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    • Catesar
    • By Catesar 17th Oct 16, 2:04 PM
    • 4Posts
    • 1Thanks
    Catesar
    Where to start with private pension
    • #1
    • 17th Oct 16, 2:04 PM
    Where to start with private pension 17th Oct 16 at 2:04 PM
    I feel the more I look into pensions the more confused I become... I have so far sought advice from 2 advisers, 1 from a super whizzy sounding firm, also from reading up on here, they seem to be super expensive in fees etc and Ive also spoken with a local smaller firm who I have dealt with for years for my mortgage and have a great relationship with. I am torn between conflicting advice from family and friends, from - "the more expensive company may be that, but they perform well and have access to better investments"? to.... "the smaller company will play it safer and may not get as good a plan back" etc.... If I'm honest its all beginning to terrify me and causing me to keep delaying getting it all started.... I suppose I'm after any kind of tips of how to move forward or experience from anyone, is it indeed best to sort it all through an adviser etc? thanks for any help...
Page 1
    • xylophone
    • By xylophone 17th Oct 16, 2:10 PM
    • 19,179 Posts
    • 10,893 Thanks
    xylophone
    • #2
    • 17th Oct 16, 2:10 PM
    • #2
    • 17th Oct 16, 2:10 PM
    Are you employed?
    • Catesar
    • By Catesar 17th Oct 16, 2:13 PM
    • 4 Posts
    • 1 Thanks
    Catesar
    • #3
    • 17th Oct 16, 2:13 PM
    • #3
    • 17th Oct 16, 2:13 PM
    yes, self employed ltd company. we would be setting pensions up for my husband and myself either as 2 plans, or 1 joint, whichever is best (again was advised the opposite by both advisers)
    • Linton
    • By Linton 17th Oct 16, 2:18 PM
    • 6,944 Posts
    • 6,538 Thanks
    Linton
    • #4
    • 17th Oct 16, 2:18 PM
    • #4
    • 17th Oct 16, 2:18 PM
    yes, self employed ltd company. we would be setting pensions up for my husband and myself either as 2 plans, or 1 joint, whichever is best (again was advised the opposite by both advisers)
    Originally posted by Catesar
    You cant have a joint pension - pensions are in a single name.
    • Catesar
    • By Catesar 17th Oct 16, 2:22 PM
    • 4 Posts
    • 1 Thanks
    Catesar
    • #5
    • 17th Oct 16, 2:22 PM
    • #5
    • 17th Oct 16, 2:22 PM
    Sorry, not a joint pension - 1 pension for us both, as in 1 plan set up in my name. This was advised by the 1st firm, however as much as we obviously wouldn't like to imagine it could ever happen, realistically people can split up so sure this method would present problems and costs should it happen.
    • dunstonh
    • By dunstonh 17th Oct 16, 3:12 PM
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    dunstonh
    • #6
    • 17th Oct 16, 3:12 PM
    • #6
    • 17th Oct 16, 3:12 PM
    "the more expensive company may be that, but they perform well and have access to better investments"?
    IFAs have access to the whole of market. So, if the adviser is an IFA, that statement only makes sense if the other is a restricted adviser (and pretty restricted at that as many whole of market restricted advisers will have access to most UT/OEIC funds and mainstream options). Is the smaller firm restricted or independent?

    If you are not a sophisticated investor then you wont need all the bells and whistles. Simple options built with a simple structure and process are usually best.

    Retirement planning should be viewed jointly. Even though you cant have a joint pension. i.e. one each. You do not want to be top heavy by having too much in one name and not enough in the other.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • xylophone
    • By xylophone 17th Oct 16, 3:15 PM
    • 19,179 Posts
    • 10,893 Thanks
    xylophone
    • #7
    • 17th Oct 16, 3:15 PM
    • #7
    • 17th Oct 16, 3:15 PM
    Have you both obtained a new state pension statement?

    You are both employees of your limited company?

    http://www.hl.co.uk/pensions/sipp/how-much-can-i-invest/employer-contributions

    You should each have your own pension.

    http://help.thepensionsregulator.gov.uk/faq/director/family-business-auto-enrol
    • Catesar
    • By Catesar 17th Oct 16, 4:02 PM
    • 4 Posts
    • 1 Thanks
    Catesar
    • #8
    • 17th Oct 16, 4:02 PM
    • #8
    • 17th Oct 16, 4:02 PM
    Thanks dunstonh, I'm fairly sure the smaller is also independent, will look into further to make sure, but your explanation makes sense to me too, we're certainly not sophisticated investors and I really feel more "comfortable" moving forward with the advisor I already know and have experience with (if he is indeed independent)
    Yes, I feel we'd be better to do everything together with amounts etc, just dividing what we pay in equally.
    Xylophone yes, we're both employees, our ae isn't until end of next year, but we were looking to set this up separately first for us. I'll have a look at your links attached also though, thank you for those.
    • coyrls
    • By coyrls 17th Oct 16, 5:34 PM
    • 591 Posts
    • 544 Thanks
    coyrls
    • #9
    • 17th Oct 16, 5:34 PM
    • #9
    • 17th Oct 16, 5:34 PM
    Thanks dunstonh, I'm fairly sure the smaller is also independent, will look into further to make sure, but your explanation makes sense to me too, we're certainly not sophisticated investors and I really feel more "comfortable" moving forward with the advisor I already know and have experience with (if he is indeed independent)
    Yes, I feel we'd be better to do everything together with amounts etc, just dividing what we pay in equally.
    Xylophone yes, we're both employees, our ae isn't until end of next year, but we were looking to set this up separately first for us. I'll have a look at your links attached also though, thank you for those.
    Originally posted by Catesar
    I am speculating that, from your description, the first company you refer to is St James Place, in which case they are not IFAs. As you suggest you will also need to check whether your local advisors are independent, they may not be if their primary business is as a mortgage broker. You have a very specific need and I think you need to cast your net a bit wider to find a suitable IFA that is used to dealing with pensions for the self-employed.
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