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Oh has the opportunity to set up a private pension but works part time and doesn't earn much. Max investment of £100 a month. Ideally low risk low return.
Any advice or recommendations gratefully received.
Is it through an employer with extra contributions from them? If not and a self employed, low rate tax payer then the benefits of a pension are quite a bit reduced. You might be better off with an ISA. If an employer is chipping in or you are a high rate tax payer a pension is a no brainer, if not then it's not so black and white. Basically pension is taxed on the way out, ISA on the way in. The additional benefit of the ISA is you can access it any time. Gives some rainy day money if you need it or pension if you don't. Pretty handy if you are self employed IMO. Either way you can buy the same products. I'd go for a low cost tracker. Pretty safe and steady. Something like fundsmith or vanguard. They can still down but should go up nicely long term
I have to agree with the previous poster that an ISA would be the best option.
I prefer to self invest as my past experience of financial advisers has been very disappointing.Banks especially.
. If you fancy doing a bit of research the Hargreaves Landsdown site has plenty of info and fairly easy to use but may not be the best platform for investing.
I have investments through large companies such as Aviva down to smaller fund managers and what has consistently outperformed them all is my Fundsmith accumulation fund.You can invest directly with them saving a little bit on the yearly charge compared to going through H&L.This is for the long term so don't panic if you get fall at some stage.Their philosophy is pretty simple and worth reading on the site.
A Lifetime ISA could give you a bit extra. ie a 25% bonus (up to £1000 per year). If you aged 18 to 40.
Note there are restrictions on withdrawing money before you are 60, you have to pay an extra charge to withdraw early.
A lifetime ISA does have some serious restrictions and does not allow easy access to your cash.
I've a Stakeholder personal pension through Standard Life, currently in the ethical fund. I can choose more, so I'm about to spread my money across other funds. Fees are .75% a year iirc.
My last three employers have all allowed me to opt out of company pension and into my own.
It's out-performed all the company pension funds I could have been in.