OP, SIPP are the most flexible although you don’t need one of those to what you want. You can transfer your Royal Lomdon pension into one into which you can continue to pay into. Royal London may even be able to offer you an in-house transfer,mask them. There may be charges to make this transfer especially to another provider. Savi g for your retirement is a sensible thing to do, who knows what the state pension and retirement age will be by the time you retire. Best to have your own pot

Don’t forget about hidden charges to having a pension!!!!!
http://www.thisismoney.co.uk/money/pensions/article-2566646/What-hidden-pension-charges-paying.html

I think in theory having a pension is a good idea……but the problem is we are all living too long now.
Back when pensions were first invented…..it was just a matter of getting your life in order before you pop your clogs…..most people didn’t live past a couple of years into retirement back then…if they made it at all

So in all the best time to retire was the last 20years…..when we all retire…..if we ever do….how much would we need yearly??….I bet10 grand won’t get you **** all

If your employer is prepared to match or add to your contributions then it is by far the best investment you can make. If your employer matches your contribution of say £200 gross per month then that is £400 going into your pension pot. Remove your 20% tax relief and you are getting £400 for £180 net contribution.
Leaving aside charges and even assuming a trivial amount of growth you would have to be mad not to see that as a good deal (it will likely include other benefits such as insurance etc)

For those saying pensions are rubbish can you tell me an investment that can match that?

I have a mix of pensions and ISA’s to shield some of income later from the tax man but my pensions have all performed pretty well over the long term.

I (was incredibly lucky) had 10 yrs of a final salary scheme and when I get the statements I have to pinch myself when I look at what I will receive! I wont be well off but it is a significant amount based on what I put in etc.

In summary ignore the doom mongers and investigate for yourself.

I pay into our company defined benefits scheme.
I put in 5% and the company match it, if/when I get another promotion they’ll put in 8%.

I know nothing about pensions, but know that when retirement comes, I will have only contributed at most 50% to ‘the pot’
So even after all the fees/expenses/etc, it will have to have performed pretty badly as an investment over 30+ years for me to have lost the 50% my employer puts in, and have started eating into ‘my half’

(basically what Surfer says above)

I was a late starter to this pension thing – I didn’t start paying in until I was 34 (42 now) but having discussed this subject at a recent school reunion, it became obvious that quite a lot of my piers have no provision in place at all, So I guess what I’m doing will be better than whatever they end up with.

I will have contributed at most 50% to ‘the pot’

If you are on the basic rate of tax for each £100 that goes in you will have contributed £40. If you are on 40% tax then that £100 going in will have cost you £30

If you are on the basic rate of tax for each £100 that goes in you will have contributed £40. If you are on 40% tax then that £100 going in will have cost you £30

Just tipped over the 40% bracket in the last year or so – your figures prove my (and your) point – my current set up is a no-brainer.

a lot of my piers have no provision in place at all

Nothing worse than a pier without provision:

^^ Slow news day Mudshark?

I’m an Engineer – Spelling has never been my strongpoint!

the right pension is good.

the wrong pension is bad

employer contribution ones are hard to beat independently unless your some sort of stocks and shares wizard.

ours is salary sacrifice and for every 6% i put in they put in 10% – i get tax relief and national insurance relief on the portion sacrificed.

Been doing it since i was 23.

the 2 parts i like about my pension are – 1 it defaults to pay my wife – not all do , some only a percentage – some none at all…. and 2. its locked away until i choose to retire – so the wonders of an albe it low compound interest work their magic – so it cannot be used for a new car or a bigger house when we are young and wreckless.

http://www.thisismoney.co.uk/money/saving/article-1686704/The-amazing-power-of-compound-interest.html

a good laymens article on compound interest.

^^ Slow news day Mudshark?

It made me smile – love a bad pun 🙂