Pension Advice

nickyw_uk

Hi there, I could with a bit of advice please.

I am 29 and have been out of work for about 8 years. I have never paid into any kind of pension, but I've just come into some money (from my late Gran) and want to put some of it away to help me when I retire.

I have £18,000 and was thinking of keeping some back, so I settled on the idea of putting £12,000 away in a pension plan, but I have no idea who to go to.

I'm not very keen on a private pension plan. I think I'd rather have one with my bank, but I don't know if this is a good idea or not.

Would it be a good idea to go and see an independant financial advisor? I really need to sort things out quickly because my benefits have been stopped (I have too much money) and I'm using my money to live on.

Thanks for your help,
Nicky

dunstonh

I'm not very keen on a private pension plan.

why?

I think I'd rather have one with my bank,

bank products tend to be expensive and/or low quality. They are designed to be sold by relatively low skilled sales reps to generally low knowledge consumers.

Would it be a good idea to go and see an independant financial advisor?

If you need advice then yes, an IFA is your best option. Not a bank sales rep.

I really need to sort things out quickly because my benefits have been stopped (I have too much money) and I'm using my money to live on.

Money in a pension isnt included in benefits mean tests (at least not until you are at retirement age). However, the benfits agency may consider a large pension contribution as an attempt to gain benefits by disposing of your assets.