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Work Place Pension


Battenberg
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I have to set up work place pension starting next month. 

I'm a bit bamboozled by the choice and had an o.O moment  at the i Shariah fund available bit.  I wanted to opt for ethical investments but I believe that's a bit more risky. 

Has anyone any recommendations on which company to use and why? 

Many thanks 

 

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The Idiocrat

You can opt out. But you have to set it up first, enroll the employee/s (just yourself?), and then the employee can opt out. I'm in the process of doing that, and will just make direct payments into my SIPP as usual - don't want another pension fund taking fees. I'm doing it via one of the official providers, can't remember name of which one but I can check if you wish.

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Kurt Barlow
5 hours ago, Battenberg said:

I have to set up work place pension starting next month. 

I'm a bit bamboozled by the choice and had an o.O moment  at the i Shariah fund available bit.  I wanted to opt for ethical investments but I believe that's a bit more risky. 

Has anyone any recommendations on which company to use and why? 

Many thanks 

 

I have just started sticking an extra 750pcm into AVC's. I noticed the Sharia option on mine too...

I split mine as follows:

Ethical 30%

UK 30%

International 40%

I got another 15-20 years to go so opted for equities. Bonds currently pay bugger all.

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Frank Hovis

I'd always go for a global equity tracker if that's what you're asking BB.

Also a workplace one generally means your employer shoves loads in, matching or more than matching your contributions, so it's a good idea.

I'd go SIPP rather than AVCs though as the fees are lower and you're in charge.

Edited by Frank Hovis
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I was wondering if anyone had any preferences on Nest, The People's Pension etc. Just trying to choose who to go with is the first thing. Just to be clear, I am the employer so I want to pick a good option for me and any staff that wish to be part of it. 

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2 hours ago, The Idiocrat said:

You can opt out. But you have to set it up first, enroll the employee/s (just yourself?), and then the employee can opt out. I'm in the process of doing that, and will just make direct payments into my SIPP as usual - don't want another pension fund taking fees. I'm doing it via one of the official providers, can't remember name of which one but I can check if you wish.

Thanks. That would be helpful.

I confess to having no pension in place at the moment. I want to use this now to maximise what the business can pay in for me and match it accordingly but I believe as a director I don't have to pay anything in. I've been sent a comparison for providers, some are government backed, but I just wondered if anyone had any thoughts or preferences on a provider. 

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Inoperational Bumblebee
32 minutes ago, Battenberg said:

I was wondering if anyone had any preferences on Nest, The People's Pension etc. Just trying to choose who to go with is the first thing. Just to be clear, I am the employer so I want to pick a good option for me and any staff that wish to be part of it. 

If it was me, I'd just probably choose the one with most assets under management (or the cheapest) for my staff, and opt out and use a SIPP for myself.

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The Idiocrat
11 hours ago, Battenberg said:

I was wondering if anyone had any preferences on Nest, The People's Pension etc. Just trying to choose who to go with is the first thing. Just to be clear, I am the employer so I want to pick a good option for me and any staff that wish to be part of it. 

Nest is the one I chose, although opting out. I prefer a SIPP and would recommend Hargreaves Lansdown. If you're not sure about investments Vanguard Life Strategy funds are a good option and you can choose the level of risk you want and make it more conservative as you get older.

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longtomsilver
On Wednesday, June 14, 2017 at 20:12, Battenberg said:

I was wondering if anyone had any preferences on Nest, The People's Pension etc. Just trying to choose who to go with is the first thing. Just to be clear, I am the employer so I want to pick a good option for me and any staff that wish to be part of it. 

The Peoples Pension is average, not going to light any fires but I do know that you can periodically sweep the account and transfer it into a SIPP which is worthwhile if you are an employee and looking to capture the employers contribution.

While the above isn't expressly written in their pamphlet I know it to be true as that's what we did with MrsLTSs pension 2 years running. You have to be quite persistent though.

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