How To Set Up A Pension

I’ve had a few people recently ask about starting a pension. Now for many this will seem very basic, but clearly there’s a need for a simple, straightforward video on setting up a pension for the first time:

LINKS:

TIMESTAMPS:
0:38 - A pension is just a savings plan
1:15 - Choosing a pension
2:38 - Choosing the underlying investment
3:41 - How much to pay in
5:16 - Tax relief explained

[virbrem]

Hi there, Thanks for this video. I love to see one of my favourite books on your bookshelf . (The Obstacle is the Way). My question is: I have a LTD company with my Business partner and we would like to start paying pension as a company to ourselves. How can we do that? I did research and couldn't find it so far as we are not self-employed. Many thanks.

[MartinWhiteIsAFilmNut]

I have been with my current employer since May 2019 and recently opted in for my workplace pension with Royal London. However, I also wanted a pension scheme where I have all my pensions in one pot, so I went with Pension Bee. Hopefully I made a good choice there :)

[MartinWhiteIsAFilmNut]

Hi Pete. I received your meaningful money handbook for my birthday last week and have been reading it non-stop since! Just have a question in regards to my Pension. Mentioned previously that I have a defined contribution scheme set up with PensionBee but I also have a state work pension with Royal London as well. However, I have recently found out that the employer I currently work for will be taken over by another company in January and have been notified that my pension with Royal London will close down once I get transferred over to the new company (I work in Private Medical Insurance and will have my job role transferred over to BUPA). I understand that BUPA have their own defined contribution pension scheme but if I decided to opt out of that then I would just be automatically enrolled into their normal NEST work company pension instead. As I am comfortable being where I am with PensionBee, would it be a good idea to just opt with NEST once I start working for BUPA? Would love to hear your help/advice on this.

[zzhughesd]

Yup. I’m self employed and time start investing in a pension.

[mangalsingh]

Great Video once again, I see you mention self employed. What if im paying into my workplace pension and also want to set up a SIPP. Do you still get tax relief? As long as both pensions dont exceed the Annual Allowance?
Mangal

[RosyRoseMarine]

So, how do you set up a pension? You describe the three types and tax but not how to. I'm trying and it seems the only way is through a financial advisor, who take a percentage and a cut every year, making sure they are paid first before you get any benefit and continue to take their fees even if the fund is making a loss. Is this normal practice?

[tomstopper]

Can the company director loan a cash lump sum to the ltd company to reach the £40, 000 and still get the 20% tax relief?

[datmanUK]

Wouldn’t it be better to put your money in an ISA? £500 a month sandp 500 and you can take it whenever you want? Interest rate historically is about 10%

[jackiechan]

Just set up a Vanguard SIPP. Will try to save £500 pcm.
Kicking myself for not starting a decade ago.

[zzhughesd]

With pensions and you die and you’re only common law not married partner 10 plus years do some pension companies not pass money back. Have you done videos on the same. Only found your channel tonight. Getting started at 44. Have had money in markets doing nothing for years ftse. Have SIPPs from 2015 but sold them worried in crash 2020. Thanks. I really am getting started all over again but need put last three years allowance in through my LTD company

[Jeffybonbon]

lets hope the Budget leaves the 40% tax allowance