Easiest company pension scheme

**SimonMac** · 9 February 2016, 11:20

Originally posted by VectraMan View Post

I'm not asking about which is most likely to double every year, or leave me penniless, just what is the easiest and quickest way to set this up so I can make a start on not paying my fair share of tax?

I got half way through the L&G auto enrolment setup, but it started to look like it's not the thing I want. My "staging date" is October 2017; i.e. 18 months away, and it wouldn't let me enter a start date earlier than that. I don't want to wait 18 months.

Also I don't want to have to setup a regular direct debit, as it seemed to be suggesting. Ideally I want to be able to make contributions as and when I feel like it; ideally just by making an online banking payment.

I also don't want to waste hours of my life talking to an IFA, or other advisor. I've tried it, and my eyes glaze over after the first 30 seconds and end up remembering nothing of what was said. There are cheaper ones out there but there are not many simpler ones

Any suggestions?

IS it just you or there other employees you will need to set up?

If its just you sign up with Hargreaves Lansdown, direct debit every month of as low as possible (£50) and then cancel it and top up when you want, you can then have the balance automatically invested in which ever fund takes your fancy and then just forget about it

**VectraMan** · 9 February 2016, 11:26

Thanks, just me.

I'd prefer not to have the direct debit. Or is it easy to change the amount?

**SimonMac** · 9 February 2016, 11:27

Originally posted by VectraMan View Post

Thanks, just me.

I'd prefer not to have the direct debit. Or is it easy to change the amount?

Yeah you can change it, up mine by about £50 a month once a year, but I have also cancelled the DD when I don't want to contribute, all you have to do is post a form again

**VectraMan** · 9 February 2016, 11:41

Hargreaves Lansdown told me they don't have products suitable for very small companies and pointed me at Nest.

Which again is all about auto-enrolment.

**TheFaQQer** · 9 February 2016, 11:41

Originally posted by VectraMan View Post

I'm not asking about which is most likely to double every year, or leave me penniless, just what is the easiest and quickest way to set this up so I can make a start on not paying my fair share of tax?

I got half way through the L&G auto enrolment setup, but it started to look like it's not the thing I want. My "staging date" is October 2017; i.e. 18 months away, and it wouldn't let me enter a start date earlier than that. I don't want to wait 18 months.

Also I don't want to have to setup a regular direct debit, as it seemed to be suggesting. Ideally I want to be able to make contributions as and when I feel like it; ideally just by making an online banking payment.

I also don't want to waste hours of my life talking to an IFA, or other advisor. I've tried it, and my eyes glaze over after the first 30 seconds and end up remembering nothing of what was said.

Any suggestions?

You probably don't need to auto-enrol - I emailed them and explained that the company has directors without contracts of employment and they went away.

In terms of setting up a pension plan, I set mine up with SJP - I spent time with the guy (he also looks after my parents money and the same for my sister) going through my finances briefly, then said I wanted a pension. He said "sounds like a good idea to me, I'll send you a letter" - letter arrived, I sent a cheque to open it up and then setup a direct debit each month which I've just increased.

Not sure where you're based, but he covers a lot of the north if you want his details.

**SimonMac** · 9 February 2016, 11:43

Originally posted by VectraMan View Post

Hargreaves Lansdown told me they don't have products suitable for very small companies and pointed me at Nest.

Which again is all about auto-enrolment.

Don't listen to them, just open a SIPP its what I have done, ignore the auto enroll aspect

**VectraMan** · 9 February 2016, 11:55

I think the problem is the whole industry has geared up for the auto-enrolment thing and it's impossible to find anything else. Everything under business is about auto-enrolment.

**Fred Bloggs** · 9 February 2016, 16:23

I can't think of anything less hassle than a HL SIPP. You do everything on line once it is setup. Dead easy.

**VectraMan** · 9 February 2016, 16:44

It may seem obvious, but I was a bit confused thinking I needed to have a company pension scheme to make employer contributions.

Signed up for an HL SIPP as suggested. I can't believe that to make an initial company contribution I needed to PRINT a FORM, fill it out, WRITE a CHEQUE, and POST it!!!! Do I really want to trust my money with somebody that hasn't noticed it's the 21st century?

What do 20-somethings do? Do they even know what cheques are?

I eventually found my company cheque book. Last entry was 2011.

Easiest company pension scheme