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Anyone else not have a pension?

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    Anyone else not have a pension?

    I've just turned 34 and have no pension at all. Business is good, we own our own house with a decent level of equity in it, fully expect to have the mortgage paid off as it currently stands before we retire. We have a small amount of savings but nothing significant - enough to cover emergencies and live comfortably. Currently got approx. 18 month war-chest in company reserves.

    I spoke to somebody from St James' Place on a recommendation from my mortgage advisor last year but there seemed to be some discrepancy between what we discussed in terms of fees and what the actual fees seemed to be when I got the paperwork so I never pursued it.

    I've looked at things like https://www.nutmeg.com before and I think they look interesting. I like the idea of managing this myself but not really sure where to start, or if even having a pension is the right option for me. I guess I should probably speak to an IFA (can anyone recommend one?) but wondered what everybody else does. I'm aware of the potential tax saving options of company pension contributions.

    I'm also wondering about my wife - she doesn't work, she doesn't have a pension, she has some savings too and she's a 25% shareholder in the company and salaried company secretary. Should she have a pension?

    #2
    No pension here...

    Invest money in guns, ammo, canned food, Victoria Secrets magazines - you'll get everything else in post-Brexit world.

    You know it makes sense.

    Comment


      #3
      Originally posted by AtW View Post
      No pension here...

      Invest money in guns, ammo, canned food, Victoria Secrets magazines - you'll get everything else in post-Brexit world.

      You know it makes sense.
      Or hide it down the back of the sofa...
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        Very similar situation to you, 34 (going on 35), a paltry pension that I acquired years ago from an old employer who were making contributions for me. Never paid into one myself. Was a homeowner but separated from the missus last year, got a decent deposit to purchase again and a decent warchest > £50k plus personal savings ~£45k most of which is my deposit though.

        Aside from the tax saving on pension contributions I really don't see the point of one, and I loathe the idea of tying up money in something that I physically can't cash in until (if...) I reach a certain age. Even now I reckon property and other investments are better, at least if you decided to sell up and live the playboy lifestyle for a few years you could do it. By the time I get to retirement age (which let's face it will probably be 70+ by then) I'll be too damn old to enjoy money anyway and spending it all on incontinence pants and viagra

        Comment


          #5
          Originally posted by northernladuk View Post
          Or hide it down the back of the sofa...

          Comment


            #6
            similar age (36 ) no pension, just bought long term family home and about to start extensive refurbishment works which will clear me out personally, about 6 months warchest in the ltd

            no pension despite IFA pestering me for years (he also recently associated himself with St James Place)

            don't plan on a pension, looking at other investments over the long term once I can start building up personal funds again

            Comment


              #7
              Originally posted by AtW View Post
              No pension here...

              Invest money in guns, ammo, canned food, Victoria Secrets magazines - you'll get everything else in post-Brexit world.

              You know it makes sense.
              Some preppers say you'll also need loads of loo rolls. But I reckon moss will be just as good if you can find any.
              Work in the public sector? Read the IR35 FAQ here

              Comment


                #8
                No pension per say.....

                Have thrown a fair amount of money at a commercial property to increase rental income for my folks (2 good sized flats and 1 or 2 commercial sections). Will likely transfer ownership to me after they sell up.

                Other than that I'm working serious overtime on a plan B - putting about 20 hours a week into it.

                Am just short of your age and have about 120k in equity after debts taken into account. Not the best but not the worst either.
                "To Learn who rules over you, simply find out who you are not allowed to criticise"- Voltaire

                Comment


                  #9
                  I have a measly pension which will barely afford a slice of bread when I retire.

                  Mortgage should be paid off in 12 years and have 2 years war chest built up.

                  Currently banking on living off the wife's BTL empire of 1 when I retire.

                  Polishing a turd near you!!

                  Comment


                    #10
                    Originally posted by NorthWestPerm2Contr View Post
                    Have thrown a fair amount of money at a commercial property to increase rental income for my folks (2 good sized flats and 1 or 2 commercial sections). Will likely transfer ownership to me after they sell up.
                    Isn't this a bit of a minefield? You put your money in to something that your folks who probably have a preferential tax status, gain from and that then get's transferred back to you? That will have taken quite a bit of careful tax planning wouldn't it?
                    'CUK forum personality of 2011 - Winner - Yes really!!!!

                    Comment

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