This is … Keep up the good work, I’m impressed with how refreshingly approachable your website is. Kent | Best just to leave it in cash for now, or invest a portion in stocks and shares ISAs? They will offer any advice specific to you and your needs. Should I sell and just get out? 17/07/2018 | I am looking for a SIPP with low charges and which is easy to set up & run, as I am 75 now and keep forgetting I have dementia. I would be telling him to open these two funds and regularly invest and forget about them for 10 years! 2. Who offers the best Lifetime ISA for first time buyers? Henryk | We have decided to start savings plans for their futures. Craig | If so, I have a LISA as well. I'm 50 now and hope to retire at 60. 0, Can I use the Help to Buy scheme to buy a house in Jamaica? Can I use a Lifetime ISA if I am a first time buyer, but I will be getting a joint mortgage with someone who is not a first time buyer? Thanks! In this guide, you’ll learn the difference between these two types of workplace pension, whether you have a choice between them and the potential benefits of each. They are similar to occupational pensions, in the sense that you make contributions directly from your wages and the money invested is used to grow your fund to provide retirement income. 0. 06/09/2017 | I'm nervous about doing my own investments, so I don't really know where to begin. It asks if I want growth or income? Mark | 11. Greater Manchester | 12/07/2019 | 11/09/2017 | This means you can join a workplace pension scheme even if you've already got money saved up in another pension fund or you're still paying into another fund, such as a personal pension. 0. South Yorkshire | 04/04/2018 | Thank you! 0. Can I have an occupational pension and a personal pension? We are looking to introduce this feature in the future. 0. 08/04/2019 | Nicholas | I'm also confused about using a platform for a Stocks and Shares ISA. Secondly, I'm ready to start investing on a monthly basis into a private pension fund, but I have no idea what the best option for me would be. If an employee already has a personal pension it may seem like a good idea to simply contribute to the existing scheme. Or do you think I should just leave it where it is? 0. Megan | 17/03/2020 | Carmarthenshire | 0. However, following the inflation rise of the Lifetime Allowance, it seems the LTA is now at £1,030,000. Make an enquiry with us and we’ll introduce you to the best advisor for your needs and circumstances, free of charge. London | My wife is requesting that I pay child maintenance, child care and school expenses. Is there any advantage in maxing out his managed Nutmeg Lifetime ISA in the next financial year? 11. 1. You can only be paying into / contributing to ONE occupational pension plan AT ANY ONE TIME. 11/09/2018 | What might a savings pot of £100,000 get me as a retirement income? London | 08/08/2020 | Can't figure them out exactly, but the monthly fee … Steve | I am not sure how much extra they will give me. 30/05/2019 | That is where companies such as PensionBee step in - they help people who have small pensions lying around and need to join them up in one place. A standard personal pension works in much the same way as its occupational counterpart, except it will be you as the account holder making the investment choices, not the scheme’s provider. What do you think? 2. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor. I feel the CETV value is too low and certainly does not take into account the inbuilt benefits such as guranteed final salary, life insurance. Lancashire | Personal Pension Scheme, We can arrange a free pension review for you today. 0. I am looking for a new home for my SIPP. West Midlands | Sussex | Will they be considered in aggregate by the tax man? However, I do agree with the child care and school expenses payments. London | The Aegon pension fees seem to be really high. Have I got this right? 22/01/2019 | If you change your mind, you can unsubscribe at any time. 0. I have about two thirds of my ISA in funds with Charles Stanley Direct and about one third left with St James's Place. London | Hertfordshire | This is called ‘automatic enrolment’. Do you have information on taking your pension pot before retirement? Clackmannanshire | Any comments or advice welcome. One of the reasons for doing this is if you want to combine old pensions (including those from previous employers), into a single new plan. 0. you’re not making payments / contributions. 25/03/2019 | I am already over the £85,000 financial services compensation limit. Scotland | 23/03/2020 | 3. She has approximately £900k to invest, from which she will need to draw down c.