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Tax Exempt Savings Plans [TESPs]
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planteria, I think I might have asked this question before but I don't seem to be able to locate an answer from you: what are the benefits if someone puts their money into a TESP, instead of putting it into an S&S ISA or into a SIPP?
Or even unwrapped holdings as the next in the pecking order after those....I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
planteria, I think I might have asked this question before but I don't seem to be able to locate an answer from you: what are the benefits if someone puts their money into a TESP, instead of putting it into an S&S ISA or into a SIPP?Or even unwrapped holdings as the next in the pecking order after those....
... or even the 3:30 at Kempton?
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but i'm not here to justify the existence of Friendly Societies or TESPs, people can invest in them, or they can invest somewhere else, or both, or neither....it is up to them.
If people find their way to a Friendly Society off their own back, then yes the decision is purely theirs.
However if people find their way there because of a recommendation from an Introducer like yourself then that is a totally different matter. That introducer should be able to tell them why they are recommending the product over any other available on the market. If they can't or won't then they should not be acting as an introducer and accepting incentives such as vouchers or money to do so.0 -
patientperson wrote: »My love of all mutuals including Friendly Societies of course !!
Out of interest - where do you know planteria from?No problem. I offered to. I haven't Introduced anyone to Kingston Unity Friendly Society yet:A
Seeing as you offered, I am sure you will be happy to tell us how many vouchers you have received from Sheffield Mutual for your referrals?0 -
Out of interest - where do you know planteria from?
No problem to your out of interest question .. as you are more than aware there are other sites which have supporters of all things mutuals. This could have been via TMB (now sadly gone) or Carpetbagger.com. Other current sites are Imutual or Rpoints. There may be still further sites to which I yet have to stray. MSE is new to me and I expect that I shall post here too. Of total irrelevance it has always been amusing to me that some members have adopted multiple identities within the same BB for their own reasons whilst most retain their original name.0 -
SIPPS have been mentioned in this thread .. just a thought .. when one has retired then a SIPP appears obsolete.0
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patientperson wrote: »SIPPS have been mentioned in this thread .. just a thought .. when one has retired then a SIPP appears obsolete.
Not necessarily. I'm no expert on SIPPs but my understanding is that you don't need to be earning to have a SIPP so if retired early it could still be of use.Remember the saying: if it looks too good to be true it almost certainly is.0 -
SIPPs aren't obsolete after retirement. If retirement income is being taken by income drawdown they can be appropriate until death. They can also be used for pension contributions while retired to get the tax relief from the 25% tax free lump sum. Possibly also more benefit for a person whose income is below their personal allowance.0
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patientperson wrote: »SIPPS have been mentioned in this thread .. just a thought .. when one has retired then a SIPP appears obsolete.
Almost scary that you don't seem to have done any research but seem to be quite happy stating incorrect facts.0 -
Almost scary that you don't seem to have done any research but seem to be quite happy stating incorrect facts.
A completely unexpected comment .. if we were all experts in the 'complete' field of finance then it would not be interesting on MSE at all as no-one would have any necessity to learn anything.
I have no intention in researching each and every product .. my comment regarded already pensioned persons who may feel that selecting their own basket of investment is a both a chore and not necessarily suitable for them.
Reminder .. MSE .. Be nice to a Newbie .. you must have started as a Newbie a long time ago!!.:rotfl:0
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