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Bodd
I've stopped my pension due to what's going on.. Is this the time to be paying more into it or have I done the right thing.
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EddieM
Why did you stop paying in? are you ill? (I hope not)
My financial advice is worth exactly what you're paying me for it... Pensions are long term investments- how many years do you have to go before you need it? Loads? Then the stocks and shares your pension is (probably) funded by will recover, so maybe stay in. Also, if you are paying £100/month in, your fund manager buys £100* worth of shares/units, whatever to add to your pension portfolio. If stocks plummet, aren't they cheaper, allowing the fund to buy more for £100? And if so, when the market recovers, your fund will be 'fuller'. Maybe.
*Minus what what he/she rinses you for in fees.
*Minus what what he/she rinses you for in fees.
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Bodd
No its just a bill to ease the worry. I'm earning nothing at the moment but feel I should still pay Somthing
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Bodd
I'm with Virgin. Only because I trusted the fncker. I pay 350 pm at moment thinking of starting again and pay 200 pm
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Bodd
Don't know. I think I'll be working till I'm 70. 53 now. Don't suppose I'll be doing plumbing past 60
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Depends on your situation, if paying mortgage etc it may be prudent to have a short pension holiday, I stopped paying mine during the crash and never started again after looking into the potential returns
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EddieM
Hmm.. depends on your short term needs weighed against your longer term needs. In some respects it *may* be a good time to invest as stocks n shares and the like have recently taken a battering, so you're buying low. Assuming (big assumption) they recover, good returns could be had. As said above though pensions are a long term investment, unless of course you're nearing retirement age
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I have a decent pension and since retiring my "take home pay" is better than when I was working. Pay as much into your pension fund as you can to ensure a worry free retirement is my advice.
Choose your provider carefully is the only caveat I would make.
Choose your provider carefully is the only caveat I would make.
Virgin charges are (or were last time I looked) unreasonably high for what is just a simple tracker fund. I moved mine to a cheaper manager.
But I think this is probably a good time to re-start contributions
Even if you are not earning, you will get the equivalent of a 20% tax rebate paid into your fund up to contributions of £2880 net per year (if you are earning, you can contribute more, and get more tax rebate into the fund).
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Bodd
No science why I picked Virgin just thst I trusted Richard Branson. Who would be a good manager... I've got time on my hands
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Bodd
Look what happened to him
It will depend on the value of your fund. I believe Virgin charge (depending on fund) 1% or 0.6% of your account value p.a.
https://www.ftadviser.com/investmen...money-fund-blasted-for-fees-350-above-rivals/
I believe other trackers charge around 0.2%
Vanguard offer many funds and have a reputation as a good-value provider.
For example, I believe this fund (might not suit you) has charges of 0.1% p.a.
https://markets.ft.com/data/etfs/tearsheet/summary?s=VEUR:LSE:GBP
I use a provider that charges a fixed fee regardless of value. It is a SIPP, meaning I manage my own investments. Useful if you are interested and not likely to make bad decisions. If you don't want to deal with it personally, an index tracker (e.g. FTSE100 and an international one) are the simplest and cheapest choices. Few fund managers or private investers will consistently do better.
A pension scheme is likely to grow to many thousands of pounds, and as many "financial advisers" know, skimming off a small percentage can add up to a lot of money over the years.
"Stakeholder Pensions" are supposed to be a simple scheme operated by many companies, where the maximum charge is regulated by the government, but some Personal Pensions offer even lower charges.
Although I previously worked in L&P, the market has moved on, and as this isn't a field I use, I don't have any suggestions. I might turn up something later.
https://www.ftadviser.com/investmen...money-fund-blasted-for-fees-350-above-rivals/
I believe other trackers charge around 0.2%
Vanguard offer many funds and have a reputation as a good-value provider.
For example, I believe this fund (might not suit you) has charges of 0.1% p.a.
https://markets.ft.com/data/etfs/tearsheet/summary?s=VEUR:LSE:GBP
I use a provider that charges a fixed fee regardless of value. It is a SIPP, meaning I manage my own investments. Useful if you are interested and not likely to make bad decisions. If you don't want to deal with it personally, an index tracker (e.g. FTSE100 and an international one) are the simplest and cheapest choices. Few fund managers or private investers will consistently do better.
A pension scheme is likely to grow to many thousands of pounds, and as many "financial advisers" know, skimming off a small percentage can add up to a lot of money over the years.
"Stakeholder Pensions" are supposed to be a simple scheme operated by many companies, where the maximum charge is regulated by the government, but some Personal Pensions offer even lower charges.
Although I previously worked in L&P, the market has moved on, and as this isn't a field I use, I don't have any suggestions. I might turn up something later.
What happened to his daughter?
Andy
Andy
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