Help me understand

hyubh

newlease wrote: »

Fair enough, I see a lot changed following "A-Day" and I can look elsewhere. Is there any particular reason the policy mentions FSAVCs in particular and not other types like SIPP or personal pension?

When personal pensions were first introduced you couldn't both be a member of an occupational scheme and take out a personal pension; instead, you could take out a free standing AVC instead, to similar effect (but with different tax rules). With A-Day matters were (in principle) simplified and the distinction between personal pensions and free standing AVCs effectively fell away. As such, nowadays an occupational scheme might have an 'in house' AVC option, but you won't find talk of a FSAVC any more, outside of old literature.

maximumgardener

Lisa
you may find running "your numbers" in RetireEasy web site useful?

can let you see different scenarios on personal pensions assuming say 5% return nett of charges over 20 year investment period? you could do same for Stocks and shares isa. its quite intuitive .

main thing is time in the market not timing the market . you have time on your side. Go for it!!

maximumgardener

https://www.pensionwise.gov.uk/

suggest you consider making phone appointment with above . it should help you understand your options and not "over analyse" at this stage. then go see an IFA . make sure they are independent is best or you may be confident enough for DIY? .......ie you choose / you decide everything.
Horses for courses.
In my case , I went the IFA route and am delighted that I did that.
MG

maximumgardener

you noted in an earlier post the lifetime allowance (LTA) reduced by Govt legislation to 1 million from £1.25 million........further changes to "pensions" by successive governments are inevitable if past performance is anything to go on!

Indeed I know people in their 30's and early 40's who firmly believe the state pension will not be there in 35 years or so. (unsustainable)
Therefore you are dead right to make your own provisions. !
you will be one of the lucky ones thinking ahead