pension mystery?

dave_the_slug

Reached the big 40:eek:
best sought out a pension:j
completly confused by all the ones on offer
I've got two company pensions which were both going for a few years!
You hear about so many horror stories, I not sure what to go for?
Dave

dunstonh

You hear about so many horror stories,

Most of which are impact only on a very small minority of people but are presented by the media as affecting everyone.

I not sure what to go for?

Seek advice from an IFA then. There are over 100 pension/investment schemes and at least 10,000 areas to invest in (only considering conventional packaged areas there). We would need to filter down from that number so would need more to go on.

At 40, you have left it quite late. Although it depends on the value of the old schemes. If you want £15k income in retirement age (which will be 66 in your case), you need to have around £200k built up to give you £10k a year and the other 5k coming from the state (rough figures here).

£200k with a 7% return p.a. would need a contribution of around £235pm. A lesser quality investment return would need a monthly contribution of around £317pm