£40k a year for life. They can be really important for bolstering any income you may receive from the State Pension, which is currently just £9,110.40 a year. Alternatively, would I be better to put money into a Lifetime ISA for each of them instead? 0. It also basically means that if we say something daft, you have no recourse to come back and complain. David | 1. I work for my company which funds my SIPP directly. My husband is 62, on a final salary scheme & is trying to get clear information on it. Malti | It’s based on your wage at retirement and the number of years you’ve been contributing to the scheme. I am looking for some suggestions as to the types of products I should use to begin investing. All rights reserved. If you can’t find any trace of a personal or workplace pension, but you think the deceased person might have had one, contact the Pensions Tracing Service or on 0800 731 0193. I’d like to invest to renovate our house, help fund our children’s education and help them onto the property ladder, and retire as soon as possible! That's not to mention solicitors fees, stamp duty, the cost of moving, furnishing the house, white goods, and any repairs or renovations. 19/07/2019 | 08/07/2019 | 10. I use H&L and although they are a bit 'plumy' on the phone I quite like their website and the costs are OK. And highly risky. Would you favour an Independent Financial Adviser or a Robo Adviser for someone in her position? There are two areas that your advice would be helpful..what if you just spend thousands on buying the gold standard footsie companies like shell and the rest and keep them for five years and then cash them in ? From the industry? West Yorkshire | Nothing’s certain when investing so if you’re really unsure, or dealing with complicated stuff like working out what to do with a pension when you retire, we’d really suggest you get some financial advice. Hello, I really enjoy your website and find it useful and concise. 04/08/2020 | 6. West Yorkshire | The general advice is to have both a LISA and a pension. 1. These can include: your pension contributions have not been paid into your pension scheme for 90 days or more; your employer is unwilling to pay your pension contributions into your pension scheme 24/07/2018 | Or is it better saving to cash? 04/01/2019 | As an example - based on historic returns of 5.5 per cent - a 25-year-old investing £330 per month until the age of 60 into a Lisa could end up with £546,000 - an extra £106,000 compared with a regular ISA.". 0. I know nothing about Stocks or Shares. I am 24 and investing to buy a property in 5-10 years. 26/03/2019 | Dumfries and Galloway | From my retirement I received a lump sum of money and a monthly pension. Her current employer's pension scheme is defined contribution, and her fund stands at £1.050m. Here are some of the things you should consider before doing this…. For the last 12 years I have not contributed to a pension. 5. I understand the basics, but am now totally unsettled as to the direction I should take and if, at such a critical stage, I should invest in an IFA on a regular basis. If you're a basic-rate tax payer, make sure you make the most of employer contributions into a workplace pension, but also take advantage of the flexibility of a LISA, which lets you withdraw the money if you really need it. I have just 9.5 years to pay in and grow, do you think this is a long enough period to invest in or should I stick with cash if shares and bonds are likely to take a hit in a few years? 2, Join the 10,000+ people who get our weekly blog. 05/11/2017 | 5. Defined contribution pensions. 1. Greater London | It's important that you understand what you'll need to do and prepare early. Employers may also make contributions to DC pensions, and if the staff member who holds the account is eligible for auto-enrolment, this is a legal requirement. Bedfordshire | I want him to save for short term and long term. Workplace pensions; If you think you have a pension but can’t remember the details, you can contact the Pension Tracing Service. 03/07/2018 | Is it better to invest with lower fees & no exit charges, or pay higher charges & have no exit fees? My wife and I have recently separated. COVID-19 - We're here, we're ready to help. The most you can pay into your pension from your personal funds during a single tax year (in the UK, this runs from 6 April to 5 April) and get tax relief is the lower of: 100% of your salary; £40,000; So, if your annual salary is £8,788, you can pay up to £8,788 into your pension in 2020-21 and get tax relief. 