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Private pensions
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By (user no longer on site) OP
over a year ago
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Now being a parent and after having a indepth convo with my son about his job and he is doing well in it .
I gave him a piece off advice which i thought would be good for him and family in later years .
He has a Company pension and i guess come time he will get the goverment pension .
My advice was get urself a private pension and pay that little extra to people qho know whats thwy are doing . Ie putting into portfollis.
Now my Q is would u as a parent think this is good advice as i was never advised this by my Parents even tho it was aeound  |
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By (user no longer on site)
over a year ago
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I wish I had the foresight to invest in a pension or something else from an early age. Without being specific, I think its good advice generally OP.
Ive advised my oldest to do something similar  |
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My Dad used to badger me often to put money in a pension and he’d get cross when I ignored the advice. When he retired the taxman ate a good proportion of his and he chuffed and blew about it 
Yes I have a private and the state pension but by the time I retire it will be worth bugger all |
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By (user no longer on site)
over a year ago
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biggest mistake i ever made, lost thousands when the pension thing happened a decade or so ago, had being paying in alot every month for years, if im lucky i will get back a peny in the pound, when its finally settled, my advice would be to put it in a savings high interest account, less risk, same reward |
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One of the things my Dad told me about money that stuck. Been paying into a private pension pot since I started working. My father matched my contributions in order to get me started. That’s why I plan to retire quite early. |
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He has a company pension, this will normally be much better than any private pension.
Private pensions can be a huge risk and potentially a waste of money. Why would he need thiscrisk if he has a company pension? |
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By (user no longer on site)
over a year ago
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"He has a company pension, this will normally be much better than any private pension.
Private pensions can be a huge risk and potentially a waste of money. Why would he need thiscrisk if he has a company pension?"
This |
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"Personally I would advise to put extra into the company pension... as was said above these tend (but not always) to be better than private pensions"
Agreed may as well top up the company pension especially if it is defined benefit. |
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By *orny PTMan
over a year ago
Peterborough |
"He has a company pension, this will normally be much better than any private pension.
Private pensions can be a huge risk and potentially a waste of money. Why would he need thiscrisk if he has a company pension?
This "
Some of us have fragmenteds pension pots so, maybe private is not so bad.
The pension advice service is offering 60 minutes free telephone chats, so that's worth doing.
Martin Lewis of MSE fame is someone your kids should know about. |
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"biggest mistake i ever made, lost thousands when the pension thing happened a decade or so ago, had being paying in alot every month for years, if im lucky i will get back a peny in the pound, when its finally settled, my advice would be to put it in a savings high interest account, less risk, same reward"
Banks can fail too, unfortunately. No financial investment is risk free..... |
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By (user no longer on site)
over a year ago
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"biggest mistake i ever made, lost thousands when the pension thing happened a decade or so ago, had being paying in alot every month for years, if im lucky i will get back a peny in the pound, when its finally settled, my advice would be to put it in a savings high interest account, less risk, same reward
Banks can fail too, unfortunately. No financial investment is risk free..... "
very true but if a bank goes under you are covered up to 80k, pensions are 0k |
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"biggest mistake i ever made, lost thousands when the pension thing happened a decade or so ago, had being paying in alot every month for years, if im lucky i will get back a peny in the pound, when its finally settled, my advice would be to put it in a savings high interest account, less risk, same reward
Banks can fail too, unfortunately. No financial investment is risk free.....
very true but if a bank goes under you are covered up to 80k, pensions are 0k"
This is true
We both have private company pensions. One day, when we're not propping up my dad, our son and my brother, we will increase our contributions  |
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By *orny PTMan
over a year ago
Peterborough |
"biggest mistake i ever made, lost thousands when the pension thing happened a decade or so ago, had being paying in alot every month for years, if im lucky i will get back a peny in the pound, when its finally settled, my advice would be to put it in a savings high interest account, less risk, same reward
Banks can fail too, unfortunately. No financial investment is risk free.....
very true but if a bank goes under you are covered up to 80k, pensions are 0k"
That's just so wrong isn't it?
How many high street banks are into the pension game as well? |
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Absolutely. Government pensions may be a thing of the past by the time he retires. The most important thing is to get the maximum of company matching otherwise you are throwing away free money. Plus you can put on a maximum of 20k each year into an isa. |
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We think everyone should be paying into a private pension. Very little else these days offers you the rate of growth that a pension does.
You can choose what level of risk your pension money goes into and you can choose how you wish to draw it out when you retire.
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By (user no longer on site)
over a year ago
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"Following this as I'll need to figure out what to do about pensions when I go back to self employment. "
I’d recommend looking into an IFA. I’ve run mine that way for 18 years.
