Pension - work doesnt do them!
Discussion
Probably awful grammar in the title I know.
Anyway, I have been working for a company for the last 9 months, they are a manufacturing company that do not get involved with pensions at all - and due to the size of the company they wont have to for years it would seem.
I have a few pensions which I have stopped paying into as I left the companies which were relevant to them, so should I start paying into one of them again? at the moment the extra cash is coming in handy but I'm not getting any tax relief on it like I would if I was paying into a scheme and I have a nagging feeling that I should be stashing it away in a pension fund.
Any reccomendations for a scheme with no employer contributions or are they all much of a muchness??
Anyway, I have been working for a company for the last 9 months, they are a manufacturing company that do not get involved with pensions at all - and due to the size of the company they wont have to for years it would seem.
I have a few pensions which I have stopped paying into as I left the companies which were relevant to them, so should I start paying into one of them again? at the moment the extra cash is coming in handy but I'm not getting any tax relief on it like I would if I was paying into a scheme and I have a nagging feeling that I should be stashing it away in a pension fund.
Any reccomendations for a scheme with no employer contributions or are they all much of a muchness??
Highly unlikely that you could contribute again to one of your old pension plans.
It seems that you have amassed several bits, which in principle is OK, although do ensure that you keep the administrators informed of any changes of address etc so that they can locate you when it comes to payment. Tracing old pensions can be a b
h.
All employers will shortly be required by new UK legislation to have a pension plan for their employees, and contribute towards it. Employees join it automatically by default, but can opt out if they wish. Google NEST and you can get all the relevant information.
Meanwhile, you could always start your own personal pension plan, and when NEST starts opt out (forgoing your employer's contribution).
You could also transfer all your old bits to the new personal pension although you'll need to be careful about accrued rights and what you might be giving up unknowingly. You could consider using an IFA for this.
R.
It seems that you have amassed several bits, which in principle is OK, although do ensure that you keep the administrators informed of any changes of address etc so that they can locate you when it comes to payment. Tracing old pensions can be a b
h.All employers will shortly be required by new UK legislation to have a pension plan for their employees, and contribute towards it. Employees join it automatically by default, but can opt out if they wish. Google NEST and you can get all the relevant information.
Meanwhile, you could always start your own personal pension plan, and when NEST starts opt out (forgoing your employer's contribution).
You could also transfer all your old bits to the new personal pension although you'll need to be careful about accrued rights and what you might be giving up unknowingly. You could consider using an IFA for this.
R.
Have you looked at opening a SIPP via Selftrade? You can then buy shares or a wide range of unit trusts in the SIPP "wrapper". Your money goes into SippdealXtra who claims the basic tax refunds and then you transfer funds to Selftrade where the investments are bought/sold/held. You can transfer in your old employer schemes into the Selftrade SIPP as well and then buy investments with the transferred in value.
Buy a BTL.
My old work pension has enough in it to buy a 2 or 3 bed house right now. As I've stopped paying into it it will probably be worth nothing by the time i retire. Even if is worth something, the capital will never be seen again.
I'd rather have something I tangable, that I can cash in at any time, or leave to my kids.
My old work pension has enough in it to buy a 2 or 3 bed house right now. As I've stopped paying into it it will probably be worth nothing by the time i retire. Even if is worth something, the capital will never be seen again.
I'd rather have something I tangable, that I can cash in at any time, or leave to my kids.
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