can someone recommend a personal pension please?!

neilsolaris

Hi,

I'd like to invest into a personal pension, but I'm feeling a bit overwhelmed as to which one to choose! Therefore, I wonder if people here could help me choose please?

Basically, I think the SIPP might be a little too complicated and time consuming for me at present. Someone on here on another thread recommended a personal pension scheme. Are there any particular ones people recommend?

My initial contribution will be between £10,000 - £23,000, depending if my January to March earnings this year will be liable to tax. Basically, from January or April next year (depending on what HRMC decide), I'll be working in a tax free country, and I might be eligible as a non-UK resident for tax purposes. In that case, I might not be making any further contributions for the following 3 tax years, although I'll carry on contributing when I come back to the UK.

Thanks for you help.

dunstonh

There is no one best pension scheme. The best will depend on amounts, timescale, how you intend to buy (IFA or direct), what features you want, how you intend to invest etc.

neilsolaris

Hi Dunstonh,

Thanks very much for your reply. I can't predict amounts, but I'll probably be working in a tax free country for the next 3 tax years, saving about £45,000 per year. I'm not sure where to invest that money yet, I'm assuming not a pension scheme in the short term as I'll be taxed on any contributions. I've been self-employed all my working life.

I'm 42 at the moment, I'll maybe continue working until I'm about 65, but that's a complete guess! I don't know the advantages of IFA or direct, is that something you could advise me on please? I don't know what feature are available. In terms of how to invest, I'm not sure what that means (I thought I'd just pay a monthly sum into it eventually, when I return to the UK).

Thanks again.

TBC15

Do you have another thread running on similar lines?

neilsolaris

Hi TBC15. I do have another thread running, but it was on a more general subject about where to invest, not necessarily which pension scheme. I'm trying to get more specific now!

TBC15

Fair enough. I’ll give you the following personal recommendations that will be modified based on the salvos of knowledgeable input this post will generate. Open a SIPP for this year with HL and stick the lot into MFM SlaterGrowth, its run by the guy who is the son who wrote the book on investing. I’m sure this will get hammered by Mods. While you are considering this advice start checking out the various on lineguides to fund performance ( my favourite is trustnet) that you will be able to invest in other funds over the next few years via interactive investor as you won’t be able to contribute to a SIPP in this time. When you plan your returnto the UK do a lot of planning, split year tax etc. Remember what I said about NI.

This is what I would do, I don’t claim to know what I’m doing.

xylophone

Regarding the new state pension

https://www.gov.uk/new-state-pension/overview

https://www.gov.uk/national-insurance-if-you-go-abroad

Regarding the proposed personal pension, why not just start with something simple and consider your options on return to this country?

http://www.hmrc.gov.uk/manuals/rpsmmanual/rpsm13103020.htm

http://www.legalandgeneral.com/library/pensions/technical-information/Continuing_conts_after_going_overseas_2014.pdf

http://www.legalandgeneral.com/pensions-retirement/pensions-explained/personal-pensions/

neilsolaris

Thanks very much TBC15 and xylophone, that's exactly the kind of advice I was hoping for! I'll look into both your suggestions in more details a bit later. I feel I deliberate too much sometimes, which means I don't get around to doing anything at all!

neilsolaris

In terms of specific pension firms, what are people's views of Hargreaves Lansdown? I found them on the Money Saving Expert recommended SIPPs.

Thanks.

TBC15

Having thought about it a little longer you may be better of using your ISA allowance this year and putting the remainder into a SIPP.

Your time overseas will give time for the dust to settle on the latest legislation. If the pension regime is still as flexible you could always contribute to a SIPP on your return with the money you have set aside.

neilsolaris

Thanks TBC15, I think that's what I will do (although I can't invest all my remaining funds into a SIPP this year, but that's probably the subject for a different thread!).

I understand that whilst I'm working as a non UK resident, I can still contribute up to £3,600 gross per year, for the first 5 years. I don't suppose I'll be away for quite that long though.