Where do we begin with a pension?

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natalie2005

Where do we begin with a pension?

My husband is going to start paying into a pension. His work don't run a scheme.

Where do we begin to choose a pension? It seems like a jungle! We can't really afford financial advise.

Thanks.

Les C

You can afford free and independant financial advice. My brother is an independant financial advisor and can therefore search the products on the market that will suit your needs independantly of banks and building societies.

Once you have chosen what suits your needs he gets paid a commission on the product sold from the bank / building society.

The rule of thumb is the sooner and more you pay means the more money you will have to retire on.

Good luck and make sure your financial advisor is an accredited and independant.

CHARLES R

A lot of financial planners will work with you for free. They make their money by selling you investments (mutual funds + investments) which may have loads (visible commissions) or no loads (the fund pays them out of its holdings).

mikeywills

Yes, you can most financial advisors offer free advise for a pension, it depends on what you want to invest in.

A pension is just a tax free wrapper for saving your money, how you invest it is up to you.

JustCurious

Pensions are a long term investment whilst you are of working age so you should invest to maximise long term returns.
In the long term equities (shares in companies quoted on the FT-SE) have historically produced the best returns. If you have little knowledge of companies and investing then the best way to invest is in a tracker fund that seeks to match the performance of the FT-SE 100 or All Share. Tracker funds have low management charges because they do not have to pay high salaries to fund managers. Most fund managers fail to beat the market.

You should decide how much you can afford a month and have it deducted by DD. You get tax relief on the money you pay into a pension and the growth of the fund is not taxed.

Your best bet is to go to your bank and explain that you want to invest in a pension tracker fund. Most banks can arrange this for you without charging you anything.

Ask about management charges - these can vary quite a bit. They should not exceed 0.5%.

Banks, the Post Office and some Supermarkets have Pension Schemes on offer - just pick up a leaflet the next time you see one.

What I got is 3 Savings Accounts that I pay a small amount into every month - I have chopped up and safely disposed of the cash cards, so I can not spend any of it. And then when and if I get a bonus at Christmas I pay a bit extra in.

If you start paying into a scheme at work and then leave you loose two thirds of your money.

bud68

Do you mean an IRA? Banks, mutual fund houses and brokerages all offer them. Try Vanguard, Fidelity or T. Rowe Price. You can set up an IRA directly with them.

Yarcofin

Do you make enough money that you are paying tax at the end of the year? If not, there is no reason to start saving for retirement since all of the money you save is basically going to be tax-free anyway.

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