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Pensions And Savings

Clydeside_Sheep

By Clydeside_Sheep,
in The Pub

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Clydeside_Sheep Mentor

Clydeside_Sheep

Posted
Posted

So, what advice do folk have on pensions and saving?

 

(Its well know that there is none better than the Aberdonians for financial advice).

 

As 40 appears on the (distant) horizon of my life, I figure its probably about time I should pay more than just lip-service to pensions and savings.

 

I had a swatch at my works pension website earlier, you can tinker with figures and see the results.

 

Questions:

 

1) Our pension managers use 50% of current salary as a default target for annual pension. Is this wise / realistic? Bearing in mind the sums of today will be worth much less in future. How are you meant to know what will be a good figure? It all seems a bit "finger in the air".

 

2) I already put in the maximum amout per month - 4.5% of salary - and my employer puts in another 6%. (I expected my contribution to be minimal - I must have increased it before and then forgot). To put in any more, I need to use AVCs (Additional Voluntary Contributions) - are these any good, or is it more an emergency thing for older people who have nothing saved?

 

3) I have minor pension odds and sods floating about from employment of yesteryear - take it its sensible to consolidate it all with my current employer?

 

4) Take it an ISA is the most straight forward / easy means of saving?

 

Any other advice gratefully received - bearing in mind we weegies have to split our giro three ways, between pension fund, savings and drug habit ;)

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daytripping Veteran

daytripping

Posted
Posted

 

I am suspicious of them, whats in it for them?

 

Are they not trying to sell you products you might not need, to get commission?

 

(you can see I know f-all about finance!)

 

You don't have to take their advice, I do agree though, most try and sell you insurance policies you don't need, maybe ask the site sponsors here, they seem ok.

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Ke1t Grand Master

Ke1t

Posted
Posted

See a financial advisor would be my advice.

 

 

What this guy said.

 

Let someone professional deal with your fiscals and whatnots, rather than trying to figure all that shit out yourself.

 

A financial advisor will guide you through the sort of shit no normal person has any hope of knowing like tax breaks, constantly changing laws, safe to high risk investments, where to put your money, and when, so as to minimise the money you piss away to the government.

 

Going to a good finanial advisor more than pays for itself, and many times over.

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Stoney Newbie

Stoney

Posted
Posted

So, what advice do folk have on pensions and saving?

 

(Its well know that there is none better than the Aberdonians for financial advice).

 

As 40 appears on the (distant) horizon of my life, I figure its probably about time I should pay more than just lip-service to pensions and savings.

 

I had a swatch at my works pension website earlier, you can tinker with figures and see the results.

 

Questions:

 

1) Our pension managers use 50% of current salary as a default target for annual pension. Is this wise / realistic? Bearing in mind the sums of today will be worth much less in future. How are you meant to know what will be a good figure? It all seems a bit "finger in the air".

 

2) I already put in the maximum amout per month - 4.5% of salary - and my employer puts in another 6%. (I expected my contribution to be minimal - I must have increased it before and then forgot). To put in any more, I need to use AVCs (Additional Voluntary Contributions) - are these any good, or is it more an emergency thing for older people who have nothing saved?

 

3) I have minor pension odds and sods floating about from employment of yesteryear - take it its sensible to consolidate it all with my current employer?

 

4) Take it an ISA is the most straight forward / easy means of saving?

 

Any other advice gratefully received - bearing in mind we weegies have to split our giro three ways, between pension fund, savings and drug habit ;)

 

This is a bit of a ramshackle of a post to be honest.

 

Firstly you need to decide if you want to invest for medium to long term growth or if you want to invest in a pension scheme which will provide much slower (But guaranteed returns).

 

Bearing in mind you have maximum yearly limits as to how much you can invest before tax becomes an issue it might be advisable to invest in longer term investments if you are intending to exceed this figure perhaps contributing to your company pension for security but taking an investment risk in another form in order to improve your final pensions

 

It also largely depends on the risk you are willing to take with your pension, there are various forms of risk you can take which you should really take advise on.

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dave_min Grand Master

dave_min

Posted
Posted

I am suspicious of them, whats in it for them?

 

Are they not trying to sell you products you might not need, to get commission?

 

(you can see I know f-all about finance!)

Well, of you don't want the advice of a professional you should probably just ask some strangers online, I'm sure they'll sort you out.

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Ke1t Grand Master

Ke1t

Posted
Posted

Financial advisors are shite and will offer you products that maximise their commission, fuck all to do with getting you the best deal.

That's not my experience at all.

 

In fact they've helped me ditch a whole shitliad of unnecessary expenses in order to reinvest.

 

While family members were losing their arses in the financial meltdown... father in law lost over half a million because he reckoned he didnt require financial advice... I was actually growing my portfolio.

 

Now I appreciate that the financial organisation is in it to make money inna, but the cash i've made thanks to my financial advisor far and away mitigates paying someone to look after my finances.

 

There are some things you let the pros do, and some things you can do yourself... investing I leave to the pros.

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fatjim Newbie

fatjim

Posted
Posted

 

I am suspicious of them, whats in it for them?

 

Are they not trying to sell you products you might not need, to get commission?

 

(you can see I know f-all about finance!)

 

Commission was stopped by the government. The adviser would have to charge you a direct fee and you can haggle with him over it.

 

As someone who works in pensions I would say don't touch them as they are just a gamble.

 

However my official line would be to speak to a financial adviser.

 

Better having your money in property or illicit operations.

 

http://www.fca.org.uk/firms/firm-types/sole-advisers/rdr

 

see under adviser charging

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The Boofon Grand Master

The Boofon

Posted
Posted

Fuck pensions right in the pussy. Property is where it's at.

 

 

Half right.

 

Bang in a decent amount to a pension and buy as much property as you can afford.

 

Alternatively get kidnapped by Al Queda and claim 10 million pounds compensation.

 

House number 4 for the Boofon Clan currently under offer.

 

Bought a place in Aberdeen after managing to scare off another potential buyer with a scare story about rising damp. :laughing:

 

@@boboisared

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boboisared Newbie

boboisared

Posted
Posted

 

 

Half right.

 

Bang in a decent amount to a pension and buy as much property as you can afford.

 

Alternatively get kidnapped by Al Queda and claim 10 million pounds compensation.

 

House number 4 for the Boofon Clan currently under offer.

 

Bought a place in Aberdeen after managing to scare off another potential buyer with a scare story about rising damp. :laughing:

 

@@boboisared

:hysterical::hysterical::hysterical:

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Clydeside_Sheep Mentor

Clydeside_Sheep

Posted
  • Author
Posted

Well, of you don't want the advice of a professional you should probably just ask some strangers online, I'm sure they'll sort you out.

 

You mean we cant rely on positive, worthwhile advice from our fellow posters?

 

I obviously have more faith in the forum members - we band of brothers, we happy few! :)

 

It turns out we even have our own pro here, in the form of Jimbo!

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