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  • FIRST POST
    • Not Me Officer
    • By Not Me Officer 13th Jun 17, 9:58 PM
    • 209Posts
    • 23Thanks
    Not Me Officer
    Best online providers for differing monthly subscription amounts?
    • #1
    • 13th Jun 17, 9:58 PM
    Best online providers for differing monthly subscription amounts? 13th Jun 17 at 9:58 PM
    I know people don't like to give a name recommendation so feel free to give a few to look at if that helps?

    I've been frequenting the forums lately for others as well as myself as some of you will have noticed. We are all in different positions in terms of what we can afford to pay in per month.

    I'm fairly sure i'm going to go with Cavendish Online (unless anyone reading this can offer a good reason to go elsewhere that doesn't charge so high).
    My pot is currently £7.5k and i will be doing £200pm. We will all be investing in differing tracker funds. Mine will be the VLS80. I've read that £200pm is their minimum monthly contribution so anything beyond this i will have to save up until it hits £1k - their minimum 1-off contribution.

    There's 3 others i've been asking for and looking into this for.
    One will also be contributing £200, another will be about £150 yet the final one can only afford £60pm currently until their circumstances change, which doesn't look like being any time soon.

    The other one paying the £200 could fit theirs in at Cavendish also but what of the other two? Where would you look with the smaller amounts?
Page 1
    • Not Me Officer
    • By Not Me Officer 13th Jun 17, 10:37 PM
    • 209 Posts
    • 23 Thanks
    Not Me Officer
    • #2
    • 13th Jun 17, 10:37 PM
    • #2
    • 13th Jun 17, 10:37 PM
    Just been browsing the moneyvator website. Only recently came across it. Finding it quite helpful so far.

    Just wondering if the £50pm person would be better with a stakeholder pension say through aviva (according to that site)? As said their situation isn't likely to change any time soon. Would this be better (than going SIPP)? They already told me that they'd like their money out of their S&S ISA and into a pension.
    • bigadaj
    • By bigadaj 13th Jun 17, 11:10 PM
    • 9,148 Posts
    • 5,844 Thanks
    bigadaj
    • #3
    • 13th Jun 17, 11:10 PM
    • #3
    • 13th Jun 17, 11:10 PM
    It's down to opinion really, stakeholders were set up for small contributions so may well be applicable.

    Just need to understand why they want to change from an isa to a pension. Do they have sufficient earnings to gain tax relief on the pension contributions? Growth is tax free within an is a and a pension, but an isa pays out tax free, income from a pension is taxable.
    • Not Me Officer
    • By Not Me Officer 14th Jun 17, 8:03 PM
    • 209 Posts
    • 23 Thanks
    Not Me Officer
    • #4
    • 14th Jun 17, 8:03 PM
    • #4
    • 14th Jun 17, 8:03 PM
    Just need to understand why they want to change from an isa to a pension. Do they have sufficient earnings to gain tax relief on the pension contributions? Growth is tax free within an is a and a pension, but an isa pays out tax free, income from a pension is taxable.
    Originally posted by bigadaj
    They were really sold by 2 things and that was locking it away (ok a LISA can do that to a degree) and protecting from means tested benefits.

    They believe they wont dip in to it for other things but they want any temptation removed completely.
    Also our mother worked from her mid teens until she was 40 or so. Never would anyone in the family have thought she would end up not working through disability and that's the thing - you never know what tomorrow brings, whether my sister also gets this condition or not who knows maybe she will maybe she wont, the point is she was going through the pros and cons and based on that wanted her money in a pension wrapper.

    At the moment she can only afford £60pm on top of what she's paying into her workplace pension with NEST. She hopes that will change in the future but until the day comes she can only afford £60pm.

    So she (& I) doesn't know whether her money will be better:-
    - in a SIPP like the rest of us (my wife, my brother & myself) are doing (2 of us will be doing £200 the other doing £150 to see how it goes and then possibly upping to £200)
    - a stakeholder pension such as through Aviva/Cavendish
    - just simply paying the £60pm into her workplace pension with NEST and maybe also putting in as a lump sum what she's built up over the last 4-5 years. Maybe switch to their riskier fund since she was also going to look at riskier funds in a private pension (VLS80 kind of level but not VLS100).


    Based on this what would those reading do?


    Oh and i just remembered - i think she was slightly south of paying tax on her P60 ... within her limit in other words. She earned £10-£11k i think.
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