private pension?

40
Found 5th Jan 2016
Looking for the best pension deals going, currently employed but will be going self employed so i am looking to see who does the best private pensions or am i better to put the money to other uses? I am 38 if that helps in anyway. Thanks.

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don't bother with a pension, either open another account in your name and have a direct debit going into there monthly, don't use that account at all just let it build up. then wen you have enough for something you want to do or go somewhere then just use that. its your money you have worked hard for and its for you to spend, make the most of it. life is short and you never know whats round the corner. everyone earns a living or can atleast unless of course disbalitly or something is there, that's a different story, but my point is what you have is for you and what you want to do with it not for others to take advantage of.

Original Poster

lendu

don't bother with a pension, either open another account in your name and … don't bother with a pension, either open another account in your name and have a direct debit going into there monthly, don't use that account at all just let it build up. then wen you have enough for something you want to do or go somewhere then just use that. its your money you have worked hard for and its for you to spend, make the most of it. life is short and you never know whats round the corner. everyone earns a living or can atleast unless of course disbalitly or something is there, that's a different story, but my point is what you have is for you and what you want to do with it not for others to take advantage of.



Thought about that but unfortunately its to easy to get access too and everyday life always throws a problem that costs money would rather have it away where i cant access it. Regarding buying something or going somewhere i am a great believer in either saving up for it or if cant afford wont be buying it.

I have a private pension with Hargreaves Lansdown after lots of advice and research. Basically you can use them to out your money into shares as big company pensions do or you can follow there low risk medium risk or high risk plans which guaranteed a certain profit per month/year. as your money is invested in various risk company at which ever level you choose they manage or you can manage your pension and move your funds arpund as you wish and watch it grow.

The app is great and easy to use and best of all if you pay in say £168 for example the government top up your investment so for this you would see an additional £42 giving you £210 a month to use. if you need any info let me know

Pension is 100 x better than just saving in a account, for a start, you have made either 20%/40% on it before you even started getting interest, in most savings accounts you get like 0.5%/2% a year only.

sorry my advise was in relation to what I do really. I don't deal with interest at all, everything I have or do is 100% interest free otherwise I wont involve myself into it.

Original Poster

lendu

sorry my advise was in relation to what I do really. I don't deal with … sorry my advise was in relation to what I do really. I don't deal with interest at all, everything I have or do is 100% interest free otherwise I wont involve myself into it.



​thats fair enough but because I have 3 kids it has taught me to budget everything and plan everything well in advance and we doing OK this way but if that works for you great.

RabS1

​thats fair enough but because I have 3 kids it has taught me to budget e … ​thats fair enough but because I have 3 kids it has taught me to budget everything and plan everything well in advance and we doing OK this way but if that works for you great.



no I totally understand, im 30 this month and got 2 kids and third on way too and to be honest my wage is pretty low. but I am great believer in fate and so I just get on with life and spend liberally without peeking into or paying much attention to what I have and spend. I never go in to debt thank god.
but obviously everyone is different.
hope it all works out for you well.

Frankly, this is one area where taking proper independent paid for advice is the best thing you can do.

Pensions are a complex subject with a wide variety of possibilities that depend on your own personal circumstances. Paying someone (with PI insurance) for advice and doing a lot of research is the way forward, not taking advice from people on an internet forum.

Original Poster

mas99

Frankly, this is one area where taking proper independent paid for advice … Frankly, this is one area where taking proper independent paid for advice is the best thing you can do.Pensions are a complex subject with a wide variety of possibilities that depend on your own personal circumstances. Paying someone (with PI insurance) for advice and doing a lot of research is the way forward, not taking advice from people on an internet forum.



​definetly but just looking for ideas

lendu

don't bother with a pension, either open another account in your name and … don't bother with a pension, either open another account in your name and have a direct debit going into there monthly, don't use that account at all just let it build up. then wen you have enough for something you want to do or go somewhere then just use that. its your money you have worked hard for and its for you to spend, make the most of it. life is short and you never know whats round the corner. everyone earns a living or can atleast unless of course disbalitly or something is there, that's a different story, but my point is what you have is for you and what you want to do with it not for others to take advantage of.



​bloody awful advice.

Tax treatment of personal pension contributions are great - you get tax relief at whatever rate you pay (so assume 20%).. so for every £80 you put it, HMRC adds £20 on top.

