Best place to get pension advice?

oysterman

Must admit don't understand much about my pension.

Received a letter from my company i can now choose how my pension contributions are invested. Having no idea what is the best option, who are the best people to go for advice.

dunstonh

independent financial advisers are the best at giving advice. However, the transaction you want them to look at is likely to be available on fee only basis. You could be looking at £100-£250 pounds.

If you have a family IFA with an existing relationship, this sort of thing is often provided free of charge.

oysterman

dunstonh wrote:

independent financial advisers are the best at giving advice. However, the transaction you want them to look at is likely to be available on fee only basis. You could be looking at £100-£250 pounds.

If you have a family IFA with an existing relationship, this sort of thing is often provided free of charge.

I have used IFA's twice before for mortgages & found out both times there not as independent as they said.
Can i find one's that just do pensions?

dunstonh

I have used IFA's twice before for mortgages & found out both times there not as independent as they said.

The term Independent financial adviser does not cover mortgages. You can be an IFA but still be tied or limited on mortgages.

Can i find one's that just do pensions?

All IFAs can do it but you want one that does mostly investments and pensions. You don't go to a GP when you need a surgeon but both are doctors.

EdInvestor

oysterman wrote:

Received a letter from my company i can now choose how my pension contributions are invested. Having no idea what is the best option, who are the best people to go for advice.

What's the company and what are the options?

It's sometimes quite easy to work this out yourself.

oysterman

EdInvestor wrote:

What's the company and what are the options?

It's sometimes quite easy to work this out yourself.

Company is cpl industries.

Pension account are invested in the legal & general Global Equity Fixed Weights (60:40) Index Fund, in the following proportion

60% in the uk
14% in europe (excluding uk)
14% in North America
7% in Japan
5% in Asia

The investment choice is

UK Equity Index Fund
Overseas Equity Consensus Index Fund
Global Equity Fixed Weights (60:40) Index Fund

I also have the choice to invest in the actual overseas market funds below

North America Equity Index Fund
Europe (excluding uk) Equity Index Fund
Japan Equity Index Fund
asia Pacific (excluding Japan) developed equity index fund
Global emerging markets equity index fund.

So where do i start, i can leave it as it is or spilt it.

EdInvestor

These are all index tracker funds, which closely follow the performance of each country's stock exchange, whether it goes up or down.

The default fund is invested 60% in the UK tracker and the rest is split between the US and European trackers with a bit in Japan and Asia and emerging markets.

So all you can really do is vary how much of your money goes into which local or overseas market every year.

I'm not a fan of the US or Japan for various reasons, so would probably go for something like 70% UK, and 10% each into Europe,Asia and other emerging markets. But that's just a personal choice.

If you have no real idea, you may as well stick with the default fund, which is not a bad performer in its class.

oysterman

f you have no real idea, you may as well stick with the default fund, which is not a bad performer in its class.


I take it thats the one i am already in at the present time(sorry for sounding a bit thick)

dunstonh

You would be foolish to ignore the US in any long term investment. Just because we have had a number of years of poor performance, doesnt mean it will continue. Especially as recent data out of the US hints at a turnround.