should i remain contracted out or contracted in

EdInvestor

The issues are covered here:

http://forums.moneysavingexpert.com/showthread.html?t=28636

Deals_2

i have skimmed the forum on pension stuff but quite complex. also if self employed and fitting into lower income category at mo (am a mum too) not sure what the best thing is to do . have now received my list of funds from scottish life which is really gobblediguck to me!! how much woudl the government pay in if contracted in and how much is out if self employed and low income???? can it be moved around from one year to the next. I usually prefer investing in property too as i tend to follow this market and not always everythign on stock market stuff. thanks!

EdInvestor wrote:

The issues are covered here:

http://forums.moneysavingexpert.com/showthread.html?t=28636

Deals_2

on my scottish life paperwork which was originally Talisman it says as follows:
the funds which are available to the Talismann SSA86 contract are:
Fund Name:
Managed
Defensive Managed
W/wide
UK equity
American
Pacific
European

Fund Name:
Fixed Interest
Index linked
Deposit
Property
With Profits
Secure Account
Security 98
Security 100

Strategy Name
Balanced RIS
Opportunity RIS
Cautious RIS
Security RIS

all gobblediguck to me!!!

EdInvestor

If you are self employed you are not eligible to contratc out or in, so nothing will be being paid into the pension and there is no need to take any action at present.

The issue is, the money that's already there.

Which fund is it invested in now? Is it doing well?Or should it be moved into another fund from the list above, or to another pension entirely.

Deals_2

just ask them those questions? is that what am supposed to do?
so what are self employed people supposed to do then? thanks in advance.

EdInvestor wrote:

If you are self employed you are not eligible to contratc out or in, so nothing will be being paid into the pension and there is no need to take any action at present.

The issue is, the money that's already there.

Which fund is it invested in now? Is it doing well?Or should it be moved into another fund from the list above, or to another pension entirely.

dunstonh

so what are self employed people supposed to do then?

Make more provision for themselves.

Deals_2

does this mean they should therefore invest in property and shares themselves then?

dunstonh

The more you do for yourself, the more you benefit.

An employed person with a full working life (and not contracted out) can expect around £8500 a year from the state pensions. A self employed person for with a full self employed working life gets £4381. Who better to fund the difference (plus more) than yourself. No-one else is going to do it.

Deals_2

in scottish life. shoudl this be taken out? can it be taken out? and invested in something else?

dunstonh wrote: »

The more you do for yourself, the more you benefit.

An employed person with a full working life (and not contracted out) can expect around £8500 a year from the state pensions. A self employed person for with a full self employed working life gets £4381. Who better to fund the difference (plus more) than yourself. No-one else is going to do it.

dunstonh

Scottish Life isnt a bad provider. They have quite a good fund range for a PPP on their current contract. If those same funds are available on your contract, then it may just be as simple as doing a fund switch.