Please recommend pension for unemployed/SAHM/carer/self employed/teen?

[CrystalSky]

for those with no workplace pension.

i heard nest is good, you can just set it up yourself?

I read about stakeholder pension and sipp, but sipp it says you need investing knowledge?

i am sahm, husband self employed, my friend is a carer and my cousin is a teen student studying who wants to start saving into pension (he is not working yet)

All of us want to start a private pension, but have no idea which one

Listen to this to get a good intro on things: https://podcasts.apple.com/gb/podcast/the-martin-lewis-podcast/id520802069?i=1000660785252

If teen student wants to buy a property in the future should consider opening a LISA

I had one with Vanguard as a sahm - cheap and simple to administer. Some investing knowledge needed but it didn't take long to learn. As a sahm you are limited to getting tax relief on £2880 a year in a pension (with a 20% top up) so I also had a stocks and shares LISA which also has a 20% bonus (max contribution £4k a year) so the top up is the same (but it is tax-free on withdrawal).

My DH was also self-employed so we later decided to employ me in his business p/t doing admin and some accounting. That meant I could be paid a wage and I put all of it into the pension, enabling me to contribute more than the £2880.

https://www.pensionbee.com/?rsCode=kAcgQEMhAtBk1&utm_source=saas&utm_medium=RAF

Link to Pension Bee

You can have a single pension or combine pensions

Have you thought about speaking to a financial adviser? Most won’t charge for an initial meeting, to give you an idea of what they can do for you.

you can absolutely set up a low cost one with nest, it’s simple, cheap, but not managed for you so could cost you future growth.

vanguard or hargreaves lansdown can be good options if you feel confident managing it yourself.

but there is evidence to show that even with higher costs, advisers can help you get better growth over the long term. They’ll ensure the plan is right for you, take the stress away from managing it yourself, you’ll get updates at least once a year.

ultimately depends on your priorities, but don’t be scared to ask for help. Some financial advisers will have high minimums, but plenty don’t if that’s a concern.

(full disclosure, I am a financial planner, so probably a bit biased, but do genuinely want to help people like you).

also, great work on thinking about getting a pension sorted as a sahm. It’s so important to help address the gender pension gap, and something I often speak about at financial well being and education sessions so great to hear people are doing!

My DH works part time and is a SAHP and doesn't pay tax. He has a SIPP with Vanguard invested in a global index tracker (developed world ex-UK) and also a LISA (for retirement income not to buy a property) with AJ Bell invested in a global all-cap tracker. You have to be under-40 to open a LISA but can pay in until 50 and then access at 60 tax-free. As PP said you can pay in £2,880 and then receive 25% "tax relief" at source on the SIPP to have a total max annual investment of £3,600 and £4,000 contribution with 25% top-up on the LISA (max investment of £5,000 per year).

You should also make sure you are registered for child benefit to get national insurance credits towards state pension. My husband is registered for child benefit for our DC even though we opt to not receive payments due to my salary level.