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can i lose my stakeholder pension
alnicci
Posts: 10 Forumite
hi i took out a stakeholder pension with virgin 2 years ago .my question is can i lose it all if things get worse i was told by some one at work that they lost most of there pension in 2000 can that happen to me in this day and age or am i safe im putting as much as i can in to it at the moment any help thanks.
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my question is can i lose it all if things get worse
No. It would require every company listed on the stockmarket to fail. If that was to happen money would cease to exist.i was told by some one at work that they lost most of there pension in 2000
No they didnt. Pensions dont make or lose money. How and where you invest decides on that. If that person invested in high risk areas like tech stocks then they could have lost upto 90% if they timed it badly. However, if you had your FTSE tracker in there during the same period you would have lost 45% at the worst point but quickly recovered most of it and returned to profit a few years back. The regular contributions made at the time it dropped (which is the best time to buy) got your more units and they would have gone on to nearly double.
The virgin stakeholder is pretty much one of the worst stakeholder pensions out there. It has a low risk fund for those coming upto retirement and a medium/high risk fund for everyone else. It doesnt cater for the cautious or medium risk investor and doesnt have any funds to allow diversification. It also doesnt discount any of the charges which is disgraceful when you consider that there is no cost of advice involved.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
thanks for your quick reply. do you think i would be better paying more in to my works pension buying extra years or av contributions would it work out the same sort of thing as my stakeholder pension .my works pension is lgps. thanks again.0
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We cant give advice on regulated areas on the board as it would breach FSA rules. However, as you are a member of an occupational scheme, you may find that utilising Stocks and share ISAs is the better option. Check the ISA vs pensions sticky at the top of this forum for the reasons that may apply to you.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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thankyou dunstonh for your help.0
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