Reply to: Pension. Please guide.

[Permatractor]

I've had good service from Depledge - certainly a massive improvement on my previous financial advisors.

If you want free advise from a forum, try this one:
Pensions, Annuities & Retirement Planning — MoneySavingExpert Forum

Thanks. Will look at those suggestions.

[Permatractor]

You've jumped in someone elses threads asking a load of contractors about your personal pension situation. We see it all the time. Speak to a professional. Don't let random nobodies who really don't give a monkies influence your decision on what to do with just short of £200k.

I'm a bit harsh but in this case you'll thank me for it later. The option of letting you flounder along could cost you a hell of a lot more. Just being cruel to be kind.


No. I'm normally a complete bell end

Fair enough. Thanks for your advice & your opinion- fully absorbed lol

[Wary]

I don't know any IFA that I can trust & I'm guessing you wouldn't recommend one.

I've had good service from Depledge - certainly a massive improvement on my previous financial advisors.

If you want free advise from a forum, try this one:
Pensions, Annuities & Retirement Planning — MoneySavingExpert Forum

[northernladyuk]

You've jumped in someone elses threads asking a load of contractors about your personal pension situation. We see it all the time. Speak to a professional. Don't let random nobodies who really don't give a monkies influence your decision on what to do with just short of £200k.

I'm a bit harsh but in this case you'll thank me for it later. The option of letting you flounder along could cost you a hell of a lot more. Just being cruel to be kind.


No. I'm normally a complete bell end

I can confirm this is correct.

[northernladuk]

My post wasn't about trusting anyone. It was about absorbing opinions from this forum & then trusting my own opinion/judgement/decision.

You've jumped in someone elses threads asking a load of contractors about your personal pension situation. We see it all the time. Speak to a professional. Don't let random nobodies who really don't give a monkies influence your decision on what to do with just short of £200k.

I'm a bit harsh but in this case you'll thank me for it later. The option of letting you flounder along could cost you a hell of a lot more. Just being cruel to be kind.

Are you always so charming?

No. I'm normally a complete bell end

[Permatractor]

Investing 101.. Never, ever listen to your mates. Looking at that I'd say that mate particular.

You trust a forum full of random eejits, your mate but not someone who does this as a job?

You need to get a grip and start ringing around.

My post wasn't about trusting anyone. It was about absorbing opinions from this forum & then trusting my own opinion/judgement/decision. Are you always so charming?

[northernladuk]

I don't know any IFA that I can trust & I'm guessing you wouldn't recommend one.
I don't know what my friend's plans are exactly for commercial or how much wants to invest (it's honestly not me) but he said he wanted to try & buy something cheap in the hope that it would increase when things recover but not sure if he has factored in costs of holding onto it. I kind of understand his thinking though- buy cheap in bad times & sell on later in good times.

Investing 101.. Never, ever listen to your mates. Looking at that I'd say that mate particular.

You trust a forum full of random eejits, your mate but not someone who does this as a job?

You need to get a grip and start ringing around.

[ladymuck]

I don't know any IFA that I can trust & I'm guessing you wouldn't recommend one.
I don't know what my friend's plans are exactly for commercial or how much wants to invest (it's honestly not me) but he said he wanted to try & buy something cheap in the hope that it would increase when things recover but not sure if he has factored in costs of holding onto it. I kind of understand his thinking though- buy cheap in bad times & sell on later in good times.

You could give Ian Wilson at Forum Wealth a call. At least one other person here has found his advice useful

[Permatractor]

Putting them all in the same pot is probably a good idea. The chances are that some, or all, of the schemes you are in are sh1t.

Eggs and baskets aren’t too much of a worry as most funds are already diversified.

Talk to an IFA though. And pay for the advice.
The most important thing is to keep ongoing management costs as low as possible.

I have a vanguard SIPP but I also consolidated all my various pensions into one pot, using an IFA I trust.

Commercial property is an option but do you want to have to work for your pension return?
Also... commercial property???? Really??? In the middle of a recession that has decimated the high street and made home working more relevant than ever.
And for that reason alone you want a find that you don’t manage yourself.

