Pension advice
Discussion
Ahaha, nice joke.
Also avoid H&L advice its not independent at all. They told me they couldn't help me and when I queried why it turns out they only want to punt crap onto fools. Apparently my profile meant I was resistant to such "advice". (ie) I held almost no Wealth 150 funds!
Go to a truly independent. No idea if this is a good place to look or not. http://www.vouchedfor.co.uk/
But came cross it the other day.
Also avoid H&L advice its not independent at all. They told me they couldn't help me and when I queried why it turns out they only want to punt crap onto fools. Apparently my profile meant I was resistant to such "advice". (ie) I held almost no Wealth 150 funds!
Go to a truly independent. No idea if this is a good place to look or not. http://www.vouchedfor.co.uk/
But came cross it the other day.
By all means choose a pension if:
1. You are happy for the Government to legislate every few years on how much you can put in
2. You are happy for the Government to legislate every few years on how much you can take out
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down)
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week)
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
1. You are happy for the Government to legislate every few years on how much you can put in
2. You are happy for the Government to legislate every few years on how much you can take out
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down)
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week)
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
audidoody said:
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
Fine, BUT the company doubles whatever I put into a pension (adding up to 10% of my salary.) An extra 10% a year is a reasonable amount; they wouldnt do that into an ISA. By all means choose a pension if:
1. You are happy for the Government to legislate every few years on how much you can put in
2. You are happy for the Government to legislate every few years on how much you can take out
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down)
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week)
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
1. You are happy for the Government to legislate every few years on how much you can put in
2. You are happy for the Government to legislate every few years on how much you can take out
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down)
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week)
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
By all means choose a pension if:
1. You are happy for the Government to legislate every few years on how much you can put in
2. You are happy for the Government to legislate every few years on how much you can take out
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down)
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week)
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
1. You are happy for the Government to legislate every few years on how much you can put in
2. You are happy for the Government to legislate every few years on how much you can take out
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down)
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week)
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
Condi said:
Fine, BUT the company doubles whatever I put into a pension (adding up to 10% of my salary.) An extra 10% a year is a reasonable amount; they wouldnt do that into an ISA.
So you put in £80 to your pension HMRC add £20
your employer adds £100 total £200
If you pay 40% or 45% tax HMRC give you another £20 or £25 back
Ask about potential salary sacrifice additional savings and enhancements
You put £80 in an ISA you have .................£80
Dont get me wrong ISA's are great too but to compliment pension not to replace it
audidoody said:
By all means choose a pension if:
1. You are happy for the Government to legislate every few years on how much you can put in. Only really bothers the top 5% of earners
2. You are happy for the Government to legislate every few years on how much you can take out. Helps to stop you spending it all too soon?
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down). 25% can be "touched" tax free and drawdown is touching it isn't it
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week) You don't have to believe forecasts they are only a guide and you can manage your pension yourself
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs. So does this not apply to ISA?
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
1. You are happy for the Government to legislate every few years on how much you can put in. Only really bothers the top 5% of earners
2. You are happy for the Government to legislate every few years on how much you can take out. Helps to stop you spending it all too soon?
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down). 25% can be "touched" tax free and drawdown is touching it isn't it
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week) You don't have to believe forecasts they are only a guide and you can manage your pension yourself
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs. So does this not apply to ISA?
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
audidoody said:
By all means choose a pension if:
1. You are happy for the Government to legislate every few years on how much you can put in
2. You are happy for the Government to legislate every few years on how much you can take out
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down)
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week)
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
Just run that past me once more .........1. You are happy for the Government to legislate every few years on how much you can put in
2. You are happy for the Government to legislate every few years on how much you can take out
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down)
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week)
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
audidoody said:
By all means choose a pension if:
1. You are happy for the Government to legislate every few years on how much you can put in
2. You are happy for the Government to legislate every few years on how much you can take out
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down)
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week)
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
And the government can't or won't legislate on how much can be paid into an ISA?1. You are happy for the Government to legislate every few years on how much you can put in
2. You are happy for the Government to legislate every few years on how much you can take out
3. You are happy to build up a pot of money you are not allowed to touch when you retire (you have to use it to buy an annuity or take a draw down)
4. You believe promises made by people who claim to know how your pension will grow over 30 years (they can barely forecast next week)
5. You are happy for some of your contributions to be paid in charges regardless of how the pension performs
If I was 30 again and starting to save for retirement I would be beating a path to a good stocks and shares ISA and shovelling in as much as I could (although expect the Government of the day to change THOSE rules at some point).
