Accountants Advice

csa

Hi,

Following on from my previous post regarding starting a pension. I feel I need some financial advice. I don't have any personal savings or pension but feel I need someone to help guide and advise on planning for the future. My husband has a good job but refuses to have a pension, and as I only work a few hours a week, most of this wages pays the bills and goes on children's needs. As a consequence we have little in savings. I can't help thinking if we talk to someone they could sensibly guide and advise us. However how do start to look for a decent accountant? How much would I need to pay in order to receive the type of advice I'm seeking?

Thanks

dunstonh

My husband has a good job but refuses to have a pension

Why?
You need to get your husband to look at how he plans for both of you to live in retirement if he is not planning for it.

I can't help thinking if we talk to someone they could sensibly guide and advise us. However how do start to look for a decent accountant?

You dont need an accountant. It is not what they do. You need an IFA. https://www.unbiased.co.uk is the database that covers most. You can postcode search to find your local ones.

How much would I need to pay in order to receive the type of advice I'm seeking?

It can range from cost effective to very expensive as it is like any other job you can get priced up. Perhaps £500 to £2000 would be the range. However, the fee can be collected via the pension (most tax efficient way to do it) and there is no commission so the annual fees will be lower than in the past.

atush

You must discuss with your husband why he wont have a pension? He probably doesn't understand them. and if his employers have one and he hasn't joined, he is giving away free money.

I fear you both will be poor in retirement unless he pulls his head out of the sand.

xylophone

Your husband needs to find out about any company pension scheme - if one is not currently offered there will soon be a requirement for the company to so so.

Have you thought about starting a pension of your own?

atush

xylo. I agree.

She should , even if the amt she can put in is restricted due to low salary, it would be wise to have her own pension to help her in retirement.

With or w/o the Silly OH.

But the Op's contributon will be limited to 2880 (which the givt will increase FOr you to 3600) or her salary whichever is greater. But however small, this money will give you 25% tax free- the rest could be tax fre if your only pension.

Make sure you are making the min contributions here if you have less than 35 years). Get a pension forecast for both of you.

Pollycat

csa wrote: »

Hi,

Following on from my previous post regarding starting a pension. I feel I need some financial advice. I don't have any personal savings or pension but feel I need someone to help guide and advise on planning for the future. My husband has a good job but refuses to have a pension, and as I only work a few hours a week, most of this wages pays the bills and goes on children's needs. As a consequence we have little in savings. I can't help thinking if we talk to someone they could sensibly guide and advise us. However how do start to look for a decent accountant? How much would I need to pay in order to receive the type of advice I'm seeking?

Thanks

I'm assuming you mean most of his wages pay the bills etc.

I'm not sure what your OH's salary is but if most of it is going on day-to-day living, you might want to take a good look at your finances and see where you could possibly reduce your outgoings.

Here's a very good template for a Statement of Affairs (SOA)
http://www.stoozing.com/calculator/soa.php
and if you complete it and post on the Debt Free Wanabee board (DFW) - you don't have to be in debt to post on there - you'll get some good suggestions on cutting back.

If you've not got a lot of disposable income, maybe that's the reason your OH isn't keen on starting a pension.

csa

Thank you for your words of advice. I teach hourly and am starting to looking into what pension schemes are open to me.

xylophone

http://www.ucu.org.uk/media/pdf/l/h/pensions_tpspttime_mar08.pdf

Is this relevant to your situation?

PennyForThem_2

My husband died 2 years ago. Yes, there was some pension that was allocated to me but I really, really appreciate that even with my fractured job history I have a pensionof my own.

Please, please don't rely on a partner's pension allocation to their partner on death.

If you can afford to set up your own pension plan then do.