With recent changes to post-retirement rules, you no longer have to purchase an annuity, so it can effectively be used as a tax efficient savings vehicle.

adam_holcombe

​bloody awful advice. Tax treatment of personal pension contributions are … ​bloody awful advice. Tax treatment of personal pension contributions are great - you get tax relief at whatever rate you pay (so assume 20%).. so for every £80 you put it, HMRC adds £20 on top.With recent changes to post-retirement rules, you no longer have to purchase an annuity, so it can effectively be used as a tax efficient savings vehicle.



works for me so im not complaining. Im not greedy for nor do I live to just earn oney, I get a lot done with the little I have and it works a treat. no stress no tension, just work a little and enjoy more. that's me.

so for you awful advice yeah maybe but your not everyone so someone might not think the same as you.

I personally wouldn't take out a private pension. The government are pushing it for a reason, and I believe that reason to be so state pension can be means tested in the future. So at retirement age, which will probably be about 90 by then, you will retire and be told something along the lines of "Yes sir, because you worked hard all your life paying into the state pension and had the foresight to put money into an additional pension, you are entitled to diddly squat." Meanwhile, the lazy git down the road who didn't do a days work in his life will be getting allkinds of money from the government. Also, if I ever happen to come into a large sum of money (extremely unlikely but its good to dream) I wouldn't bank it, hidden under the mattress would be the favourable option. Banking it would mean it is there to be means tested in the future, and also the mattress option would keep it safe from the corrupt banking industry in this country, and would protect you incase we have a similar situation to Cyprus a few years ago where their government one day just decided they were taking a percentage of everyone's savings.

lendu

works for me so im not complaining. Im not greedy for nor do I live to … works for me so im not complaining. Im not greedy for nor do I live to just earn oney, I get a lot done with the little I have and it works a treat. no stress no tension, just work a little and enjoy more. that's me. so for you awful advice yeah maybe but your not everyone so someone might not think the same as you.


Tbf, it was awful advice.

Python

I personally wouldn't take out a private pension. The government are … I personally wouldn't take out a private pension. The government are pushing it for a reason, and I believe that reason to be so state pension can be means tested in the future. So at retirement age, which will probably be about 90 by then, you will retire and be told something along the lines of "Yes sir, because you worked hard all your life paying into the state pension and had the foresight to put money into an additional pension, you are entitled to diddly squat." Meanwhile, the lazy git down the road who didn't do a days work in his life will be getting allkinds of money from the government. Also, if I ever happen to come into a large sum of money (extremely unlikely but its good to dream) I wouldn't bank it, hidden under the mattress would be the favourable option. Banking it would mean it is there to be means tested in the future, and also the mattress option would keep it safe from the corrupt banking industry in this country, and would protect you incase we have a similar situation to Cyprus a few years ago where their government one day just decided they were taking a percentage of everyone's savings.


Makes sense but the silver vote is far too strong for any government to means test state pensions. More likely that they will increase pension tax credit thresholds over inflation. That is why your comment about stashing cash under the mattress is very good advice if within 10 years of retirement or already retired.
Edited by: "chocci" 6th Jan 2016

lendu

don't bother with a pension, either open another account in your name and … don't bother with a pension, either open another account in your name and have a direct debit going into there monthly, don't use that account at all just let it build up. then wen you have enough for something you want to do or go somewhere then just use that. its your money you have worked hard for and its for you to spend, make the most of it. life is short and you never know whats round the corner. everyone earns a living or can atleast unless of course disbalitly or something is there, that's a different story, but my point is what you have is for you and what you want to do with it not for others to take advantage of.


Well that's possibly the worst advice somebody could give.

chocci

Tbf, it was awful advice.



tbh I don't give a crap what you think

ipswich78

Well that's possibly the worst advice somebody could give.



I see your advice is the best given so far.....or sorry you havnt, but well done for having a useless input.

chocci

Tbf, it was awful advice.



I see how much advice you have given, well done. I think il go with you and do ........ nothing

lendu

I see your advice is the best given so far.....or sorry you havnt, but … I see your advice is the best given so far.....or sorry you havnt, but well done for having a useless input.



Great response! Just because you give a response / answer doesn't a, make it useful OR b, mean you should be responding. Your reply is neither useful or sensible.
Edited by: "ipswich78" 6th Jan 2016

ipswich78

Great response! Just because you give a response / answer doesn't a, make … Great response! Just because you give a response / answer doesn't a, make it useful OR b, mean you should be responding. Your reply is neither useful or sensible.



maybe you should keep your opinions to yourself and say things that may benefit someone. but your better at putting other peoples opinons down, rather than saying something like..... I don't 100% think that's the best option but what I think is......... this way people may not take offence to what drivel you say

lendu

tbh I don't give a crap what you think


then stop giving terrible advice to someone who is looking for advice about pension saving for their families future.

