I am a non-earner. Is it even worth it for me to take out a SIPP?

AnotherJoe

janesmith wrote: »

To answer the original poster's question, IMHO I don't think it's worth it. All that paperwork and admin every year just to net a few quid.

There is a superior Return on Investment to spend that time getting the supposed £720 "free" money every year working and making a much higher sum of money.

There very little paperwork and admin involved, especially if you already have a SIPP. But even if you don't, the main work is the first time. I'll be netting £720 x 5, not bad for 5 minutes a year, and then £180 a year for 9 years. I doubt there are many jobs that pay £180 for 5 minutes work let alone £720.

atush

2) If I've understood pensions correctly, I won't be able to access the funds until I'm around 60 - Absolute nightmare. I'm all for compound returns but if I can't access them to help buy a property outright when I want to, what's the point?

The point is that a pension is for income in retirement, not buying property now.

A) Just invest into a global index tracker(s) privately.
Open a SIPP and put in the max amount each year and add to my position further privately.
C) Open only the SIPP and deposit the maximum amount, and invest further elsewhere (??)
D) None of the above -- Please explain.

A for 2880/3600 a year, a global tracker could be a good idea- but I dont see where you metnionned your age?

B/C If the 2880 isnt enough to save for your future, fhen look at your annual S&S isa allowance

D have you considered actually working and earning in which case you can put more into a pension?

atush

eightbo wrote: »

Well I know nobody owes me anything on here but it seems the select few members of this site who chose to initially reply haven't returned, except to bicker. Ainsi va le monde... !!!9829;

No we dont owe you anything.

But you owe us to be more clear and precise in your question and answers.

Those who bicker, quite often bicker over what you may have left out.

enthusiasticsaver

What is the point of resurrecting a thread which is almost a year old?

kidmugsy

enthusiasticsaver wrote: »

What is the point of resurrecting a thread which is almost a year old?

The point is that the spammer "janesmith" is presumably trying to line up a scam of some sort.