Elderly dumb blonde question

soappie

This is a really stupid question I suspect - no I don't suspect - I know!. But, I need to ask it.

Today I received my annual statement from my pension people (it's a sort of personal pension). The figures in it are dreadful given the amount of contributions that have been paid over the last several years.

I do not understand pensions so I have, until now, buried my head in the sand over it all. But, I feel I shouldn't do that anymore. I need to speak to someone about it.

So who do I speak to? About getting things changed? Certainly not the pension company itself I suspect.

Is it an IFA I need? If so, are there different types of IFA? Or do they all do everything? What sort of IFA do I need to find? And how?

Goodness, I feel so dumb!

dunstonh

The figures in it are dreadful given the amount of contributions that have been paid over the last several years.

We are only back a few years. So, it shouldnt be that bad. Not unless you are investing in areas which have suffered more.

So who do I speak to? About getting things changed? Certainly not the pension company itself I suspect.

Is it an IFA I need?

An IFA is your best option.

If so, are there different types of IFA? Or do they all do everything? What sort of IFA do I need to find? And how?

The term IFA does cover a range of skills, qualifications and includes specialists as well as general practitioners. However, all IFAs should be able to do what you need them to do.

There is a database at www.unbiased.co.uk (unselect the filter option which only shows paying IFAs - most dont pay to be on that register. And dont be swayed by those appearing in big blue boxes and those appearing in grey. Thats what paying and not paying gets you).

yelf

where abouts on south coast are you? Pensions invest in funds - many of which are equity funds linked to stock markets. So all that "FTSE tumbles" news means your pension fund is tumbling 99% of investment funds have shown a negative return over the last 12mths, and they have been large drops (over 50% in some cases) . In order to make real returns on your pension you need to take some risk - this risk is that your fund will drop in the short term - but in the long term equities outperform all other asset classes

whiteflag_3

A few questions

yelf wrote: »

where abouts on south coast are you?

Can where you are on the south coast effect your pension? Is is better to be inland if you are investing in a pension?


"Pensions invest in funds"

when was pension investment directly in property or cash outlawed?

"but in the long term equities outperform all other asset classes"

what is the definition of long term and according to who?

soappie

Many thanks for the replies. I'll look at that website Dunston. And for Yelf - I'm in Dorset...