35 no pension.

Lokolo

This is with people saving for a specific purpose other than retirement. e.g. I haven't got a pension yet I have around £17k in savings, which I plan to use in a few years.

Depends on the individuals personal goals.

dunstonh

We don't spend on extravagances, and can probably afford about £200 for my pension each month.

Thats a good contribution and will make a difference. I think some on here may have been thinking (with good reason based on other threads) that you would be looking at £20pm as more likely.

I may be inclined towards some kind of S&S tracking type, as I don't want a lot of risk - and want some surety that there will be growth.

Remember that pensions and ISAs have the same investment options. So, the actual investments would not be a reason to pick pension over ISA or vice versa. The maturity method, tax and future requirements would be the decider.

I am seeing a chartered IFA on monday, and am working through the Q's that I should be asking him. I am not sure as to whether he is chartered or not means that his fee's will be higher. But will see.

Chartered is overkill for the transaction. Typically, you would expect them to be more expensive on a pension of this size. They may not be but be prepared.

But I think after a good long session with an IFA I will be sorted.
I may just get some advise and go with someone like cavendish- is that a good thing.

Depends on your morals.

pKaTz

Lokolo wrote: »

This is with people saving for a specific purpose other than retirement. e.g. I haven't got a pension yet I have around £17k in savings, which I plan to use in a few years.

Depends on the individuals personal goals.

Yes i see that now.
Perhaps why I have opted to do The ISAs.

Lokolo

pKaTz wrote: »

Yes i see that now.
Perhaps why I have opted to do The ISAs.

Yep that's fine. It depends on your views of ISA vs Pension, you just have to weigh the options. Just be careful with ISAs as you can spend the money before retirement.... then you may end up with nothing left!

pKaTz

Quote:
But I think after a good long session with an IFA I will be sorted.
I may just get some advise and go with someone like cavendish- is that a good thing.
Depends on your morals.

You mean you as an IFA would frown on someone going to you for 1 hour of free advice and then running off to tie up business with someone else.
Yes, I can see it from your side of the fence - but the choice is there to be taken.

jem16

pKaTz wrote: »

You mean you as an IFA would frown on someone going to you for 1 hour of free advice and then running off to tie up business with someone else.

I doubt you will get much advice in one free hour that would allow you to make the appropriate decisions. The first free session will merely be a factfinding session and a layout of the IFAs charges. Not much else will be discussed.

Yes, I can see it from your side of the fence - but the choice is there to be taken.

Would you pop into your local garage, ask the mechanic how to fix your brakes and then run off to Halford's for the parts to DIY?

dunstonh

You mean you as an IFA would frown on someone going to you for 1 hour of free advice and then running off to tie up business with someone else.
Yes, I can see it from your side of the fence - but the choice is there to be taken.

If you asked any self employed person to do a job and tell them they are not going to be paid they would say the same.

As Jem says, you wont get any recommendation in the free period. Concepts, ideas and some factfinding but no specifics. You may get a income needs analysis if you are lucky (as someone with no pension at all is easy) but you wouldnt expect provider, investment funds or comparison of options to be done.

puddy

its probably quite judgemental for me to say this but i would feel that you are putting a lot of money away for your son. you are probably planning for his uni fees or such like? fair enough, but with your income (which isnt that high) and your concerns about your pension and lack of one, wouldnt it be better to get yourself sorted now and then be able to help him out when he is older if you can? i also think its good for young people to learn that money isnt just plonked in their lap, his would be by all accounts.

what are you living on then if you dont mind me asking because if you're maxing out both isas, plus paying 300pcm for son's saving, how are you doing this?

pKaTz

do you want an I&E?
i think not on here

puddy

no, im just amazed at the amount you can save, im really strugging and should be putting money away but cant