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Dont have one not sure if I want one?
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"older defined contribution - final salary and similar": a slip of the keyboard there. You mean defined benefit.Free the dunston one next time too.0
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If a pension company go's bust will I loose all my money?0
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Mumto3cheekymonkeys wrote: »If a pension company go's bust will I loose all my money?
You really need to do some further research/reading on how modern DC pension funds are invested.
The company with whom you have your 'pension' can go bust, but, unless there has been some major criminality, the underlying funds are yours (in trust) and ring fenced from the administering entity.
It's 'lose' BTW, 'loose' means to set something loose. Lose means to, well, lose something.
It only takes one tree to make a thousand matches, it only takes one match to burn a thousand trees. As well, the cars are all passing me, bright lights are flashing me.
Johnny Was. Once.
Why did he think "systolic" ?0 -
Thanks kidmugsy, corrected.
First thing to consider int hat case is starting to invest within a stocks and shares ISA. The rules on auto-enrollment will force employers to contribute in a few years and that would be a better time for pension contributions.Mumto3cheekymonkeys wrote: »What if my employer doesnt offer a pension? Who would be the best company to go with and what type of pension (assuming they are different types) would be best? im only 24 now so would assume that by the time i retire (65+) I would have a good sum saved. I dont want to end up like my nan barely affording to live
No. The money is held in a trust or comparable arrangement for you and is not part of the assets of the pension company. As well as that, if you hold funds like unit trusts, the money in them is not directly controlled by the pension company but instead by the fund company. Within the fund company it's also held in trust or in a client money account and apart from the funds of the company, whose creditors have no right to any of the money.Mumto3cheekymonkeys wrote: »If a pension company go's bust will I loose all my money?
Some older schemes with shared pots of money could have trouble if they promised to pay out more than they could afford to pay based on the money they were taking in. Trouble with some of those schemes is in part what prompted the changes to regulations and Pension Protection Fund that we have today.0 -
Thanks Richard for the spell check 0
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