Pension lump sum in election time?

dilby

Hi all -

Thanks to some wins with my freelance career over the last 12 months I have a bit of cash sitting in my business account that I can't withdraw without hitting the higher rate of cash and I'm considering putting a lump sum into my pension (around 10k). I am 35 and have only had a pension for 5 years with small monthly contributions. However I'm wondering is it really silly to do that with all this election/brexit rubbish going around? My pension is with Aviva which sees a spread in funds around the world so I'm not sure how much our domestic politics really would affect things. I'm aware that I've delayed things for years now while waiting for stability and as I'm still young I want to get the money into the pot as early as I can. I know it's a subjective question with no right or wrong answer but would really appreciate hearing some thoughts from people on the topic. Thanks so much!

Prism

I keep about a years worth of pay (salary and dividends) in my business savings account in case I become unable to work. However its my only income so your situation may be different. After that all other cash goes monthly into my pension and at the end of the tax year I also put a lump sum in. Politics make no different to my contributions.

Marcon

dilby wrote: »

Hi all -

Thanks to some wins with my freelance career over the last 12 months I have a bit of cash sitting in my business account that I can't withdraw without hitting the higher rate of cash and I'm considering putting a lump sum into my pension (around 10k). I am 35 and have only had a pension for 5 years with small monthly contributions. However I'm wondering is it really silly to do that with all this election/brexit rubbish going around? My pension is with Aviva which sees a spread in funds around the world so I'm not sure how much our domestic politics really would affect things. I'm aware that I've delayed things for years now while waiting for stability and as I'm still young I want to get the money into the pot as early as I can. I know it's a subjective question with no right or wrong answer but would really appreciate hearing some thoughts from people on the topic. Thanks so much!

Yours guess is as good as anyone's. If you're that bothered, put in a few thousand now and then wait to see what happens. Just don't forget to pay in the extra you are currently intending to contribute...

badmemory

Even if your pension fund does drop a bit or even a lot you still have 20 years to make it up. But why not wait until Feb/Mar but before the end of the tax year. Once the market has plummeted the only way is up!

dilby

badmemory wrote: »

Even if your pension fund does drop a bit or even a lot you still have 20 years to make it up. But why not wait until Feb/Mar but before the end of the tax year. Once the market has plummeted the only way is up!

This is an interesting thought.. is it more than likely the market will be lower in March than it is now?

Brynsam

dilby wrote: »

This is an interesting thought.. is it more than likely the market will be lower in March than it is now?

Do you really think anyone here has a crystal ball?

Albermarle

My pension is with Aviva which sees a spread in funds around the world so I'm not sure how much our domestic politics really would affect things.

The answer to that is 'not very much at all'
What happens in the US; China; Middle East has much more influence .

dilby

Brynsam wrote: »

Do you really think anyone here has a crystal ball?

Apologies for the stupidity.

Thrugelmir

The boost will come from the tax relief gained from investing earlier.