I know nothing about them.
Say I had £300 a month to stick in a pension, where do I start?
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OT: Boring question - pensions
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Posted 6 months ago #
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Give it to me or set fire to it.
Posted 6 months ago # -
Then what?
Will that let me buy one of those baths that opens?
Posted 6 months ago # -
I don't know, but I suspect most with a pension may as well do what I suggest.
Posted 6 months ago # -
I'm assuming your employer (if you have one) doesn't have a scheme. They are usually best as the employer may contibute, effectively topping up your salary.
Bit of a cop out but I'd advise go see an IFA. There are ALOT of pensions/funds to choose from, and you need to choose carefully (fee's etc).
Alot will depend on age, expected retirement age, fincancial circumstances etc.
Posted 6 months ago # -
A happy diversion from farce to politics there, but back to the original question...
Where to start with getting a pension?
Posted 6 months ago # -
Cheers KiD - I'm really a novice in all of this.
At the mo I'm also on short term contracts so have no idea how that fits with my employer.
Posted 6 months ago # -
If you have a financial advisor then ask them, its worth setting up as all pension payments into a properly set up scheme are tax exempt. Alos if you are self employed your pension payments from the company are NI exempt too.
I hope this is correct, its as much as I can remember from a pensions meeting at work
Posted 6 months ago # -
The tax free bit is the big deal with pensions: If you pay £100 a month into your scheme, £120 gets paid into your fund. It does count as taxable income when you withdraw the money at maturity.
I got fed up with below inflation growth and the huge whack my provider was taking for this fabulous service, so I transfered to a SIPP (self invested) and bought some shiney commodities. Fund has grown 34% in 6 months, but this is a bit of a one off; quite what I'll do in the future with it I can't say! At least some thieving fund manager won't get his mits round it
Posted 6 months ago # -
From reading up on it, my employer has one of the best pension schemes in the country and have recently bolstered it.
Being on repeated short term, extended contracts though I keep thinking I should get some consistency away from the company.
1) I've no idea what to put in
2) Stakeholder/personal/something else.... it's all greek to me!!Posted 6 months ago # -
What you need to do is save up for a deposit and run against George Osbourne at the next general election. Get voted in as a MP - there you go - bulletproof pension.
Posted 6 months ago # -
Pook,
Have a look at Martin Lewis' website for starters.Posted 6 months ago #
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