Its people with spending attitudes like yours that got this country in the mess its in.

a reminder for the illiterate what the op asked (didnt want advice saying spend it all now and sod the future!)

Looking for the best pension deals going, currently employed but will be going self employed so i am looking to see who does the best private pensions or am i better to put the money to other uses?


Edited by: "chocci" 6th Jan 2016

chocci

then stop giving terrible advice to someone who is looking for advice … then stop giving terrible advice to someone who is looking for advice about pension saving for their families future. Its people with spending attitudes like yours that got this country in the mess its in.a reminder for the illiterate what the op asked (didnt want advice saying spend it all now and sod the future!)Looking for the best pension deals going, currently employed but will be going self employed so i am looking to see who does the best private pensions or am i better to put the money to other uses?




I don't think you read before posting. where did I mention sod the future. I simply sed put it in another saving account so you have access to it at any given time if you ever need it, but at the same time don't use the account. you got to have control of your spending.

the country is in a mess because of the way I spend. no I spend because im not a stingy rat like you, I spend liberally the way I do because I don't know if I will live to see tomorrow, the future is not something that is certain, what you have today is certain what you spend is yours everything else is someone else's. I don't earn a lot, probably less than most on here but I have never had a loan nor a mortgage on my house nor am I ever short for money nor do I be stingy on my family, and I don't deal with interest in any way shape or form.

have you given any advice yet? the OP didn't say I gave crap advice but instead very nicely just sed that it was not for him to do, that's acceptable. rather than giving others crap for what they have given advice on, try and give your own.

lendu

maybe you should keep your opinions to yourself and say things that may … maybe you should keep your opinions to yourself and say things that may benefit someone. but your better at putting other peoples opinons down, rather than saying something like..... I don't 100% think that's the best option but what I think is......... this way people may not take offence to what drivel you say


Well you do give great advice, if only you listened to it?

"maybe you should keep your opinions to yourself and say things that may benefit someone"

OP... Go and speak to a Indepdndant Financial Advisor they will be able to explore the various options available to you and offer you the best, most sensible advice. Seeing some of the drivel in this thread it would be very dangerous to take their advice.

Edited by: "ipswich78" 6th Jan 2016

ipswich78

Well you do give great advice, if only you listened to it?"maybe you … Well you do give great advice, if only you listened to it?"maybe you should keep your opinions to yourself and say things that may benefit someone"



mine has benifited people I know, they have faith in fate like me, and it works. giving the advice was my job taking it would be up to the person asking for it. any advice is advice, for some it works and for some it doesn't.

hoarding for a future which is uncertain sounds daft to me but for some others it may not, so have it how you want

lendu

I don't think you read before posting. where did I mention sod the … I don't think you read before posting. where did I mention sod the future. I simply sed put it in another saving account so you have access to it at any given time if you ever need it, but at the same time don't use the account. you got to have control of your spending. the country is in a mess because of the way I spend. no I spend because im not a stingy rat like you, I spend liberally the way I do because I don't know if I will live to see tomorrow, the future is not something that is certain, what you have today is certain what you spend is yours everything else is someone else's. I don't earn a lot, probably less than most on here but I have never had a loan nor a mortgage on my house nor am I ever short for money nor do I be stingy on my family, and I don't deal with interest in any way shape or form. have you given any advice yet? the OP didn't say I gave crap advice but instead very nicely just sed that it was not for him to do, that's acceptable. rather than giving others crap for what they have given advice on, try and give your own.


tl;dr but no no doubt trolling at its worst

best advice has been given multiple times - see an IFA

chocci

tl;dr but no no doubt trolling at its worstbest advice has been given … tl;dr but no no doubt trolling at its worstbest advice has been given multiple times - see an IFA



I wish I knew what you were saying. but its good that I don't. if the OP has received he's best response that what matters. rest opinions were moo opinions I guess.

Well as people have said speak to a IFA. If you can find one that specialises in being self employed it will be more beneficial.

TBH both of the advice above is correct. At 38 you are quite late to the pension game so save as much as you realistically can. I would also be saving to a savings account. While ideally you won't want to touch it it will be there to keep you on your feet if needed especially being self employed.

