Can I sort a pension out myself online?
Sharon | Greater London| 07/09/2017 | 0
- Pension
- Workplace Pension
Sharon's question in full
Can I sort a pension out myself online?
Danny Cox's Response
Yes you can open a pension online, but not every company which provides them offers this facility. For those who do, starting a pension online is very easy and takes less than 10 minutes. Managing a pension online is much easier and you will be able to view your pension account at any time and via mobile apps in some cases.
To set up the pension you will be asked for your personal details, such as address and date of birth, national insurance number etc, and if employed, the name of your employer and how much you want to pay. You can use a debit card to make a payment immediately or set up a direct debit.
The pension company will do electronic anti-money laundering checks behind the scenes and in some cases you might have to provide further evidence of your identity after your initial application.
You can also transfer other pensions into the one you set up, although the process for this often requires a mix of online and paper application.
If you are employed, before starting a pension yourself, you should check if you have been automatically enrolled into a workplace pension. This is important as your employer will also pay in where as they may not pay into a separate pension.
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Our Expert
Danny Cox
Danny has over 27 years’ experience in personal finance and helping people make the most of their money. Amongst his awards is the coveted Money Management Financial Planner of the year and he is one of only 1% of advisers who are qualified as both Chartered and Certified Financial Planner.
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