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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?

Boring Money'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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Just be aware...

We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA. 

This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.

We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.

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