Saving for retirement outside of a pension - Vanguard LifeStrategy?

MX5huggy

No definitely not a bad idea. Actually starting is the important bit. There’s so many reasons not to start, but you just need to start. You can keep researching and learning. In the future you may decide to change strategy, you can move the money to a pension later when it’s only a handful of years till you can access it. 

The only reason to hold anything outside an ISA is because you’ve used up your £20k allowance. 

k_man

dunstonh said:

In retirement I want to have a mixture of savings and pensions.

That is logical.  Cash savings are needed to short term money.

I’m going to be shortly increasing my pension contribution as much as I can afford and to tackle the savings side Im looking to save into something like a S&S ISA so I have some funds available come retirement. 

S&S ISA is investing.  Not saving.  

The funds in a pension would be available come retirement just as an S&S ISA would be.  However, the pension would beat S&S ISA.

I’d rather split my investment between different products giving me more flexibility and a bit more diversity come retirement. Also will allow me access if I need some of it in the next 15 years or so. 

Using the pension wrapper and the ISA wrapper does result in diversification.   The only benefit for the ISA is the earlier accessibility.

You should look to move the ISA to the pension as you get closer to 58.

Thanks for clarifying the Vanguard LifeStrategy product, I didn’t realise it could be taken outside of an ISA wrapper. Why would you want it outside of an isa though as won’t this leave it exposed to tax in future years? Possibly not so much of an issue with the small amount I will be paying but still. 

The other wrappers or unwrapped are unlikely to be an issue for you.  However, they are for larger investors.

How do you specify if you want the product in an ISA or not?

The ISA is the product.    You open the ISA and choose the investments within it.

Would beat, or usually would?

And I think you missed a not

Using the pension wrapper and the ISA wrapper does result in diversification