in case you’re in that bracket!

this is a good guide to understand what pensions are all about: https://www.moneysavingexpert.com/savings/discount-pensions/

I opened a legal and general Sipp last year as I'm self employed and had no private or work place pension.
I'm a complete novice but it was straightforward, just had to pick a risk,one being low and 5 being high so I picked 4 and they invest for you. You can change risk any time online.

Most employers have to offer a pension, are you sure about that?

Workplace pensions - what your employer can and cannot do - GOV.UK (www.gov.uk)

But if they don't, another Vote for Vanguard.

I’d go Vanguard as well.

Where do you work? All employers should offer a pension. It's the law.

@rainbowunicorn @BarbaraofSeville yes I’m sure unfortunately - you have to earn over a certain amount to qualify for auto enrollment, and I don’t!

I’m going to take a look at everyone’s suggestions so thank you for those. I’ve gone all anxious about it again so keep burying my head in the sand 😭

Pensionbee. Much simpler than Nest!

@PensionWorry even if you don’t qualify for automatic enrolment your employer must still provide a pension scheme that you can opt to join. They don’t have to contribute if you earn under a certain amount, but they must make a scheme available to you. See here https://www.gov.uk/employers-workplace-pensions-rules#:~:text=What%20your%20employer%20must%20do,Your%20employer%20cannot%20refuse.

@ChessieFL thank you - I’ve only just seen your post! I will ask my employer about this. Though now I’ve got suggestions like Vanguard I’m wondering whether it’s best to set up my own and have more control over it.

Anyone know about the pros/benefits of having your own over using the workplace one (bearing in mind I earn under the threshold for the employer to contribute)?

Feeling a bit more optimistic rather than anxious about the whole thing now, thank you all!

Not sure if it’s worth mentioning that although my earnings are very low I can put more of a percentage in as my husband and I share finances

You might find that your employer contributes anyway if you join their scheme so if they do then that’s obviously the better choice. Otherwise you would need to look at things like charges, fund options available etc to see what’s best. Employer’s scheme is probably easier as contributions would be deducted directly from pay, but your own scheme gives you more control.

Whatever you do, keep an eye on your pay to make sure your employer enrols you/starts contributing if you meet the threshold for that.

@PensionWorry How much do you earn? If it is over £520 per month and you opt in your employer will have to pay into the scheme too. This isn't optional.