Pensions newbie - advice

atush

What area are you in? Most areas have at least stopped falling if not rising?

Is the house in poor repair? Decor? Overpriced?

moneysavermummy2014

atush wrote: »

What area are you in? Most areas have at least stopped falling if not rising?

Is the house in poor repair? Decor? Overpriced?

The property is in an area of Cornwall (we are not, this is where we used to live). Prices in the town have fallen by approx 25% in recent years as a result of much promoted development being halted or withdrawn (very, very significant developments and regeneration; all of which are no more). As a result, properties like mine (flats without parking) are simply not selling. At last count, mine is one of over 40 similar properties on the market in the region (some have lain empty for years now), in an area of approx 10k residents and not one that people are any longer seeking to move to; I bought new, and the property is immaculate. The issue is, it's become a town without industry/jobs; most residents are sadly out of work or on benefits/lower incomes, mortgages are not an option for many.

EDITED TO ADD: This is the reason I am 'a landlord'; I am an 'accidental' one. We never had any intention of having a BTL, but when we couldn't sell at point of moving due to relocation with our jobs, this was our only option by switching to BTL mortgage....... it still is.

atush

You could always put it up for auction, it will sell at some price the market will bear.

moneysavermummy2014

atush wrote: »

You could always put it up for auction, it will sell at some price the market will bear.

Thanks, but not an option really based on how other similar properties have fared in the auction pot in that area (no bids full stop) And even using their 'not sold, reserve' prices, I would have to find £40-50k to pay back the bank to settle the mortgage, which is not cash we have sitting around. At present, our losses are circa £50 a month. We can live with that. So, thanks to all for all the suggestions everyone; but, believe me, we have exhausted all options on the sales front, as have most other sellers in the area and we are all in the same boat for the moment, and have accepted we are stuck with it until circumstances change.

As per my original post, my concerns are around setting up pension funds specifically. I shall try and find a pensions advisor for more information.

Thanks all for your time x

xylophone

Have you checked the situation with regard to your three tiny pensions (see my post above).

If they are basic DC pensions, you might consider consolidating them into a SIPP (from your post above, you seem to have some investment experience)? You could then contribute your £2880 a year while you have no relevant earnings.

http://monevator.com/vanguard-lifestrategy/ might be worth a look.

Other posters have suggested BestInvest, Hargreaves Lansdown as possible platforms.......

Does your husband's employer provide a pension scheme?

atush

If you have investing experience I would use an online platform as the amount you can invest (3600) would be low enough that using an IFA may be too costly?

moneysavermummy2014

xylophone wrote: »

Have you checked the situation with regard to your three tiny pensions (see my post above).

If they are basic DC pensions, you might consider consolidating them into a SIPP (from your post above, you seem to have some investment experience)? You could then contribute your £2880 a year while you have no relevant earnings.

http://monevator.com/vanguard-lifestrategy/ might be worth a look.

Other posters have suggested BestInvest, Hargreaves Lansdown as possible platforms.......

Does your husband's employer provide a pension scheme?

Thanks xylophone - I shall dig out my paperwork and read the small print as to be honest I don't know what the exit penalties, but I'll add it to my list of admin! Thanks for those suggestions too; I shall give them all a look.

Oh, and yes, it does and he is planning to opt in as soon as we have a house move sorted, but if that doesn't happen (we will know in a month or two) he'll do it anyway; I know it probably sounds daft to delay.....

moneysavermummy2014

atush wrote: »

If you have investing experience I would use an online platform as the amount you can invest (3600) would be low enough that using an IFA may be too costly?

Ahh thanks Atush; that's a good idea, not one I'd really considered either! We have used Fidelity for various savings etc; is that the sort of thing you mean?

xylophone

Oh, and yes, it does and he is planning to opt in as soon as we have a house move sorted, but if that doesn't happen (we will know in a month or two) he'll do it anyway; I know it probably sounds daft to delay.....

Please don't say he's been opted out of a pension with an employer contribution......:eek:

xylophone

We have used Fidelity for various savings etc; is that the sort of thing you mean?

Fidelity has various pension options including a SIPP...

https://www.fidelity.co.uk/investor/pensions/calculator.page

https://www.fidelity.co.uk/investor/pensions/managing-sipp/before-transfer.page

Compare charges

http://monevator.com/compare-uk-cheapest-online-brokers/

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