pention vs savings please help

nrsql

Heard on Radio 4 the other day about some debt relief scheme for which you are ineligible if you have savings over £300 - that includes inaccessible pension pots.

If you are thinking about benefits though you probably shouldn't be locking away money.

My concern about pensions is their risk. You don't know how the rules will change in the next 30-40 years and there is a little you can do about it. There's already been a tax change and talk about further raids.

Certainly at your age I wouldn't consider them until maxing an ISA. If you're particularly keen on a pension how about splitting between the two. If you've already maxed the ISA you have to decide whether the risk of locking the money away in a pension is worth the risk.

McKneff

If your next employer offers you a pension then grab it with both hands.

Its free money they are giving you .

nrsql

McKneff wrote: »

If your next employer offers you a pension then grab it with both hands.

Its free money they are giving you .

Only if there's an employers contribution.

yelf

nrsql wrote: »

Only if there's an employers contribution.

Thats what you quoted :think:

bendix

jamesd wrote: »

If you're interested in learning how to invest as well you might try the Hargreaves Lansdown SIPP pension. .

I don't mean to be cruel here, but do you think that is wise. The poor OP can't even spell the word pension and is obviuosly not familiar with the idea of pensions being tax effective vehicles in which investments are placed.

I hardly think a SIPP is the best thing for him / her.

jamesd

If I had to choose between the Virgin option with its limited choice and high costs I'd pick Hargreaves Lansdown and its more competitive solution almost every time.

If pearl2009 wants to learn about investing then it's not a bad idea. If not then an IFA with advice and servicing including annual rebalancing would be a better choice.

pearl2009

bendix wrote: »

I don't mean to be cruel here, but do you think that is wise. The poor OP can't even spell the word pension and is obviuosly not familiar with the idea of pensions being tax effective vehicles in which investments are placed.

I hardly think a SIPP is the best thing for him / her.

I dont think my spelling has any think to do with the question in hand.

tobiascurious

what did you decide to do?