Help, where do I start!?

Pat_Laverty

I'm 43, separated, with 3 children and a new mortgage. I have no pension, and need to start one. Any pointers/advice? Thanks

EdInvestor

If you have no company contribution and are a basic rate taxpayer you may be better with a Stocks and Shares ISA, much more flexible.Have you checked your state pension situation?

Retired_I.F.A.

Eds talking through her !!!! again.

Fact is there is no better way to provide for retirement income than through a pension plan.

Start by going here Pat... www.unbiased.co.uk

meester

Retired_I.F.A. wrote: »

Eds talking through her !!!! again.

Fact is there is no better way to provide for retirement income than through a pension plan.

That wasn't the question that was asked....

ISAs are of course far more flexible (i.e. you can spend it all) and the income is tax-free. The same isn't true of the pension.

Rather than ad hominem attacks, it might be more productive establish some info about the OP, who at this point is probably feeling a bit put off.

Relevant data:

* current savings situation - shares, ISAs, other cash savings, and investments
* mortgage and home ownership status
* income, sources of that income, and likely career path/retirement age
* outgoings
* retirement goals

As stands the OP's question is impossible to answer.

dunstonh

At this stage either an ISA or a pension could be best depending on circumstances.

With children, its possible that working/childrens tax credits come into play and pension contributions can increase tax credits effectively increasing the tax relief. That cannot happen with ISAs.

So, until details are known, we cant say what is best.

meester

dunstonh wrote: »

At this stage either an ISA or a pension could be best depending on circumstances.

With children, its possible that working/childrens tax credits come into play and pension contributions can increase tax credits effectively increasing the tax relief. That cannot happen with ISAs.

Indeed. Pension contributions are massively effective as the tax credit withdrawal rate is (soon) 39%, which topped up with income tax relief at 20%, is nearly 60% relief.

As you say, we don't have enough details. I actually assumed the OP was a man, paying child support to his 3 children..... That's how little it's possible to say at the moment.

We don't even know if the OP works.

Retired_I.F.A.

As it stands the OP's question is impossible to answer.

It was answered I told Pat to seek out an IFA. From that link it's plain to see thats its an IFA's job to complete a full fact find and make recomendations from the whole market place in the OP's best interest.

Pat stated he/she needs to make some provision for a pension, If Pat wants the additional flexability of an ISA in return for less pension then an IFA would make recomendations taking that into consideration.

Posting the relevent data and having a thread full of amatuers post's wont benifit Pat one bit the answer will always finally be the same go seek out an IFA.

dunstonh

I agree that sometimes the responses are too quick to give a solution without knowing facts or push people into SIPPs, drawdown and DIY who shouldn't be doing that.

Our "job" is to make sure that the comments are balanced.

The site does sometimes encourage DIY when DIY is not best and we have seen evidence of people going DIY and telling us what they have done and its been worse than what they had or not as good as what they could have got. However, sometimes there have been successes as well.

As long as we keep balance then its up to the OP to decide and its their own fault if they get it wrong.

meester

Retired_I.F.A. wrote: »

It was answered I told Pat to seek out an IFA. From that link it's plain to see thats its an IFA's job to complete a full fact find and make recomendations from the whole market place in the OP's best interest.

Pat stated he/she needs to make some provision for a pension, If Pat wants the additional flexability of an ISA in return for less pension then an IFA would make recomendations taking that into consideration.

Posting the relevent data and having a thread full of amatuers post's wont benifit Pat one bit the answer will always finally be the same go seek out an IFA.

Sorry, but this site doesn't exist as a referral service for IFAs.

It's quite valid to say that explain that an IFA can sort the problem out and has legal liability if things are badly done, but to suggest that nobody is capable of learning and making their own provision is absolute garbage. And if the OP comes back and explains things a bit better we could judge on whether or not that is a good idea or not. Personally I think it's crazy to trust an IFA entirely, and even if you do get a bunch of 'amatuers post's', at least you have a starting point so you don't get in to things totally blind.

And btw, I think your jibe about amateurs would be slightly more convincing if you could even spell the word.

Retired_I.F.A.

meester wrote:

Sorry, but this site doesn't exist as a referral service for IFAs.

You need not say sorry for making an irrelevant statement. For calling me a sexist pig in the other thead which was completely unfounded would be nice though. (I'll ignore the Latin thing whatever it means)

It's quite valid to say that explain that an IFA can sort the problem out and has legal liability if things are badly done,...

Eh ? I admit my spelling is poor but at least I write in English.

...but to suggest that nobody is capable of learning and making their own provision is absolute garbage.

I did not suggest that those are your words not mine. In any case anyone can see an IFA agree to a commission agreement learn from the IFA and not do any business though him then go back to the internet and sign up for some product or other execution only and get diy commission terms or fee.
IFA's have cheapskates do it all the time.

And if the OP comes back and explains things a bit better we could judge on whether or not that is a good idea or not.

Amateurs judging amateurs ideas. Sounds like the blind leading the blind to me.

Personally I think it's crazy to trust an IFA entirely.

As do I that's why you should get the view of more than one. www.unbiased.co.uk used to recommend getting two at least dunno if it still does or not though I have not read much there lately.

meester

Retired_I.F.A. wrote: »

You need not say sorry for making an irrelevant statement. For calling me a sexist pig in the other thead which was completely unfounded would be nice though. (I'll ignore the Latin thing whatever it means)

I was not actually apologising. It is a fairly common idiom.

Try google for many more examples of this if you wish:

http://www.google.co.uk/search?q=%22sorry+but%22

By your own admission you are a sexist (http://forums.moneysavingexpert.com/showthread.html?p=8999181), and comments such as 'gag the stupid cow' qualify you as a pig.

Hope that helps.

Eh ? I admit my spelling is poor but at least I write in English.

All my posts are in English. I have not used any Latin. I did start writing "say that" and then wrote "explain that" without actually deleting the first clause. Oops.

I did not suggest that those are your words not mine. In any case anyone can see an IFA agree to a commission agreement learn from the IFA and not do any business though him then go back to the internet and sign up for some product or other execution only and get diy commission terms or fee.
IFA's have cheapskates do it all the time.

Amateurs judging amateurs ideas. Sounds like the blind leading the blind to me.

Ha ha. I guess that makes you the biggest amateur of the lot. If you're so arrogant that you think you know more than the combined set of people who choose to post on here, then you definitely qualify for that title.

I think you'll find that there are plenty of amateurs on the various forums here, and funnily enough they are doing quite well without paying someone to do something that they are doing themselves for free.

Your suggestion that it's not possible to learn about basic options for retirement saving without paying to see a fee-charging person is simply ludicrous. Absolutely ridiculous.