Barclays Wealth

unclehenry

bendix wrote: »

Why not just use a SIPP to place the lump sum into cash-oriented funds?

I guess because I know nothing of how to go about starting and monitoring and managing a SIPP. It seems to me there is a huge amount of information to wade through when looking at pensions, and I don't have the time to go through it all in an effort to sort the useful from the chaff. I'd (maybe niaively) kind of assumed that the likes of BW may not give the best, but at least it would stand a chance of being reliable and the minimal risk of disappearing pot. As I said, I am very wary of this type of investment, I'd much rather property but I feel I really need to stick something in a pension to spread things around.

bendix

Well, it sounds like you've made your mind up already then . . .

EdInvestor

unclehenry wrote: »

I'd (maybe niaively) kind of assumed that the likes of BW may not give the best, but at least it would stand a chance of being reliable and the minimal risk of disappearing pot.

If disappearing pots are a worry Barclays is definitely not the best choice. Go for an IFA and look for a conservative asset allocation with plenty of money in bonds gilts and cash.

dunstonh

As I said, I am very wary of this type of investment

A pension is not an investment. It is a tax wrapper that contains your investment. That investment can be cash, fixed interest securities, property or shares.

Pensions dont make or lose money. Where you invest in does that. So, if you say invested in property shares or bricks and mortar funds in a pension, the returns would be based on property. So, if property goes down, so will the value in the pension and if it goes up, so will the value in the pension.

Whilst property may be your comfort zone, that doesnt make other options bad. A diverse portfolio should include things from all the asset classes as at different times they will perform in different ways. The eggs in one basket approach just increases you risk.

whiteflag_3

EdInvestor wrote: »

If disappearing pots are a worry Barclays is definitely not the best choice.

To help the OP (and me) can you expalin on what basis do you give this advice?

whiteflag_3

unclehenry wrote: »

thanks for replies both. I am self employed, provide software and consultancy services to offshore industry. I've always been very wary of pensions and financial advisors, but I have invested in other areas over the years (BTL flat). I now find myself looking at retirement soon, have a decent sized nest egg (have always been a saver since youngest age), but as the last few years have seen me with high income and I can afford to make 100% towards a pension, it seems like a good plan to get the tax rebate and as a way of diversifyng portfolio.

Unclehenry - Are you actually self employed or do you operate via your own limited company, as its unusual for oil companies to deal with "self employed" directly.

unclehenry

dunstonh wrote: »

Yet you have never taken out a pension. So, your experience of a good pension adviser is zero.

Thats a bit like me saying I am wary of software consultants because I have never met one but I dont like Windows.

Do you want advice or sales?

I have experience with financial advice other than pensions. Just as with software, it seems there are many charlatans.

I'd hoped for some advice based on first hand experience.

unclehenry

whiteflag wrote: »

Unclehenry - Are you actually self employed or do you operate via your own limited company, as its unusual for oil companies to deal with "self employed" directly.

Not Ltd - much to my accountants discust I might add. I supply my services through agencies who get the contracts with oil companies and take their cut.

whiteflag_3

unclehenry wrote: »

I supply my services through agencies who get the contracts with oil companies and take their cut.

Thought that might be the case. Im interested why you prefer that route rather than following your accountants advice. For most people Ltd is more tax efficient.

unclehenry

whiteflag wrote: »

Thought that might be the case. Im interested why you prefer that route rather than following your accountants advice. For most people Ltd is more tax efficient.

Meant I could get at the income rather than leaving in Ltd. As it happens I have a colleague with a very similar background/situation who went the Ltd route 15 years ago. Our discussions indicate that neither route has proved more expensive than the other (give or take), but the issues involved are very different. Accountants advice may have been sensible from tax efficiency perspective, but the savings outlined seemed not worth it.