It asks if I want growth or income? Norfolk | Mark | We have 11 more years of school fees to fund, then hopefully university fees for two after that. 0. 3. Employers may also make contributions to DC pensions, and if the staff member who holds the account is eligible for auto-enrolment, this is a legal requirement. Should I still make regular ISA and pension investments in the current COVID-19 turmoil? What should I keep in mind? I have an old pension and they have written to me saying that they are going to enhance my pension if I transfer it out. 0. There are limits to how much tax relief you can get on the contributions you make to your pension, so if may not be worth paying more than you will get tax relief on. We have four grandchildren (2 English living in UK, and 2 Irish living in Eire). 6, Hello 0. Hampshire | London | 2, If I were retired and drawing my pension, can I earn an income from doing some sports coaching too? I would be telling him to open these two funds and regularly invest and forget about them for 10 years! Do IFAs normally bring sufficient benefit to low risk strategies, to make it worthwhile? 12/07/2019 | Kent | Please help me. 10/08/2018 | I am getting long in the tooth at 79, a little forgetful and I am going through a painful divorce. 12/06/2018 | Richard | Any comments or advice welcome. Greater London | 08/02/2019 | Can I combine both these pensions, or should I leave them as is? He puts £40 a month in and 10% of what he earns. Norfolk | 06/09/2017 | You can contribute as much as you want into any number of workplace and personal pension schemes. 30/05/2019 | Contributions and Investments. Diane | However you could actually have many different former ones operating at the same time, so long as they’re “ dormant ” i.e. Berkshire | 01/04/2019 | My husband is 62, on a final salary scheme & is trying to get clear information on it. 23/03/2020 | The independent pension advisors we work with can weigh up all of these choices and help you make an informed decision, based on your retirement needs and personal circumstances. London | 08/07/2019 | Jennifer | You can open a private pension even if you’ve got a workplace pension. I would like to consolidate the workplace retirement saver and personal pension fund together and manage it myself. Do you have information on taking your pension pot before retirement? I have an inheritance to invest of £150,000. 17/03/2020 | With a SIPP in drawdown would a company like Netwealth whose investment management fees are of the order of .66% of the value of the portfolio, be a better option compared to companies like Hargreaves Lansdown or Investec? Jo | 5, I have two pension pots, one of which is a stakeholder - this one is currently worth £120,000 - the other is approximately £50,000. Kent | 5. I am already paying the maximum into a Junior ISA. In light of the costs of investing highlighted on this website, should I move to somewhere with lower charges, or stay-put? South Yorkshire | My wife and I have recently separated. Greater London | 04/01/2019 | By 2018 all employers have to set up a workplace pension scheme and automatically enrol eligible employees. Call 0808 189 0463 or make an enquiry to get started. 1. 8. Scotland | 0. Tee | before. Hannah | 07/09/2017 | Strathclyde | You can not contribute to an occupational pension scheme and a personal pension arrangement at the same time in relation to the same employment. 3. It's important that you understand what you'll need to do and prepare early. 29/05/2018 | I am looking for a SIPP with low charges and which is easy to set up & run, as I am 75 now and keep forgetting I have dementia. 0. Andy | Often by the end of their career, people may have many workplace pensions, and potentially a few private pensions too. I'm also confused about using a platform for a Stocks and Shares ISA. 1. 19/06/2019 | I use H&L and although they are a bit 'plumy' on the phone I quite like their website and the costs are OK. 18/07/2019 | Judy | As with an occupational pension your employer does not have to make contributions. non-group), Contributions from your employer (in many cases), Pension income if ill health forces you into early retirement, Pension income for your dependents and/or partner when you die, It’s possible to have an individual personal pension as well, They want more freedom of choice around their investments, They’re in a scheme where their employer is not making contributions, They have other forms of income to invest, such as freelance work on the side, Your pension provider claims tax relief on your behalf. 0. 07/09/2017 | 7. 0. We want a good mobile app from a well respected provider. 2. The eligibility criteria for auto-enrolment is as follows…, Read on to find out more about these two types of workplace pensions and how they differ…. Any advice would be appreciated! It now seems pointless applying for Individual protection 2016. 2. Yorkshire | you’re not making payments / contributions. Therefore my next thoughts are Stocks and Shares ISAs... My only concerns here are the current Brexit problems - I saw the FTSE drop this past week. Workplace pensions have helped many people enjoy a good standard of living in retirement, and they generally come in two forms: occupational and group personal pension. Balwant | A standard personal pension (i.e. A standard personal pension works in much the same way as its occupational counterpart, except it will be you as the account holder making the investment choices, not the scheme’s provider. 