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  • FIRST POST
    • mr_goosey
    • By mr_goosey 6th Jan 18, 12:30 PM
    • 54Posts
    • 1Thanks
    mr_goosey
    Starting a pension plan at 34
    • #1
    • 6th Jan 18, 12:30 PM
    Starting a pension plan at 34 6th Jan 18 at 12:30 PM
    Dear all

    I'd kindly like some advice about private pension planning. My basic info;

    - 34 years old
    - UK national
    - Live/work outside of EU
    - Equivalent of 110,000 income
    - Income is in foreign currency, into a bank account I hold in the country where I work
    - Own Flat in London worth 375,000 with 110,000 mortgage (30yrs)
    - Monthly mortgage payment around 600, rental income 1600
    - Other debt; roughly 10k student loan, 2k credit card
    - No pension plan or savings whatsoever

    I've recently started a new job paying me the above 110,000 income and for the first time in my life expect to be able to put away significant amount each month and although it's obviously very late, wish to start investing into a pension.

    I will likely return to the UK at some point in the next 5-7 years and hope to be able to continue to earn similar money back home in London.

    My financial goal would be to pay off my property, and set up a comfortable but not extravagant retirement from the age of 65, with an annual income of around 30k.

    With the above in mind, what approach would everyone recommend? I am somewhat of a beginner and not sure where to start with private pensions, ISAs, and the various tax implications of each. I imagine I will be able to put away 2000 a month into total saving.
Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 6th Jan 18, 12:56 PM
    • 6,607 Posts
    • 13,891 Thanks
    enthusiasticsaver
    • #2
    • 6th Jan 18, 12:56 PM
    • #2
    • 6th Jan 18, 12:56 PM
    Does your employer offer a pension scheme?

    To be honest I am not sure of the rules re pensions on ex pats which I guess you are at the moment. It would strike me as odd that you would get the tax incentives from HMRC when presumably you don't pay UK tax?
    Debt free and mortgage free and early retiree. Living the dream

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