Advice please on platform and investment for family member please.

TUVOK

My thanks for all of the replies to my posting.
They have given me plenty of info and choices, now to get down to the decision on what advice to follow.

Albermarle

TUVOK said:

My thanks for all of the replies to my posting.
They have given me plenty of info and choices, now to get down to the decision on what advice to follow.

Does the family member not have any investments already in their pension ( often this gets forgotten about). ?

TUVOK

Unfortunately like many other youngish men in the UK he does not have a occupational  pension.
I've pointed out to him about having on retirement to have to solely rely on the state pension and what ever savings he can accumulate.
Hopefully with some advice he can make a start on some sort of a investment plan which is best suited for him.

Alexland

TUVOK said:

Unfortunately like many other youngish men in the UK he does not have a occupational  pension.

He does not have access to one or has chosen to opt-out? If he doesn't have access to one and is basic rate might he be tempted by the 'free money' that a Dodl LISA offers?

wjr4

TUVOK said:

Unfortunately like many other youngish men in the UK he does not have a occupational  pension.
I've pointed out to him about having on retirement to have to solely rely on the state pension and what ever savings he can accumulate.
Hopefully with some advice he can make a start on some sort of an investment plan which is best suited for him.

Why would a 37 year old man not have a pension?

TUVOK

wjr4 said:

TUVOK said:

Unfortunately like many other youngish men in the UK he does not have a occupational  pension.
I've pointed out to him about having on retirement to have to solely rely on the state pension and what ever savings he can accumulate.
Hopefully with some advice he can make a start on some sort of an investment plan which is best suited for him.

Why would a 37 year old man not have a pension?

Because may companies, particularly small businesses do not offer one.

InvesterJones

TUVOK said:

wjr4 said:

TUVOK said:

Unfortunately like many other youngish men in the UK he does not have a occupational  pension.
I've pointed out to him about having on retirement to have to solely rely on the state pension and what ever savings he can accumulate.
Hopefully with some advice he can make a start on some sort of an investment plan which is best suited for him.

Why would a 37 year old man not have a pension?

Because may companies, particularly small businesses do not offer one.

Since 2008 all companies have had to provide them.

wjr4

TUVOK said:

wjr4 said:

TUVOK said:

Unfortunately like many other youngish men in the UK he does not have a occupational  pension.
I've pointed out to him about having on retirement to have to solely rely on the state pension and what ever savings he can accumulate.
Hopefully with some advice he can make a start on some sort of an investment plan which is best suited for him.

Why would a 37 year old man not have a pension?

Because may companies, particularly small businesses do not offer one.

Auto-enrolment changed that. Alternatively, he could have set up one himself. 

Albermarle

TUVOK said:

wjr4 said:

TUVOK said:

Unfortunately like many other youngish men in the UK he does not have a occupational  pension.
I've pointed out to him about having on retirement to have to solely rely on the state pension and what ever savings he can accumulate.
Hopefully with some advice he can make a start on some sort of an investment plan which is best suited for him.

Why would a 37 year old man not have a pension?

Because may companies, particularly small businesses do not offer one.

From the website of the Pensions Regulator

Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension and pay into it. This is called 'automatic enrolment'.

Does automatic enrolment apply to me?

Whether you're an architect, a newsagent, have a personal care assistant or a nanny, you are an employer from the day your first member of staff started working for you and you have legal duties.

If you are employing staff for the first time, your legal duties for automatic enrolment begin on the day your first member of staff starts work.

If you have any staff who are

• aged between 22 up to state pension age*
  
• and earn over £10,000 per year, or £833 per month or, £192 per week

you must put them into your pension scheme and you must both pay into it.

If any of your staff, who can ask to join your scheme write to you asking to do so, you must put them into it within a month of receiving their request.

You will have to pay into the pension scheme if they are:

• aged 16-74
  
• and earn at least £520 a month or £120 per week.