A good one will sort out quarterly (or other frequent) rebalances and fees can come from the fund rather than directly from your pocket. |
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Here is a very important piece of advice about pensions.
When it comes time to cash it in and buy an annuity, never get it from the company that you did your pension-saving with. It is common practice yo fleece people at that point because many people don't realise that they can and should shop around.
If a company thinks you'll make it easy for them, they'll give you as little back from your investment as they can get away with. |
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I got that advice well shall I say ‘pension man turned up on the door two days after my 18th’ and that was a private pension started with £20 a month. I paid in to it for the next 14 years until I joined a company with a pension and because of the rules couldn’t pay into the private one.
It’s never to early to start and I’ll be doing the same for my lad. |
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By (user no longer on site) OP
over a year ago
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"He has a company pension, this will normally be much better than any private pension.
Private pensions can be a huge risk and potentially a waste of money. Why would he need thiscrisk if he has a company pension?
This
Some of us have fragmenteds pension pots so, maybe private is not so bad.
The pension advice service is offering 60 minutes free telephone chats, so that's worth doing.
Martin Lewis of MSE fame is someone your kids should know about."
  |
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By (user no longer on site)
over a year ago
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"Here is a very important piece of advice about pensions.
When it comes time to cash it in and buy an annuity, never get it from the company that you did your pension-saving with. It is common practice yo fleece people at that point because many people don't realise that they can and should shop around.
If a company thinks you'll make it easy for them, they'll give you as little back from your investment as they can get away with. "
Good tip.
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"Now being a parent and after having a indepth convo with my son about his job and he is doing well in it .
I gave him a piece off advice which i thought would be good for him and family in later years .
He has a Company pension and i guess come time he will get the goverment pension .
My advice was get urself a private pension and pay that little extra to people qho know whats thwy are doing . Ie putting into portfollis.
Now my Q is would u as a parent think this is good advice as i was never advised this by my Parents even tho it was aeound "
Starting your own separate investments is an excellent idea, and the earlier the better as the compounding effect is huge.
Step 1, use up ISA allowances which are 20k per annum.
If investing more, set up a SIPP.
Make sure you always keep an eye on where the money is invested, keep it pretty diverse so that it isn’t hugely exposed to one stock, one sector, one market. Rebalance if necessary.
And as someone else posted above, consider using an IFA, which gets rid of all the admin and stops your investment choices going stale. |
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By *arrapsMan
over a year ago
port talbot |
I followed my father’s advice and joined my company pension scheme as soon as I could, and paid more than the minimum contributions.
It paid off in spades, in that it allowed me to retire at 55, pay off my mortgage,buy a new car and have a good quality lifestyle
So yes, if your company is offering a pension,grab it with both hands |
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By *ercuryMan
over a year ago
Grantham |
Join a company pension asap. Employers put in, and you get tax relief, so basically free money.
Consider an alternative pension/savings scheme in ADDITION to the company pension. There are a myriad of investment options available. Put spare money in as and when circumstances allow. Spread the risk. |
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By (user no longer on site)
over a year ago
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No, take your company one your employer contributes so is free maney.
My advice would be save in the best isa you can find, and buy a rental property... its safe risk free money.
There are many good first time buy isa's out there.
I advise business & financially,and would say speak to a impartial financial advisor |
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By (user no longer on site)
over a year ago
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Not financial advice ....
I suspect his company pension is just one whixh invests in funds and whatever it grows to it grows to.
And a personal pension will be similar.
I'd suggest step 1 is for him to see if his company increases their contributions if he also pays in.
If he does set up a personal plan, I'd suggest a advisor. They will help make the fund selection suitable for him and you'd hope not invest in daft exotic stuff. Imo the more boring the better.
For retirement saving a pension is hard to beat. Especially if he's on a higher tax rate. ISAs aren't all that any more.
Beware anyone who suggests you can get returns without risk. Beware putting too many eggs in one basket
But in general, saving in the market is a great idea. Compound returns is how ppl get rich. And the sooner the better. |
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"I followed my father’s advice and joined my company pension scheme as soon as I could, and paid more than the minimum contributions.
It paid off in spades, in that it allowed me to retire at 55, pay off my mortgage,buy a new car and have a good quality lifestyle
So yes, if your company is offering a pension,grab it with both hands"
Absolutely.
If employer provides a pension, take it. If they match contributions, do the max you can to get the most possible out of them.
Then for additional investments, use up full ISA allowance and then set up a SIPP if still have extra funds to invest.
And in 20’s / 30’s don’t worry too much about market volatility, as long as market eventually recovers then every month you have invested when markets were depressed is worth more than if the market had remained flat.
