[Closed] getting a pension

Simples

Basic rule - half your age is the % you should save (if you want the same lifestyle when you retire)

http://uk.virginmoney.com/virgin/pension/personal/?WT.srch=1&bannercode=SEA-GOO-00001-00012

Job done and the sooner you start the better!

Ignore scare mongers...

Speak to you accountant would be a start. I need to do the same.

my accountant?!

Well, yes. You're after financial advice, I'd say an accountant is a reasonable punt at the kind of person who may be able to provide it.

Alternatively, ask some people on a cycling forum.

there might be a financial adviser on here though....

[i]there might be a financial adviser on here though....[/i]

Who will tell you to speak to a financial advisor.

Seriously, speak to your accountant, especially if you have a Ltd company, as you can make the pension contributions from the company which reduces your corporation tax liability amongst other things.

Indeed, you've prompted me to drop mine a mail about this very subject as I've been putting it off for too long.

accountants generally are not regulated to advise on pensions, and won;t - as pook says above speak to a specialist, there are advisers out there....

also, as above expect to save the same % of your salary as when you start if you want anything half decent out the other end. and don't expect it to be free.

How much does Dignitas cost? 😐

also an option, though a shotgun is probably cheaper 🙂

i dont understand this 'if you want the same lifestyle when you retire' thing. surely you should aim to me mortgage free by the time to retire so you don't need the same income, or is that already taken into account?

Rob Borrill at Pearson Jones in Sheffield is our firm's pension advice person, seems like a reasonable chap: 0114 2357000
A quick look at LinkedIn shows he has mountain biking as an interest.

@mrschrispy - it is just a basic rule - maybe I was out of line quoting it. The other advice is better, see an financial adviser.

But as a basic rule, its a good start. Basically now that final salary pensions are gone for many, you need to save bucket loads to get a good return (assuming its your own investment)

But thanks for bringing this topic up, I just increased my % again!

A private pension is almost entirely dependant on stock markets.
Yes,there can be tax advantages,but if your fund is actually losing money then the advantage means nothing.

Pension providers will give you examples of pension fund growth at different growth rates.They do not give you figures for when stock markets fall.Look at the FTSE for the past 3 years.
Interest rates are low,so annuities(the yearly amount you would receive from your fund) are also low.
If you've got spare money you could capitalise on the low mortgage rate and buy a property,for letting or renovating and selling on.
If you want a high pension with no risk then join the Police or train to be a doctor.Otherwise its a gamble.

note that pensions are generally sold on commission - ie beware conflict of interests, also beware a 'tied adviser' - only able to sell a distinct subset of funds - ie maybe not the best ones

as an alternative see web search on SIPP and Hargreaves and Lansdown(*other suppliers are avilable) - ie SIPP - you invest in a money pot of 'funds' that you choose (*and YOU repeat YOU repeat YOU actively monitor manage - you wouldn't expect a bike to work after 30 years unattended - so why expect that of your pension pot - bear that in mind - and back to the commission point - it's on the sale NOT the returns of the investment.....)

you need to understand the law re your 'legal status' - ltd co - as above and then decide on how to move forward

I'd also look at other things as well
- ie pension - you get tax relief on contributions and 25% tax free cash BUT can't get till 55 and how and when you take income is 'controlled'
- ISA - no tax relief on source but tax free after that/open access
- house - can be rented etc/can be sold etc etc
ie- all eggs in one basket may not work

http://www.pensionsadvisoryservice.org.uk/
These people can arm you with some searching questions to ask a potential pension provider.

http://www.fool.co.uk/Pensions/guides/Pensions-vs-ISAs.aspx