Private Pension - which?

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Soldato
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Hi all,

I'm self employed and it's about time I started putting some money into a private pension, any recommendations would be greatly appreciated.
 
I'm with Scottish Widows, obviously a well known and trusted name. I'd much rather use them than some of the new companies that are popping up.
 
I use Legal & General. They have a nice website which allows you to look and modify you investments and provide loads of information on performance etc.
 
Firstly, are you married?

Safeguards around your pension in the event of either payment support for your partner or worse case but one with ever increasing printability of occurrence being severance from separation/divorce is a big consideration.

For example, sudden negative metrics changes to the financial markets and investments across your portfolio can be as detrimental as divorce or vice versa.

It's all a balance of risk. Consider all your lifestyle aspects and lifestyle risks (e.g. employment prospects and job security, earning potential, security, liability / loss insurances, relocation potential (Inc abroad), family, divorce, critical illness etc)

It's worth seeing a good financial advisor after this who specialises in pensions. Bar standard company pensions even ones where you can select your investment approaches and portfolio / stock risk profiles there are too many factors to get this wrong/right when looking long term.
 
Scrutinize said:
Firstly, are you married?

Safeguards around your pension in the event of either payment support for your partner or worse case but one with ever increasing printability of occurrence being severance from separation/divorce is a big consideration.

For example, sudden negative metrics changes to the financial markets and investments across your portfolio can be as detrimental as divorce or vice versa.

It's all a balance of risk. Consider all your lifestyle aspects and lifestyle risks (e.g. employment prospects and job security, earning potential, security, liability / loss insurances, relocation potential (Inc abroad), family, divorce, critical illness etc)

It's worth seeing a good financial advisor after this who specialises in pensions. Bar standard company pensions even ones where you can select your investment approaches and portfolio / stock risk profiles there are too many factors to get this wrong/right when looking long term.
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No I'm not married.
 
You should focus more on the net return for your risk profile (i.e. return less ongoing management fees), rather than who is the provider in particular.
 
M1k3H said:
Lol, no not really... Any reason why you'd say that?
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Just make sure legal and general have your correct details and they are doing what they say they are doing. We've had a right nightmare with them. It got so bad (and luckily family works in law) that we got the solicitors in who managed to get all our money out. Different names, different addresses you name it......it was a complete disaster.

I'm sure you'll be ok, but worth checking.....and get everything in print.
 
Talk to a Financial Advisor as you likely need a SIPP, but there are complications around Directors' pensions you need to be aware of as you are self-employed.

I would say make sure you use your ISA allowance fully before a pension. An ISA is permanently tax-free, a pension is just deferring the tax and there is nothing to stop future governments bending you over down the line.
 
Are Nest worth looking at?
peterwalkley said:
Talk to a Financial Advisor as you likely need a SIPP, but there are complications around Directors' pensions you need to be aware of as you are self-employed.

I would say make sure you use your ISA allowance fully before a pension. An ISA is permanently tax-free, a pension is just deferring the tax and there is nothing to stop future governments bending you over down the line.
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I was just about to ask whether it's worth talking to an IFA. One of my customers is an IFA whose computer I recently sorted out so I might ask what his fees are. Although I guess they're all around the same price pretty much - from what I can gather about £500 for advice on setting up an £80-200 personal pension contribution.

A lot of money but I guess I'd get it back in terms of having a pension tailored to me.
 
TheOracle said:
Just make sure legal and general have your correct details and they are doing what they say they are doing. We've had a right nightmare with them. It got so bad (and luckily family works in law) that we got the solicitors in who managed to get all our money out. Different names, different addresses you name it......it was a complete disaster.

I'm sure you'll be ok, but worth checking.....and get everything in print.
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Yeah, I have a spreadsheet.... :p I monitor everything at least once a month..

Plus it's through my company, so if anything goes wrong, the company will have to deal with them.
 
Budget wise what are you considering paying in?
monthly amount personally or via company?
Attitude to Risk?
How old are you?
How long to retirement?
What other investments do you have/savings etc?

All things to consider and more.

If it's £100/£150 a month - just go direct to the companies - L&G/Scottish Widows/Fidelity/ Standard Life etc etc - pick one and use that for now. Once you grow the pot or are considering paying more in, speak to an IFA.
 
peterwalkley said:
Talk to a Financial Advisor as you likely need a SIPP, but there are complications around Directors' pensions you need to be aware of as you are self-employed.

I would say make sure you use your ISA allowance fully before a pension. An ISA is permanently tax-free, a pension is just deferring the tax and there is nothing to stop future governments bending you over down the line.
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Why does he need a SIPP?
Also why would he not use a pension as you automatically get basic rate tax relief on personal contributions (20%) - so immediately a better long term savings option. Not to mention 40% relief if a HRT.
 
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