Advice

Hornetmad

Good Evening All,

hope everyone is well and tucked up warm at home.

looking for a bit of advice with the following. Last year I became mortgage free and saved up an emergency fund for 6 months. I’m a complete novice with investing but did dip my toe in to a stock and shares isa with Aviva Wealthify. I have contributed last years and this years allowance in on an very adventurous plan. I’m 35 years away from government pensionable age so not worried about the ups and downs to much at this point. id like to know what people think of investing with this product and what are my options for investing a further £150k now  have used the isa allowance. Is there any other providers out their that people would recommend or products that would be low fee. 

Id appreciate any advice given as I don’t have much of an idea now what to do for the best future increases and returns.

i do know a local financial advisor wanted me to use him with a whooping fee charge. The fee was enough to have me running for the door. 6% charge on anything I deposit and a monthly management fee. I might be young and a bit clueless with this subject but it rang warning signs so left fairly quickly.

If you need anymore info let me know.
thanks everyone

stay safe!!

Audaxer

As you have used your ISA allowances, have you considered investing as much of the lump sum as possible in your workplace pension or in a separate SIPP? You can invest up to your gross annual earnings each year in a pension and benefit from getting tax relief added, so if it's investing for retirement which is a long way off for you, its best to contribute as much to a pension as possible.

Hornetmad

Thanks sorry I should have said a bit more about myself. My annual earnings are only £18k a year my workplace pension is very poor with the employer contributing only the min. It’s a nest pension. 

I also am able to contribute monthly £500 towards any suggestions along with the lump sum. 

Thanks

Audaxer

Hornetmad said:

Thanks sorry I should have said a bit more about myself. My annual earnings are only £18k a year my workplace pension is very poor with the employer contributing only the min. It’s a nest pension. 

That seems more reason to put as much as possible into a pension as you can contribute up to your annual £18k gross earnings. So if say £1,000 per year is being paid into your workplace Nest pension, that would mean you could pay a lump sum of £13,600 (from the £150k) into a SIPP each year and get £3,400 tax relief added each year, bringing that up to £17,000 gross going into your SIPP.  That's just a rough estimate which will have to be amended for how much is actually being paid into your Nest pension. If you really don't require access to the £150k until you retire, it is worth considering investing lump sums each year in a SIPP to benefit from the tax relief.