And as others have said, make sure not all eggs are in one basket, too heavily invested in one sector or region. Having a good chunk in balanced Uk equities might not soon drop exciting but over time a well a managed Uk equity fund delivers good growth. |
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"Not financial advice ....
I suspect his company pension is just one whixh invests in funds and whatever it grows to it grows to.
And a personal pension will be similar.
I'd suggest step 1 is for him to see if his company increases their contributions if he also pays in.
If he does set up a personal plan, I'd suggest a advisor. They will help make the fund selection suitable for him and you'd hope not invest in daft exotic stuff. Imo the more boring the better.
For retirement saving a pension is hard to beat. Especially if he's on a higher tax rate. ISAs aren't all that any more.
Beware anyone who suggests you can get returns without risk. Beware putting too many eggs in one basket
But in general, saving in the market is a great idea. Compound returns is how ppl get rich. And the sooner the better. "
Out of interest, what’s your concern re isa’s? To me, they are better than ever as an investment option, as the limits have gone up so much. |
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I did this. Started working in the NHS many moons ago and was convinced to stick with the pension and I’m glad I did. I also saw colleagues who chose to leave, then came back and added lump sums so I realised from early there was a benefit to being in the game.
For anyone familiar with the different NGS schemes I have a healthy chunk in the 1995 scheme  |
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By (user no longer on site)
over a year ago
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Seek professional advise from an expert financial advisor regulated by the FCA, it’ll be the best financial choice for you and your family. Paying for a professional could save you money, time and sleepless nights. |
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Something I have been “planning to get around to” is consolidating various schemes, I have a load of small work pension schemes sitting around and doing nothing except generating lots of post. So need consolidate those into one or two schemes.
And I have a few piddly isas that I need to join up with the main one.
I just have this feeling it’s going to be a pain in the arse proving identity, digging out old reference numbers etc to get anywhere with this. Has anyone else done this sort of thing recently? Easier than I’m anticipating or “good luck mate, a lifetime navigating call options awaits you”? |
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"He has a company pension, this will normally be much better than any private pension.
Private pensions can be a huge risk and potentially a waste of money. Why would he need thiscrisk if he has a company pension?
This
Some of us have fragmenteds pension pots so, maybe private is not so bad.
The pension advice service is offering 60 minutes free telephone chats, so that's worth doing.
Martin Lewis of MSE fame is someone your kids should know about."
Martin lewis is a conman, and a misadvising moron i know this due to my job…. Your kids should ignore nearly all he says |
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By *tephanjMan
over a year ago
Kettering |
As far as I'm concerned everyone should get a private pension. I'm 67 so I'm past retirement age but I can't afford to, in hindsight I wish I'd taken out a pension when I was younger. So all you younger people get a private pension asap |
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"Seek professional advise from an expert financial advisor regulated by the FCA, it’ll be the best financial choice for you and your family. Paying for a professional could save you money, time and sleepless nights. "
Agreed. There’s a certain amount of free advice available when you are approaching retirement age but less so at the start of the process.
Might seem expensive or unnecessary, feeling “I can do this myself”, but when a financial adviser saves you money it’s not going to be a couple of hundred quid, they can save you massive amounts by avoiding mistakes. |
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"My Dad used to badger me often to put money in a pension and he’d get cross when I ignored the advice. When he retired the taxman ate a good proportion of his and he chuffed and blew about it
Yes I have a private and the state pension but by the time I retire it will be worth bugger all "
Unfortunately if the amount drawndown is big enough and he has income already in that year it could push him into paying 40% bracket not ideal (has to be total income over 50k to do this) otherwise you will pay 20% on all of it which is standard, if the drawdown is a large amount initially it may take 40% but you can either claim a repayment, or you will get the tax back as a refund at the end of the year that was overpaid
But regardless he is better off to have a large sum he can drawdown and pay 20% on than, than only have an income |
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"He has a company pension, this will normally be much better than any private pension.
Private pensions can be a huge risk and potentially a waste of money. Why would he need thiscrisk if he has a company pension?
This
Some of us have fragmenteds pension pots so, maybe private is not so bad.
The pension advice service is offering 60 minutes free telephone chats, so that's worth doing.
Martin Lewis of MSE fame is someone your kids should know about.
Martin lewis is a conman, and a misadvising moron i know this due to my job…. Your kids should ignore nearly all he says "
Not sure about “conman”.
My opening bid would be to listen to Paul Lewis, always good in current topics and he’s not trying to sell anything. |
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"
Something I have been “planning to get around to” is consolidating various schemes, I have a load of small work pension schemes sitting around and doing nothing except generating lots of post. So need consolidate those into one or two schemes.
