Where to invest pension funds (a little bit confused)?

mark_in_essex

Sorry if this has been asked before, but I was even confused after doing a search on this forum (not sure if I put the right words in etc....).

For a couple of years my company switched their old pension to a pension company (Orbit) where the money comes out of your wages (like usual), but you can then invest it in different funds.

I went for a medium to high risk (Global Managed), but recently they transfered my old pension into the new one (went for the default transfer into BGI Consensus), but it looks like it has not been doing too well over the last couple of months as they transfered over £31K and now it's down to just under £29K.

I have been given a few options by other people:

1) Transfer it all into a cash pension so that it won't go down (not as much interest though).

2) Keep it in the same funds and wait to see if it goes up if the intrest rates go down in Febuary.

3) Invest some of it in the Asian market (somebody recomended Gartmore China Ops).

Sorry if I'm being a bit dim, but I'm new to all of this.

Cheers, Mark.

Footsie_2

Mark, a few questions..

How old are you? When do you intend to retire? Do you have any other pension funds or savings for retirement? What would you consider your attitude to risk to be?

mark_in_essex

Footsie wrote: »

Mark, a few questions..

How old are you? When do you intend to retire? Do you have any other pension funds or savings for retirement? What would you consider your attitude to risk to be?

Hi there,

Sorry I was in a bit of a rush yesterday.

I'm 37 years old and don't have any other savings or pension for retirement.

I'm on about £26K at the moment (before deductions with my overtime etc) and I pay in 5% of my salary with my company matching that and adding 3%. I can't really afford to pay in too much more (it's just under £90/month I am paying in).

I pan to retire at 65.

I'm hoping the house will be paid off by then (we have another 20 years left of this mortgage).

I don't mind talking a little bit of a risk at the moment, but nothing too stupid.

Many thanks, Mark.

mark_in_essex

Sorry - I should have said that my basic wage (before overtime and standby) is just over £20K.