Also ask for advice about offsetting costs. If you have a home office you could fit solar panels (not FIT) and super insulate yours house and offset the costs from your company. This will obviously benefit you and your family as well.

There is obviously the darker side to being self employed and that is squirreling cash away for extra jobs that haven't gone through the books. Everybody does it if they can at some point. Don't go silly, spend is sensibly (grocery shopping, beer in pub, holiday spending money), don't get caught.

One last thing make sure you take out enough sink and injury insurance when you go self employed. Don't skimp because at some point in the next 30 years you will no doubt need it.

nobody mentioned property?

doritos

nobody mentioned property?



I did toy with the idea of suggesting it but in reality (from the limited info we have) he is soon to be going self employed. This would mean for him to have any realistic chance of getting a buy to let mortgage he would have to do it now before going self employed. Then once self employed that is a lot of weight on your shoulders at that time.

But as I say we don't know the facts of his financial position. But as he is asking about pensions at 38 with a family then he is not flush with cash.

But yes property can be a very good investment platform for retirement. But if it finishes you off before you get there its of lesser use.

Edited by: "GAVINLEWISHUKD" 6th Jan 2016

Buy to rent properties.

Original Poster

GAVINLEWISHUKD

I did toy with the idea of suggesting it but in reality (from the limited … I did toy with the idea of suggesting it but in reality (from the limited info we have) he is soon to be going self employed. This would mean for him to have any realistic chance of getting a buy to let mortgage he would have to do it now before going self employed. Then once self employed that is a lot of weight on your shoulders at that time.But as I say we don't know the facts of his financial position. But as he is asking about pensions at 38 with a family then he is not flush with cash.But yes property can be a very good investment platform for retirement. But if it finishes you off before you get there its of lesser use.



​i just bought another property currently up for sale and should make a tidy profit when it sells failing that rental income is not bad too

nwressell5th Jan 2016

I have a private pension with Hargreaves Lansdown after lots of advice and …I have a private pension with Hargreaves Lansdown after lots of advice and research. Basically you can use them to out your money into shares as big company pensions do or you can follow there low risk medium risk or high risk plans which guaranteed a certain profit per month/year. as your money is invested in various risk company at which ever level you choose they manage or you can manage your pension and move your funds arpund as you wish and watch it grow.The app is great and easy to use and best of all if you pay in say £168 for example the government top up your investment so for this you would see an additional £42 giving you £210 a month to use. if you need any info let me know


Do you need IFA to set this up? Thanks

rollercoaster6350 m ago

Do you need IFA to set this up? Thanks

No you don't. Just need a minimum of £500 I think it is or you can transfer you company pension as I did when I left and setup my own company.

nwressell3rd Aug

No you don't. Just need a minimum of £500 I think it is or you can …No you don't. Just need a minimum of £500 I think it is or you can transfer you company pension as I did when I left and setup my own company.


Which one is yours? Is it the SIPP?

nwressell31st Aug

Yes SIPP

Thanks for your reply did you pick your own investments or is there a option for a risk level so it’s easier for beginner? I don’t have a clue about investments and just want to open a decent personal pension. Cheers

I pick my own investments however they have a great monthly letter with advice in it and some options for low, medium and high risk portfolios too which I sometimes choose and have worked well.

Pensions are a must. If you don't own a home yet a LISA is also worthwhile imo, especially as you're 38 it's worth opening one anyway as it'll be too late when you hit 40. I started late too at 35 so to catch up I'm having to put in £1000 a month.

No chance that state pension will be as generous as it is now 30 years from now. I'm a similar age and for my pension planning I'm going to assume that retirement age will be 72-75.

Heck, I wish I setup a separate ltd company and put all my pension contribution cash in to mining etherium. All equipment tax deductible, and the coins mined can be transferred anonymously from the tax man once company closed down, and then bang it all in a pension, flog the computer equipment once you've let the capital value reach £0 after 3 years or so.

lendu5th Jan 2016

works for me so im not complaining. Im not greedy for nor do I live to …works for me so im not complaining. Im not greedy for nor do I live to just earn oney, I get a lot done with the little I have and it works a treat. no stress no tension, just work a little and enjoy more. that's me. so for you awful advice yeah maybe but your not everyone so someone might not think the same as you.


Yeah poor advice.

Does it work for you, have you been retired for a number of years and are enjoying a good lifestyle on the basic state pension. Good for you if you are, but I don't like your plan in the slightest.
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