pension as a savings plan

madmopedracer

I am at present just entering the higher rate tax band and was thinking of using a new private pension to utilise my wages over the tax limit to save for retirement in 10ys take the 25% tax free and use some form of drawdown to enhance my final salary pension in the early years when i will be more active
are there any suitable products out there now the rules have changed

thank for any info

xylophone

You could open a SIPP.

http://www.moneysavingexpert.com/savings/cheap-sipps

You could start a private pension.

http://www.cavendishonline.co.uk/pensions/

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

madmopedracer

from what i have seen old products are not designed to enable this easily and charges are high to convert to drawdown or cash

xylophone

I am not quite sure that I follow - you would be opening a new pension under new rules?

Have a look here

http://www.hl.co.uk/pensions/sipp?theSource=PCHLS&Override=0&adg=G+HLBS+HLS&gclid=COaEuOuMi8UCFezHtAodC2YA2g


https://www.fidelity.co.uk/investor/pensions/fidelity-sipp-ppc.page?gclid=CIq8iYGNi8UCFbMatAodHRMAMg

Remember that you will need to contact HMRC concerning additional tax relief.

Al.

I once did a couple of 24 hour moped endurance events. Unless you've got your knee down on a ped, you haven't lived!

Assuming you're convinced that in 10 years time, the pension will prove/have proved to be the best option, contact pension providers and shortlist those which allow that functionality. Some don't. Also, check the 'all in' costs - many refer to it by different names.

Cavendish is cheap, but is it the best for you? This needn't be expensive - contact an adviser, give him your criteria and ask him to run some research for you. Thereafter, arrange it yourself, ask the adviser to do so (it will cost) and then either manage it yourself or ask the adviser to do that too (more cost).

dunstonh

from what i have seen old products are not designed to enable this easily and charges are high to convert to drawdown or cash

Old products would not be what you are buying.

madmopedracer

moped racing more fun than a R1

madmopedracer

thanks for all the replies but due to a family bereavement i wont be able to look into it for a week or two but i will get back to the thread