Financial Advisor meeting

jem16

berbatov10 wrote: »

Regardless even at basic rate its boosted by 20%

But quite likely that you're going to pay 20% tax on most of it so not such a good boost unless you're going to be able to make good use of your personal allowance.

berbatov10

Personal allowance as in max pension contributions?

dunstonh

Can an IFA guarantee anything at all?

Suitability. Structure, Research and due diligence. All backed up with consumer protection. Returns no. That is unknown.

but asking for guarantees is taking it too far!

The poster was saying that it was unlikely. I dont think it is. Hence my comment.

jem16

berbatov10 wrote: »

Personal allowance as in max pension contributions?

No Personal Allowance as in the amount you're allowed each year as tax-free income.

berbatov10

Oh yes I do that

tigerspill

dunstonh wrote: »

Do they have the same volatility ratings? Less than 12 months with investments is not enough to compare.

Can you guarantee that?

On the basis of less than 12 months?

I will try to respond to this.

I totally understand that less than 12 months means nothing - but it is what I have got. I don't know what the future holds for either parts of the portfolio.

Looking at both sides, the VLS invests in "broadly similar types of funds". So I suspect the volatility is broadly similar. Bond/Equity split is almost the same (40% equities)

Obviously I cant guarantee anything.

What I can say is that after I read the various texts I mentioned, the asset split I arrived at wasn't a million miles from what my IFA came up with. She used funds from different suppliers than I had chosen - similar tracker funds.
The one thing I guess I did wrong was not to read all the stuff I read before engaging an IFA rather than after.

jem16

berbatov10 wrote: »

Oh yes I do that

Remember though that any other pension provision and the state pension may already be using up that tax-free personal pension.

berbatov10

Yes Jem I have a work pension which I contribute too so am keeping an eye on what Iam allowed to contribute

jem16

It's nothing to do with contributions. It's about taxable income in retirement.

What I am trying to say is that if you have other pension provision and the state pension that will take you over the tax-free personal allowance, then you will be paying tax on 75% of any further pensions.

berbatov10

Apologies I understand now. I think by the time I retire, 4.5 years the top rate tax will be near £45K. My other half will have no income so will transfer a BTL property (s) into her name to use her tax relief. I may not live long enough for state pension the way it keeps moving further away. Thanks for the reminder though I do need to be aware