And I have a few piddly isas that I need to join up with the main one.
I just have this feeling it’s going to be a pain in the arse proving identity, digging out old reference numbers etc to get anywhere with this. Has anyone else done this sort of thing recently? Easier than I’m anticipating or “good luck mate, a lifetime navigating call options awaits you”? "
I (Lily) did this during lockdown. Easier than you think and once you have sorted one the rest are just a repeat. That post will come in handy though as you do need to know your ref numbers etc. I had 5 pension pots, now have one, took less than 3 months to sort. It would have been quicker but I was quite lazy at points. |
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By (user no longer on site)
over a year ago
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"Wanna know what money does for you sat in a pension? Nothing. If anything it deprecates with inflation
Invest in something that grows.
That doesn’t mean don’t put into a pension, but diversify. "
but a pension, invested in funds, should grow other time. Probably at inflation beating rates. Plus you get at least a 20pc head start. (Kinda) |
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By (user no longer on site)
over a year ago
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"Not financial advice ....
I suspect his company pension is just one whixh invests in funds and whatever it grows to it grows to.
And a personal pension will be similar.
I'd suggest step 1 is for him to see if his company increases their contributions if he also pays in.
If he does set up a personal plan, I'd suggest a advisor. They will help make the fund selection suitable for him and you'd hope not invest in daft exotic stuff. Imo the more boring the better.
For retirement saving a pension is hard to beat. Especially if he's on a higher tax rate. ISAs aren't all that any more.
Beware anyone who suggests you can get returns without risk. Beware putting too many eggs in one basket
But in general, saving in the market is a great idea. Compound returns is how ppl get rich. And the sooner the better.
Out of interest, what’s your concern re isa’s? To me, they are better than ever as an investment option, as the limits have gone up so much. "
imo they are not the tax shelter they once were. Pensions are more powerful especially if using it for retirement goals. ISAs aren't bad. But tend to be put on a pedestal. |
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By (user no longer on site)
over a year ago
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"Wanna know what money does for you sat in a pension? Nothing. If anything it deprecates with inflation
Invest in something that grows.
That doesn’t mean don’t put into a pension, but diversify. "
Sunflowers? |
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"Wanna know what money does for you sat in a pension? Nothing. If anything it deprecates with inflation
Invest in something that grows.
That doesn’t mean don’t put into a pension, but diversify. "
Pensions don’t grow? Mine all have.
Dividends plus stock growth should give a healthy return over time. |
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
It’s really good to teach your kids about money , saving , spending , all kinds of things from a very early age.
I taught mine what I was taught , always live on 80 % of what you have , save 10% , give away 10%, budget wisely, don’t borrow unless you can benefit from leveraging interest rates like now in property , borrow at 1% gain 5-10% p.a, only invest in things you understand really well.
For pensions it’s really tricky since Brexit for young people as the U.K. GDP will shrink around 4% pa so those starting to save for pensions will likely see the investments shrink not grow but if you are a HR tax payer it’s still worth it. Plus they need the money now for housing , so my advice would be save some but not a huge amount maybe £100 a month max in your 20’s for pensions and up it when the markets recover. Hopefully by the time they are 40 they can save a good amount for 20-25 years in better market conditions than now |
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By (user no longer on site)
over a year ago
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My boss ranted at us young 'uns to join the company pension scheme. I was about 20 and thought it was a ridiculous idea as pensions are for old people.
But I signed up and I'm really glad I did. |
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By (user no longer on site)
over a year ago
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I’d be more tempted to open my own savings account and save so much each payslip that automatically pays into via direct debit. The reason is and I have seen it happen to my parents. Come retirement age, you may have a nest egg that you can’t draw out what you want from it and get paid a wage by the pension company. Some do it in the hope that the investor will pass away before they have to pay out the full balance. |
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"I’d be more tempted to open my own savings account and save so much each payslip that automatically pays into via direct debit. The reason is and I have seen it happen to my parents. Come retirement age, you may have a nest egg that you can’t draw out what you want from it and get paid a wage by the pension company. Some do it in the hope that the investor will pass away before they have to pay out the full balance. "
Investing every month? Yes.
Savings account? No |
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
"I’d be more tempted to open my own savings account and save so much each payslip that automatically pays into via direct debit. The reason is and I have seen it happen to my parents. Come retirement age, you may have a nest egg that you can’t draw out what you want from it and get paid a wage by the pension company. Some do it in the hope that the investor will pass away before they have to pay out the full balance. "
That’s essentially how it works other than it’s invested in stocks and you get full tax relief on payments. From age 55 you can draw out whatever you like , you can choose to buy an annuity but it’s not common these days , the rates are very low as people live a lot longer |
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By (user no longer on site)
over a year ago
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I always paid in max and my employers matched my contributions. I retired early and know I will never have to put up with BS from a boss that I am better qualified again!
