pension ideas

petrolpump

i have £8000 to invest in some form of pension fund/scheme ,would appreciate any advise

Linton

petrolpump wrote: »

i have £8000 to invest in some form of pension fund/scheme ,would appreciate any advise

Cant answer that until we know a lot more about your situation. Here are some questions to start off with:

1) Do you have sufficient cash savings to support you for say 6 months to cover any emergencies - eg redundancy? If not that is the first step rather than long term investing.
2) Are you working? If so are you in your employer's pension scheme? If you are it could be most efficient to put the £8K into that, though, this would need investigation.
3) Do you have any other pension provision?
4) Do you have other investments?
5) How old are you?

If you have no pension provision, but do have the cash to cover emergencies I would suggest an S&S ISA is more appropriate for a one-off investment of £8K. £8K in a pension will provide very little income and in my view the tax savings compared to an S&S ISA would not be worth the extra hassle. However a priority would be to consider your long term pension plan. Also, if you are young flexibility may be more important than very long term investment.