Changing platforms for various investments

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Albermarle said:

 Personally I don't follow the anti-UK globalist Daily Mail comments section pessimism that you HAVE to diversify globally, it's nonsense. I end up going for 2/3 UK equity 1/3 global equity.

You have mentioned this on other threads. I am surprised there is no reaction from the many forum members with globalist tendencies 

Personally I will not comment , as I am a fence sitter on the subject of UK weightings and can see both sides of the argument !

Haha, I just love the hypocrisy of it though. Since the 80s ownership of UK equity has gone from neatly all UK owners to 45% today, UK is consistently the worst selling sector in the UK investment industry, and yet the very people who complain about the country going to the dogs and how it's all been sold off to overseas owners are the same people who won't invest any of their own money here!
Same argument about nationalising rail "we cant afford it" "it's better run privately because competition/capitalism etc." Yet most of the franchises are owned by European governments!
Or this OneWeb the government just bought. They could have just not let the Canadian pension fund but Inmarsat but nooo.
Or this Sunak scheme to keep young people in work, top comment "where is the money coming from?", Next article about the stamp duty holiday "we shouldn't have to pay stamp duty anyway" 🤦‍♂️

Mistermeaner

Thanks for input

Interested in the comments against kids pensions ;

To my understanding nothing can compete with a pension for free money - my contributions to 18month olds pension gets +25% tax relief ... Crazy if you ask me but I don't make the rules

We have 4 kids ages 13 down to 18months : the older 2 both have another set of parents each and as yet no siblings other than our younger 2 - we figured that with both of us likely working at the point they are 18+ we can help them out from our income , particularly as we're well covered in our pensions 

Theyounger 2 will be hitting 18 around the time I get acess to my pension pot so we can help them from that 
We will also more than likely be mortgage free on a big 4 bed house when they move out - current tentative plan is to sell this thing giving them circa 50k each and we will still have 300k of equity to go buy a nice 2 her cottage 

The plan with the pensions is to sit each of them down at an appropriate point and demonstrate to them the power of long term tax efficient saving and compound growth ; hopefully instilling in them some of habits that have helped us save  nearly 500k in total while only aged 40 and 35 respectively ....  That head start should see them well on their way

Also with any luck we won't deplete our pensions before death so should have something to pass on

Please shout if I'm missing something but we considered so many things before settling on pensions for them all - I don't understand what investment could be better as with all alternatives the money is better staying in our names then just giving it to them as required rather than setting up jisa etc

Notepad_Phil

Mistermeaner said:

Please shout if I'm missing something but we considered so many things before settling on pensions for them all - I don't understand what investment could be better as with all alternatives the money is better staying in our names then just giving it to them as required rather than setting up jisa etc

If you are 100% sure that you will have sufficient other money to help your children when needed then putting the money into a SIPP where it cannot be touched until they are at least 55 (and probably by the time they get there at least 57 if not more) can make good sense - hopefully all of the advantages of a pension will remain (which they probably will, but can't be guaranteed).

Life has tought me that 'things happen', so maybe split the money between pensions and other investments that can be accessed earlier if needed, even though you are absolutely certain you won't need to - these investments can still be in your name if you don't want them to have access before you think they're ready for it.

Albermarle

Life has tought me that 'things happen', so maybe split the money between pensions and other investments that can be accessed earlier if needed, even though you are absolutely certain you won't need to

Very true that ( unexpected ) things happen and some flexibility to alter plans is always good. 

Mistermeaner

Indeed life can happen! 

I guess my point is that because the alternatives for kids accounts are pretty pants you may as well keep money in your name - ie there is no advantage in a junior isa over a grown up isa etc 

May as well do the most efficient thing over all and think of all the money as one pot - if your kids are likely to need cash post your retirement then your pension will serve them well 

if you had kids younger then it’s likely you’ll need to find them from your earned income so get saving into your pension early 

cloud_dog

Mistermeaner said:

Indeed life can happen! 

I guess my point is that because the alternatives for kids accounts are pretty pants you may as well keep money in your name - ie there is no advantage in a junior isa over a grown up isa etc  

Well, I'm not sure I would describe the possibility of 225% increase in return of a cash JISA over an adult ISA as pants (NS&I JISA 3.25%, adult ISA generally around 1%).

Although, I am all for flexibility.