• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

New to contracting and want to set up a pension

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    New to contracting and want to set up a pension

    Hi Sorry about the lame question. I want to start a pension which is safe with no risks. I have IFA sniffing and calling me like rats.
    Do you guys have a pension plan and what would you recommend . I am thinking of putting the max amount in .

    Thanks kindly

    #2
    I went for a stakeholder pension with low charges which offered a selection of funds and it all goes in an index tracker at the moment.

    You could look into a SIPP.

    Nothing is safe with no risks. Especially in this day and age.
    While you're waiting, read the free novel we sent you. It's a Spanish story about a guy named 'Manual.'

    Comment


      #3
      Be your own IFA, I use HL my SIPP but there are plenty of other good low cost providers too. Best Invest, Alliance Trust Savings, SIPP Deal etc... Do your own research, all the info is out there. Good luck.
      Public Service Posting by the BBC - Bloggs Bulls**t Corp.
      Officially CUK certified - Thick as f**k.

      Comment


        #4
        Originally posted by IT_BOY View Post
        Hi Sorry about the lame question. I want to start a pension which is safe with no risks. I have IFA sniffing and calling me like rats.
        Do you guys have a pension plan and what would you recommend . I am thinking of putting the max amount in .

        Thanks kindly
        A pension plan should consist of a number of different vehicles for the future.

        Definitely use your ISA allowance of £5340 per year 1st.
        Then a SIPP (Have a look at Barclays Stockbrokers) for running your own.
        Also consider getting a managed one set up for you by the likes of an IFA.
        National Saving Bonds (5 year) useful
        Maybe purchasing property/BTL over the years
        And longer term bonds

        When you ask about 'a pension plan' on here we are thinking about lots of different ways to save money all of which makes a plan.
        What happens in General, stays in General.
        You know what they say about assumptions!

        Comment


          #5
          Originally posted by MarillionFan View Post
          A pension plan should consist of a number of different vehicles for the future.

          Definitely use your ISA allowance of £5340 per year 1st.
          That's your cash ISA limit, you can also invest an additional £5340 per year in a stocks and shares ISA.

          Comment


            #6
            Originally posted by adubya View Post
            That's your cash ISA limit, you can also invest an additional £5340 per year in a stocks and shares ISA.
            Of course. More risk involved in that which is why a SIPP(with tax relief) or taking out a pension with one of the bigger boys is advised.

            Difference is (you can't touch a Sipp until age XX(need to look up) but you get 20/40% tax relief(plus tax free gains), while a Stock/Share ISA is more risky(gains are tax free only) but you can take out and lose your tax free status anytime.
            What happens in General, stays in General.
            You know what they say about assumptions!

            Comment


              #7
              SIPPs aren't necessarily safer than S&S ISA, depends upon your investment choices

              Comment


                #8
                Go with cash ISA first , you need to need to speak to someone who assess the risk you like to take. Of course the more the risk the better the return.


                Originally posted by adubya View Post
                SIPPs aren't necessarily safer than S&S ISA, depends upon your investment choices

                Comment


                  #9
                  Originally posted by Harry@SC Lee Accountant Ltd View Post
                  Go with cash ISA first , you need to need to speak to someone who assess the risk you like to take. Of course the more the risk the better the return.
                  potential return.

                  Comment


                    #10
                    Oh thank you

                    Originally posted by MarillionFan View Post
                    A pension plan should consist of a number of different vehicles for the future.

                    Definitely use your ISA allowance of £5340 per year 1st.
                    Then a SIPP (Have a look at Barclays Stockbrokers) for running your own.
                    Also consider getting a managed one set up for you by the likes of an IFA.
                    National Saving Bonds (5 year) useful
                    Maybe purchasing property/BTL over the years
                    And longer term bonds

                    When you ask about 'a pension plan' on here we are thinking about lots of different ways to save money all of which makes a plan.
                    THIS IS ABSOLUTE MAGIC , I WILL LOOK INTO THIS.

                    Comment

                    Working...
                    X