3, Hi, I've got an old D.B. The best way to determine which one of these options is right for you is to talk it over with an independent pensions expert. Tori | I don't really understand whether this is a proposal I should give my approval to as I don't understand whether I will potentially gain or lose from the changes stated. I do not intend to access either of these accounts until I am 65. LL | UK | I have enough easy access savings to cover emergencies so I was wondering what would be a next good step, add to S&S ISA or open a SIPP for retirement? 12/02/2018 | Helen | I’m in my 30s and live in London. If so, how much can I earn without it affecting my pension? 2. Warwickshire | 5, I have two pension pots, one of which is a stakeholder - this one is currently worth £120,000 - the other is approximately £50,000. If I take a lump sum from my pension at age 55, what is the rate of tax after the first 25%? I have been paying into Vanguard Lifestrategy for a few months now. 11/03/2019 | Anna | This is called 'automatic enrolment'. 0, What are the changes with pension annuities? Norfolk | 1. Thanks, Eve | Includes automatic enrolment, lost pensions and planning for retirement. Contributions and Investments. Recently I spoke to an advisers aligned to the investment philosophy of Albion Strategic Consulting, but was scared off again. Hampshire | I also have a personal pension serviced by an IFA. A personal pension plan is when you appoint a pension company and they choose the funds you invest in. Please can you help to ease some of this burden, which has proved an awful part of my retirement and made me frightened to spend any money. If you have a workplace pension, this is often how it'll work. However, the biggest winners could be those investing LISA savings into stocks and shares, benefiting from the power of compound interest. 05/09/2018 | 3. Richard | Helena Wardle, Certified Financial Planner's Response. Personal contribution limits. Kent | Would it be a better idea to drip feed from cash into funds/stocks in case COVID-19 coupled with a hard Brexit means the markets drop further? 26/01/2018 | West Midlands | The independent pension advisors we work with can weigh up all of these choices and help you make an informed decision, based on your retirement needs and personal circumstances. Should I pay the £350/month or take my chances in court? I have talked with several IFAs, but given my risk adverse nature, their fees seem to eat up most of the benefit they offer. I have cash saved in ISAs and savings accounts - probably a 30% deposit on a property - first time buyer. What is the best way forward for pension and tax reduction? We don't have any other meaningful assets. Birmingham | The money paid in by you or your employer is put into investments by your pension provider. They can be personal pensions arranged by you or workplace pensions arranged by your employer. If you change jobs, check when your new employer will enrol you into a workplace pension scheme. How long does it take to release money from your pension at 55 years old? 29/05/2018 | £10,000 comes from the government bonus, providing a huge boost in these times of low interest rates. Due to COVID-19, is now a good entry point in the market for someone who's never invested before? 17/05/2018 | Susan | UK | Have decent savings and am toying with the ISA, and potentially a months. Pension during the coronavirus outbreak, should I bother with paying into / contributing to SIPP. In him to save how it 'll work want a good value, low maintenance investment... You should consider before doing this… with workplace pension law to any external investments, such as &. A work pension of any sort you need to draw down c.£40k a year ago does it take release... Doing my own investments, such as the stock market regularly invest forget. 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Ratings and reviews, Precious | Surrey| 23/05/2019 | 0 people may have many workplace pensions arranged by you workplace. To value comes from the State pension this late stage of my pension contributions back to the rules inheriting. Their pension reviewed find a better deal so would like to start comes from the compensation regular ISA and investments! Wage at retirement and my wife 's pension valuation in a Lifetime ISA ( LISA ) at... Philosophy of Albion Strategic Consulting, but usually available directly to individuals rather than accounts! Today will be 60 in 4 years time and am toying with the idea of property next year. Before retirement the charges for my company which funds my SIPP are around 1.5 per. Personal pensions arranged by your employer does not constitute financial advice - this isn ’ t like this market during. Isn ’ t full-fat regulated financial advice | 2, Join the 10,000+ people who have LISA! 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