Private pension for husband, advice needed

BLB53

I considered a SIPP but do not have the knowledge, currently (although I would like to learn more over the next couple of years), to manage one.

A sipp is not so complicated - open an online account with the likes of Sippdeal, set up your monthly DD and invest in a selection of investment trusts - it may offer you flexibility for the future as you can stop the contributions when your hubby switches to his employers auto enrolment pension - and its very cheap - no annual admin fees etc.

BLB53

I meant to add the following link to the previous post (lots of other good articles under 'investing' tab)

http://monevator.com/cheapest-pension-diy/

dunstonh

But you did not specify additional state pension..

does it matter? state pensions are state pensions. I didnt say basic either.

Pinkfooted_Goose

Hi BLB53, thanks for the link to the monevator site - as I say, I do want to learn more about these things so I will have a read.

I had discounted a SIPP due to current lack of knowledge but I will re-read about them before making a final decision. To be honest I think if we open a personal pension for my husband then there is always the future option of transferring to a SIPP when (or if) I feel comfortable with managing things myself. Thanks for the suggestion though.

These are the reasons I keep putting off opening one - it feels like there are so many options and I keep thinking about them but not actually doing anything i.e. starting the pension. This is why I am determined to apply by the end of the month or it will keep dragging on and then he'll be another year older

xylophone

does it matter? state pensions are state pensions. I didnt say basic either.

I would have thought that an IFA would see the need to be clear?

dunstonh

xylophone wrote: »

I would have thought that an IFA would see the need to be clear?

As far as I am concerned it is clear. Pinkfooted Goose doesnt need a in-depth and confusing breakdown at this stage. The fact is that that the state pension will be lower because of contracting out. Instead, the existing pension will provide and income which will pay the income instead and it could be more or less than what the state would have paid.

Saying that the State Earnings Related Pension Scheme or state second pension element of the state pension will be lower but the former protected rights element of the appropriate personal pension will be paying out instead just adds a number of unnecessary words to get the point across.

xylophone

just adds a number of unnecessary words

If words clarify, they are not unnecessary.

jamesd

dunstonh wrote "have reduced your state pension provision". That is entirely correct and doesn't really require discussion of the Basic State Pension, Additional State Pension or the other pieces of the state pensions that could be present.

phil.s_3

I have big problems with IFA's. They tend to (with greatest of respect) be very blinkered and old fashioned. If I asked you what you thought of SIPP's what would you say?

At present you earn huge commission for moving a clients money from one poor performing fund to another. What are you going to do from january 2013 when it all changes. Hardly any clients will pay and the ones who do will certainly not pay the thousands in commission you get at present.

I think that going forward the alternative market is the way forward. The FSA are a joke and regulated V's not regulated arguement is also the same.

there are very very few funds that are doing well, they have all been poorly managed and over the course of someones career they are thousands a year worse off because of very very well hidden charges

dunstonh

I have big problems with IFA's. They tend to (with greatest of respect) be very blinkered and old fashioned.

Wow. Way to go writing off nearly 30,000 people you have never met.

If I asked you what you thought of SIPP's what would you say?

A niche product for a minority of consumers who want more active control of their investments than the average person.

At present you earn huge commission for moving a clients money from one poor performing fund to another.

Can you tell me how as I am not seeing it.

What are you going to do from january 2013 when it all changes. Hardly any clients will pay and the ones who do will certainly not pay the thousands in commission you get at present.

Exactly the same as I do now. Some different forms, different names for things but fundamentally the same as before.

You dont appear to know what your argument is as your post swings between different subjects that have nothing to do with each other and you have no evidence to back up your prejudice.

Edit added: It now appears from your other posts that you work for a SIPP provider and are tied to that provider and you are touting for business on that other post and you state there is an advice process. So, you have a vested interest in slagging off IFAs as they are effectively a competitor to you