Single lump sum pension cont - is this the wrong time?

janicearcher

Hi everyone

Being self employed and finding myself at the financial year end I am again looking at how much to add to my pension fund.

Through the year I make regular monthly conts, and when I know my net profit situation make a single cont prior to 5th April.

Given the state of the money markets etc. is this strategy going to work against me?

jtp

dunstonh

Given the state of the money markets etc. is this strategy going to work against me?

Over 20/30 years no. Indeed, the markets are currently down 20% so anything you pay now is better placed than anything you paid during 2007. If equity investments concern you then diversify by looking at gilts, fixed interest and high yield funds.

janicearcher

Thanks for the advice.

Cheers. jtp

bigbloke45

You will get tax relief of 22% up to 40% on your contribution, depending upon how much your taxable income is. The markets are down, couple this with your tax relief and take a view.

A very famous and successful fund manager, Mark Moebius, died very recently. When asked about his success he said something like "buy when everyone, including yourself, is frightened that the market has fallen so much".

Check him out on Google

One last thing, he actually died at his desk doing what he loved best. Wow! that won't happen to many of us!.

Good luck, and always remember that a comfortable retirement is based upon meticulous planning, not good luck.

hank_freid_2

You will get tax relief of 22% up to 40% on your contribution, depending upon how much your taxable income is. The markets are down, couple this with your tax relief and take a view……….
bigbloke45 user has given you the good advice.

wakeupalarm

Will you still get the 22% if you make the contribution next month but opt to carry back to this year, or will it be 20% only?

EdInvestor

bigbloke45 wrote: »

A very famous and successful fund manager, Mark Moebius, died very recently.One last thing, he actually died at his desk doing what he loved best. Wow! that won't happen to many of us!.

.

Are you sure this is so? Can't find any record of it anywhere.