I don't know any IFA that I can trust & I'm guessing you wouldn't recommend one.
I don't know what my friend's plans are exactly for commercial or how much wants to invest (it's honestly not me) but he said he wanted to try & buy something cheap in the hope that it would increase when things recover but not sure if he has factored in costs of holding onto it. I kind of understand his thinking though- buy cheap in bad times & sell on later in good times.

[Lance]

Pension. Please guide.

There are some very savvy people on this forum so let me get your opinions/advice if I may. I have around 190k of pension in 3 pots (split approx 115, 70 & 5k) accrued from previous permie jobs. Should I just leave them there in their separate pots or is it worth consolidating them into something like that Vanguard or other low fee fund? I haven't checked the fees on the existing pots so will do that at some point. Also, not sure I want a SIPP as I don't want to be hands on although a friend of mine says he is thinking of transferring his pension pots into a SIPP so he can invest it into commercial property (Sounds like eggs in one basket to me).
Thoughts please?

Putting them all in the same pot is probably a good idea. The chances are that some, or all, of the schemes you are in are sh1t.

Eggs and baskets aren’t too much of a worry as most funds are already diversified.

Talk to an IFA though. And pay for the advice.
The most important thing is to keep ongoing management costs as low as possible.

I have a vanguard SIPP but I also consolidated all my various pensions into one pot, using an IFA I trust.

Commercial property is an option but do you want to have to work for your pension return?
Also... commercial property???? Really??? In the middle of a recession that has decimated the high street and made home working more relevant than ever.
And for that reason alone you want a find that you don’t manage yourself.

[Permatractor]

There are some very savvy people on this forum so let me get your opinions/advice if I may. I have around 190k of pension in 3 pots (split approx 115, 70 & 5k) accrued from previous permie jobs. Should I just leave them there in their separate pots or is it worth consolidating them into something like that Vanguard or other low fee fund? I haven't checked the fees on the existing pots so will do that at some point. Also, not sure I want a SIPP as I don't want to be hands on although a friend of mine says he is thinking of transferring his pension pots into a SIPP so he can invest it into commercial property (Sounds like eggs in one basket to me).
Thoughts please?

[sammy2020]

We keep telling you.... Go speak to a specialist. Get it wrong on the advice of a contractor and it will cost you dear. Stop pissing about and do it properly. Even your accountant can answer most of these.

Happy new year. May this new year bring some joy in your life.

[Lance]

Pension. Please guide.

Do you meant that I could have used this unused pension allowance to reduce tax burden next year. If yes - I am aiming for zero corporation tax.If I want to use past allowance I can use my spouse's unused allowance. If i want to I don't have much pension as I came here quite late of my career and I think it makes sense to save for retirement rather than pay to govt. And govt doesn't mind that. Tax minimisation and evasion are two different things.

For crying out loud.....

You rushed into a pension provider but NOT for the corp tax reason?


Please explain why exactly you thought this had to be done before your company year end?


EDIT: having read the whole thread again, can I just confirm to you that the £40k limit is a personal limit and is therefore unrelated to the company year. You had till April 5th to make a correct decision, and even then you can use unused allowances from previous years.

[northernladuk]

Do you meant that I could have used this unused pension allowance to reduce tax burden next year. If yes - I am aiming for zero corporation tax.If I want to use past allowance I can use my spouse's unused allowance. If i want to I don't have much pension as I came here quite late of my career and I think it makes sense to save for retirement rather than pay to govt. And govt doesn't mind that. Tax minimisation and evasion are two different things.

We keep telling you.... Go speak to a specialist. Get it wrong on the advice of a contractor and it will cost you dear. Stop pissing about and do it properly. Even your accountant can answer most of these.

[sammy2020]

should have said defer a CT reduction.

The 12 months is due to doing the payment in the next company year.

Do you meant that I could have used this unused pension allowance to reduce tax burden next year. If yes - I am aiming for zero corporation tax.If I want to use past allowance I can use my spouse's unused allowance. If i want to I don't have much pension as I came here quite late of my career and I think it makes sense to save for retirement rather than pay to govt. And govt doesn't mind that. Tax minimisation and evasion are two different things.