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New Job - Age 25 - Standard life Insurance - Selected Pension age

Hi i am 25 and am looking to take out the pension offered by my company. the pension is via standard life(however we go get the option of Winterthur Life aswell but went with standard life due to the name? is this ok).

I am looking to go into contracting in a few years also.

I have chosen a high risk option with the following

uk equity 50%
overseas equity 48%
bonds 2%

or would you stick to the standard 5 year profile that they offer if you was me?

Also i have an option called selected pension age , this is when i get my final investment right? is there any other importances to this?

i mean i may put it earlier like 45 or 50, whats advisable and whats standard for this.

also anyother tips/advice would be good

kind regards

Comments

  • Speak to an IFA - there are more complicating factors that will need to be considered for you to get good advice.
  • dunstonh
    dunstonh Posts: 121,492 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    or would you stick to the standard 5 year profile that they offer if you was me?

    Risk profile and investment selection is personal. There is no point someone investing in 98% equities if they are a cautious investor for example. You should invest on the basis of your risk profile. Not someone elses. That said, it should be an informed choice.
    Also i have an option called selected pension age , this is when i get my final investment right? is there any other importances to this?

    It really has little meaning nowadays. Put 75 as that is the current maximum or put 68 as that is your state pension age. The age isnt cast in stone and it only there to provide you illustrations of benefits in the annual statement to the age you think you may retire.
    i mean i may put it earlier like 45 or 50, whats advisable and whats standard for this.

    You cant put 45 or 50. It has to be betweeen 55 and 75. (you may still be able to put 50 but from april next year it will automatically increase to 50.
    however we go get the option of Winterthur Life aswell but went with standard life due to the name?

    I havent placed any business with Standard Life for years. They just dont offer anything that you cannot get better elsewhere. AXA Winterthur are a much bigger company and more focused to pensions in particular. I would be more focused on which one offered the best investment options at the lowest cost.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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