Private pensions advise, please

Pete · Post by **Pete** » Sat Dec 13, 08 5:56 pm

My daughter has just started work (again...) and her new company does not have any pension scheme.

Can any of you recommend a decent scheme, or the best way to go about this at all?

Many thanks.

Pete

Jeff · Post by **Jeff** » Sat Dec 13, 08 6:12 pm

Good luck with that Pete.... Trying to find one that performs well at the moment is a nightmare. My two partners have cashed in.... I am still in place, but watching it go down

the dodge · Post by **the dodge** » Sat Dec 13, 08 6:12 pm

best take professional advice, i started a pension when i was 21 which is meant to increase with inflation every year, its gonna but worth next to nothing when i retire, i spoke to the advisor who works for our company who said it would probably be worth more if i had religiously put the same amount into a long term savings plan + i would have the money in cash pensions dont do that now its all units and stuff, i also had a 15 yr endowment policy when that matured a few years back it was worth just over 1k what i had paid in, again would have been better off in a long term savings plan, not sure what they are but its worth finding out

Cannonball · Post by **Cannonball** » Sat Dec 13, 08 6:14 pm

i took a pension out when i was 19 cashed it in before the guy even got his comission

never bothered since what will be will be bananarama! to it

Anonymous · Post by **Anonymous** » Sat Dec 13, 08 6:15 pm

Here you go pete look up personnel pensions and stakeholder pensions either way you need a Provider I would try AXA but ther are plenty out there

http://www.thetaxguide.co.uk/PersonalPensions.html

Trigger_Andy · Post by **Trigger_Andy** » Sat Dec 13, 08 6:21 pm

Jeff wrote: My two partners have cashed in....

You a Mormon or something?

Blue · Post by **Blue** » Sat Dec 13, 08 6:30 pm

I was listening to Martin lewis, the guy from moneysavingexpert.com on the radio yesterday. His advice was to put your money into the highest interest saving account you can find for now. Anything linked to the stock market or property is not performing, and isn't likely to perform for the foreseeable future. A few people I know with private pensions have said they have all been losing money for at least the last 5 years.

Trigger_Andy · Post by **Trigger_Andy** » Sat Dec 13, 08 6:39 pm

The company I work for has been bought out and I have to sign up for the new Pension Scheme. If I put in £1.00 they put in £4.00. And every extra £1.00 I put in up to £4 they match it. Dunno if this is any good??? Before the work but 6% of my Salary in even if I put nothing it!

They have a good Share's Scheme too! If I put in £100 a month they pool it over a 6 month period and buy shares with it at the cheapest price they where at in that period. Then they give you a free share for every 6 bought. Its all Tax free too as it comes off of your Wage before you pay tax and National Insurance.

Blue · Post by **Blue** » Sat Dec 13, 08 6:45 pm

That's an excellent pension scheme Andy, few could match that.

Dave-R · Post by **Dave-R** » Sat Dec 13, 08 7:29 pm

I hope the people in charge of my pension know what they are doing.

When I retire in just over 10 years time I should be getting only slightly less than what i come out with now. Fingers crossed.

Pete · Post by **Pete** » Sat Dec 13, 08 7:46 pm

Thanks for all the advice guys, keep it coming

Anonymous · Post by **Anonymous** » Sat Dec 13, 08 7:50 pm

Pete,

I am not so sure a pension is the way to go. I know its difficult to do but if the oppertunity is there, put the money into property as soon as poss. Unless she can find a job that offers a final salary pension I wouldn't think there is much of a market out there.

MrNorm · Post by **MrNorm** » Sat Dec 13, 08 7:53 pm

I HAD a great scheme, been paying in for nearly 20 years, I would have retired at 58 with 2/3 of my salary guaranteed.......

Recently they froze that (so at least I worked up about 1/3 of my final salary...if it stays solvent

) and put me in a DC scheme. In the year I've (and they) have been contributing it has performed like poo. I have no idea what my retirement will be like, not what I had been banking on that's for sure.........

Pete - if the company don't contribute anything then it's like a straight savings scheme in effect.
However you do get tax relief on Pensions contributions (but not on savings), but then your Pension income is taxable. Not sure about the savings income, but that would be a factor if it is (probably yes?).

Either way, I would get some professional advice, but only after finding someone who's good, and independant

Cannonball · Post by **Cannonball** » Sat Dec 13, 08 8:46 pm

pete.
pm b1 brian, his missus has found some ace investment,s
its so good it all goes in and bri see,s non off it, think she must be a magician,s assistant

Pete · Post by **Pete** » Sat Dec 13, 08 8:55 pm

I know the feeling Gavin, I have paid in one for over 30 years, and now that is getting changed

..."And that's magic" ehh, Duncan