My advice, max out your contributions and quit working ASAP! I hope everyone has the good luck I did.
 |
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"I always paid in max and my employers matched my contributions. I retired early and know I will never have to put up with BS from a boss that I am better qualified again!
My advice, max out your contributions and quit working ASAP! I hope everyone has the good luck I did.
"
Snap! |
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By *orny PTMan
over a year ago
Peterborough |
"He has a company pension, this will normally be much better than any private pension.
Private pensions can be a huge risk and potentially a waste of money. Why would he need thiscrisk if he has a company pension?
This
Some of us have fragmenteds pension pots so, maybe private is not so bad.
The pension advice service is offering 60 minutes free telephone chats, so that's worth doing.
Martin Lewis of MSE fame is someone your kids should know about.
Martin lewis is a conman, and a misadvising moron i know this due to my job…. Your kids should ignore nearly all he says
Not sure about “conman”.
My opening bid would be to listen to Paul Lewis, always good in current topics and he’s not trying to sell anything. "
Good ol' R4's Money box Live
So what exactly is wrong about Martin Lewis? |
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By (user no longer on site)
over a year ago
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my work pension is extremly good i do get a little pissed at how much they take per month but as part of my contract they match it ..its silly money but ive worked hard to get it ive also got 20 years in the nhs pension plan too ... but ive no plans to retire early i love my full time and part time jobs too much...
these things should really be taught in school ..life tools |
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By *icketysplitsWoman
over a year ago
Way over Yonder, that's where I'm bound |
I started a private pension when I was 24. It was the right thing to do.
However, to add to your advice, OP, I would tell your child to always take the company pension too. Do not opt out. It's real money, you just don't see it immediately.
I regret opting out of the pensions I could have had over the years. It's easy to transfer them now (it wasn't always so), giving your personal plan a little boost when you change jobs.
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To be honest I've never thought about private pensions. I have part of a Forces pension and my work pension. In my work pension your able to make your own extra contributions too so I add a little extra. In my job people tend to stick with it till retirement and everyone retires comfortably (some very well, depending of time served and lifestyle option's). Also I should hopefully be mortgage free, which will massively cut my monthly costs. So something luckily I don't have to think about too much. My advice (and I know its getting rarer) is have a long career in an industry with a good solid pension scheme and strong trade unions to protect them. |
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By *ill74Man
over a year ago
New forest area |
"He has a company pension, this will normally be much better than any private pension.
Private pensions can be a huge risk and potentially a waste of money. Why would he need thiscrisk if he has a company pension?
This
Some of us have fragmenteds pension pots so, maybe private is not so bad.
The pension advice service is offering 60 minutes free telephone chats, so that's worth doing.
Martin Lewis of MSE fame is someone your kids should know about.
Martin lewis is a conman, and a misadvising moron i know this due to my job…. Your kids should ignore nearly all he says "
Please explain? A lot of people rely on his advice.
You can't just say 'due to my job'. For all I know you could be a chippie.
No offence to chippies. |
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By *icketysplitsWoman
over a year ago
Way over Yonder, that's where I'm bound |
"He has a company pension, this will normally be much better than any private pension.
Private pensions can be a huge risk and potentially a waste of money. Why would he need thiscrisk if he has a company pension?
This
Some of us have fragmenteds pension pots so, maybe private is not so bad.
The pension advice service is offering 60 minutes free telephone chats, so that's worth doing.
Martin Lewis of MSE fame is someone your kids should know about.
Martin lewis is a conman, and a misadvising moron i know this due to my job…. Your kids should ignore nearly all he says
Please explain? A lot of people rely on his advice.
You can't just say 'due to my job'. For all I know you could be a chippie.
No offence to chippies. "
For balance, due to my job (not a chippy) I have come to trust him (ML, not the OP) as a very decent human being.
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"Wanna know what money does for you sat in a pension? Nothing. If anything it deprecates with inflation
Invest in something that grows.
That doesn’t mean don’t put into a pension, but diversify. "
What a load of tosh. Pension pots grow. We have proof of pensions that we have had for years. Compared to what we have contributed in they are worth a large amount more. |
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"Wanna know what money does for you sat in a pension? Nothing. If anything it deprecates with inflation
Invest in something that grows.
That doesn’t mean don’t put into a pension, but diversify. "
Don’t try and make a living as a financial advisor |
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