OT: Pensions

[robbied69]

Can anyone advise me on reputable companies as I need to start looking into investing.

So far I'm looking an Norwich Union. Does anyone know if they are good/bad?

Thanks

 

[MOWTCHOPS]

does your work run a scheme that they will contribute to ?

 

[aftershavedave]

depends what you're looking for....

norwich union are a good, large, safe company and if security matters to you, then they are fine.

there are bigger returns to be had, but they come at the price of higher risk.

 

[robbied69]

does your work run a scheme that they will contribute to ?

Unfortunately not. I was working with the council beforehand who ran a scheme, but my new place do not.

 

[Uncle Spielberg]

if there are 5 or more employees the company have to offer a stakeholder pension

 

[East Staffs Gull]

if there are 5 or more employees the company have to offer a stakeholder pension

But the company doesn't have to contribute to it!

 

[robbied69]

Our company has grown from 2 people to 17. No one else who works with me has a pension plan with the company. Each has a private pension. It was stated in my contract and when I asked at the interview that there is no pension plan offered.

 

[Blackadder]

In recent years, some people have decided to invest in property rather than a Pension Fund as the returns have been better.

Unfortunately you'd probably need a fair wedge for a deposit (and house prices can go down as well)

 

[Uncle Spielberg]

But the company doesn't have to contribute to it!

Correct , another bit of Labour regulation not worth the paper its printed on

 

[aftershavedave]

In recent years, some people have decided to invest in property rather than a Pension Fund as the returns have been better.

Unfortunately you'd probably need a fair wedge for a deposit (and house prices can go down as well)

or invest in commercial property through a SIPP

 

[Blackadder]

Good call Afters. I hadn't thought of that.

 

[Tom Hark Preston Park]

In recent years, some people have decided to invest in property rather than a Pension Fund as the returns have been better.

Unfortunately most of them invested in Brighton and turned it into a dormitory town

 

[bhafc99]

If I was you I'd look beyond some of the big high street institutions. They don't necessarily give good returns.

When I graduated, I stupidly let Lloyds Bank talk me into starting a pension with them. For 15 years I dutifully paid into it, and after all that time it was still worth less than I'd put in. It was the worst financial decision I ever made.

Luckily 4 years ago I cut my losses and switched into a plan with Skandia. With this, I can pick and choose what my money is invested in – from pretty much every unit/investment trust there is, 100s of them. I can also switch money around as often as I like without any fee, and do it all online. In the four years I've had that, it's gone up nearly 60%. If you're interested in actively investing/managing your money, and in a more adventurous approach, it's well worth considering.

The only disadvantage with that someone like Skandia is you can't just pick up the phone and arrange one, you have to do it through a regulated Financial Advisor. But the cost of that is worth it compared to the returns.

 

[Beach Hut]

Fortunately I am still ring-fenced in the old British Rail pension scheme pre-privatisation.

 

[tedebear]

If I was you I'd look beyond some of the big high street institutions. They don't necessarily give good returns.

When I graduated, I stupidly let Lloyds Bank talk me into starting a pension with them. For 15 years I dutifully paid into it, and after all that time it was still worth less than I'd put in. It was the worst financial decision I ever made.

Luckily 4 years ago I cut my losses and switched into a plan with Skandia. With this, I can pick and choose what my money is invested in – from pretty much every unit/investment trust there is, 100s of them. I can also switch money around as often as I like without any fee, and do it all online. In the four years I've had that, it's gone up nearly 60%. If you're interested in actively investing/managing your money, and in a more adventurous approach, it's well worth considering.

The only disadvantage with that someone like Skandia is you can't just pick up the phone and arrange one, you have to do it through a regulated Financial Advisor. But the cost of that is worth it compared to the returns.

Yes but you'll be contributing more than £100 a month though won't you? I'd be expecting that sort of flexibility if I were paying that much to a place with no more guarantee from risk than anywhere else!

 

[Uncle Spielberg]

If I was you I'd look beyond some of the big high street institutions. They don't necessarily give good returns.

When I graduated, I stupidly let Lloyds Bank talk me into starting a pension with them. For 15 years I dutifully paid into it, and after all that time it was still worth less than I'd put in. It was the worst financial decision I ever made.

Luckily 4 years ago I cut my losses and switched into a plan with Skandia. With this, I can pick and choose what my money is invested in – from pretty much every unit/investment trust there is, 100s of them. I can also switch money around as often as I like without any fee, and do it all online. In the four years I've had that, it's gone up nearly 60%. If you're interested in actively investing/managing your money, and in a more adventurous approach, it's well worth considering.

The only disadvantage with that someone like Skandia is you can't just pick up the phone and arrange one, you have to do it through a regulated Financial Advisor. But the cost of that is worth it compared to the returns.

that is purely because you took it out at the bottom after a terrible 5 years on the stock market and put it into Skandia during a great 4 years on the stock market, if left with Lloyds would probably have been worth as much as Skandia

 

[British Bulldog]

Fortunately I am still ring-fenced in the old British Rail pension scheme pre-privatisation.

As soon as i've done my 40 years i'm taking my share of the railway pension while it's still there to be taken.

 

[tedebear]

that is purely because you took it out at the bottom after a terrible 5 years on the stock market and put it into Skandia during a great 4 years on the stock market, if left with Lloyds would probably have been worth as much as Skandia

Not the SIPP side of Skandia...

 

[Tom Hark Preston Park]

Fortunately I am still ring-fenced in the old British Rail pension scheme pre-privatisation.

I have total and utter respect for the British Rail pension scheme.



My dad died in service in 1976 and my mum still gets a widow's pension and free train travel to this day.

My brother died two years ago, many years after having left BR. On going through his papers we came across his BR pension documentation. Read the small print and his daughters aged 20 and 21 were awarded 10 grand from the fund due to their still being in full-time education.

That is one HELL of an honorable pension scheme.

On the other hand, one of me other bruvs works in Air Traffic Control and the privatised swine they work for are constantly chipping away and trying to come up with new ways of robbing the Air Traffic pension fund. Luckily the Controllers are wise to it and see them off every single time

 

[Beach Hut]

As soon as i've done my 40 years i'm taking my share of the railway pension while it's still there to be taken.

I suspect I may well stop work at 50 and move elsewhere but you cannot draw then pension till 55 I believe.