And you can predict how exactly the same assets within an ISA will grow??
And investments within an ISA are free of charges?
- 3 is a valid reason, the others are rubbish given that your proposed alternative is an ISA!
Stever said:
So you put in £80 to your pension HMRC add £20
your employer adds £100 total £200
If you pay 40% or 45% tax HMRC give you another £20 or £25 back
Ask about potential salary sacrifice additional savings and enhancements
You put £80 in an ISA you have .................£80
Dont get me wrong ISA's are great too but to compliment pension not to replace it
People often moan about how their pension has performed, the return compared to the amount paid in, completely overlooking the fact that in many cases, they paid less than half of the money that went into it.
If you have the option to join a company pension scheme where the company are paying in x or matching your payments up to x% you'd be mad not to take it or have knowledge about your mortality age.
ISAs are great but do not compare to matching comp payments nor the initial tax rebate which to higher tax rate payers is significant. Also the 25% tax free lump sum to take out on te day you retire.
The draw back to pensions is there are only two options currently for when you retire drawdown or annuity - why they. Do not allow you to opt for full transfer to your bank account is beyond me. Keep the cash in individuals pockets they will spend it in shops and such like so will quickly flow back to the gpvt coffers
ISAs are great but do not compare to matching comp payments nor the initial tax rebate which to higher tax rate payers is significant. Also the 25% tax free lump sum to take out on te day you retire.
The draw back to pensions is there are only two options currently for when you retire drawdown or annuity - why they. Do not allow you to opt for full transfer to your bank account is beyond me. Keep the cash in individuals pockets they will spend it in shops and such like so will quickly flow back to the gpvt coffers
Welshbeef said:
If you have the option to join a company pension scheme where the company are paying in x or matching your payments up to x% you'd be mad not to take it or have knowledge about your mortality age.
ISAs are great but do not compare to matching comp payments nor the initial tax rebate which to higher tax rate payers is significant. Also the 25% tax free lump sum to take out on te day you retire.
The draw back to pensions is there are only two options currently for when you retire drawdown or annuity - why they. Do not allow you to opt for full transfer to your bank account is beyond me. Keep the cash in individuals pockets they will spend it in shops and such like so will quickly flow back to the gpvt coffers
Really ???ISAs are great but do not compare to matching comp payments nor the initial tax rebate which to higher tax rate payers is significant. Also the 25% tax free lump sum to take out on te day you retire.
The draw back to pensions is there are only two options currently for when you retire drawdown or annuity - why they. Do not allow you to opt for full transfer to your bank account is beyond me. Keep the cash in individuals pockets they will spend it in shops and such like so will quickly flow back to the gpvt coffers
The whole point is that the government is encouraging you to save for your retirement (so that they don't have to subsidise you in old age) - if you could take the whole amount in cash, plenty of people would spend it unwisely and then need to fall back on the state for support.
sidicks said:
Really ???
The whole point is that the government is encouraging you to save for your retirement (so that they don't have to subsidise you in old age) - if you could take the whole amount in cash, plenty of people would spend it unwisely and then need to fall back on the state for support.
Well Id prefer it all in cash and I do appreciate the reason why this is not done. The whole point is that the government is encouraging you to save for your retirement (so that they don't have to subsidise you in old age) - if you could take the whole amount in cash, plenty of people would spend it unwisely and then need to fall back on the state for support.
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