0. Anita, Anita | 0. I intend to retire in autumn, aged 60 and would like to leave my son and grandson as comfortable as possible when I'm gone. 0. Am I right? Geoffrey | I have a workplace pebsion with Aegon and a SIPP with Vanguard. Independent, no-nonsense ratings and reviews, Precious | Greater London | As far as automatic enrolment legislation goes, there's nothing that actually prohibits employers from paying contributions into someone's personal pension rather than a workplace one. 0, Derek | These can include: your pension contributions have not been paid into your pension scheme for 90 days or more; your employer is unwilling to pay your pension contributions into your pension scheme Workplace and personal pensions. 2, Join the 10,000+ people who get our weekly blog. All of the police schemes provide pensions which can be accessed either unreduced or only subject to limited reduction, at an earlier age than under most other pension schemes. D | Lancashire | If I don't pay the child maintenance, child care and school expenses, my wife is threatening to claim spousal maintenance, and take half my pension. Mrs Khan | Berkshire | 22/07/2019 | I currently input £300 per month into the Stakeholder. Keith | Boring Money is a publisher and not regulated by the FCA. Can I start another pension as a saver and, if so, how much can I put in every year? 1. Like a stakeholder pension for instance, which allows flexible payments. They can be personal pensions arranged by you or workplace pensions arranged by your employer. Should I keep them separate to diversify the risk? London | 08/04/2019 | From my retirement I received a lump sum of money and a monthly pension. If so, is it therefore a no-brainer to transfer my pension to an online managed pension or is it not quite as simple as that? She has approximately £900k to invest, from which she will need to draw down c.£40k a year for life. Fast forward to now and I've recently received a 'proposal' from Eq Life. 06/09/2017 | The Aegon pension fees seem to be really high. I am looking at consolidating my different pension pots. UK | What type of workplace pension scheme is on offer? I've already set up a Stocks & Shares ISA with Nutmeg, so would like to start my pension with another provider. 17/05/2018 | Anne | Hertfordshire | What’s the difference between occupational and group personal pension schemes? They can weigh up all of the benefits and pitfalls that come with having more than one pension and will even carry out a free pension review for you to identify which investment choice is the best course of action. The experts we work with can help answer your questions about sole director pension schemes and help you find a pension to suit your needs, while advising you on the best pension plans and fund protection advice. UK | Greater London | Greater London | I do not intend to access either of these accounts until I am 65. More common than defined benefit pensions, DC schemes require employees to contribute a set percentage of their wage and the amount they’re ultimately entitled to will depend on how much was paid in over the years and how the investments have performed. I understand the basics, but am now totally unsettled as to the direction I should take and if, at such a critical stage, I should invest in an IFA on a regular basis. Desperate Anna, Anna | 01/05/2018 | Private and workplace pensions can be good ways of saving for retirement. Collette | I have a workplace pension, which was closed and replaced with a retirement saver pension. A directors’ pension scheme can be a great way to take advantage of the remaining tax breaks available to sole traders. Our free weekly blog with Holly's Employers are not always obliged to make contributions, too – this will depend on the terms of the pension. Make an enquiry and we’ll introduce you to one for free. If my son increases his pension contribution, I have read it may affect the amount he can borrow on a mortgage. 20/04/2020 | It’s based on your wage at retirement and the number of years you’ve been contributing to the scheme. If you have a workplace pension, this is often how it'll work. Will the Government pay any money into my private pension? You can be a member of an occupational pension scheme and also arrange a personal pension. Trying to get a bit more pro-active with my pension. London | Dumfries and Galloway |. 3. The general advice is to have both a LISA and a pension. 03/07/2018 | We have decided to start savings plans for their futures. 05/09/2018 | If your employer cannot do this for you, you can make personal payments into your pension by Direct Debit or by a lump sum payment through your online banking (sometimes called BACS). We'll never share your details and you can unsubscribe any time. Online Money Advisor is a trading name of FIND A MORTGAGE ONLINE LTD. Find a Mortgage Online Ltd is registered in England under number 8662127. © 2020 OnlineMoneyAdvisor. I'm 50 now and hope to retire at 60. Greater London | 1. 25/06/2020 | Workplace pension schemes are provided by employers; The benefits that you receive could be based on your earnings and length of membership of the scheme (defined benefits schemes), on the amount that has been paid in, the length of time it’s been invested and investment performance (defined contribution schemes), or on a combination of the two (cash balance plans). 10. If you change jobs, check when your new employer will enrol you into a workplace pension scheme. We'll never share your details and you can unsubscribe any time. Devon | 18/06/2018 | Ideal if you’re self-employed or out of paid work. Andrew | I was considering applying for Individual protection 2016, which I understand would give me an LTA of £1,021,390. Greater London | By the way, I am loving Boring Money! I have opened my first Stocks and Shares ISA, and have a company pension on the new standard 5%/3% contributions. 1. UK | I have a Stocks and Shares ISA, and am weighing up the pros and cons of a General Investment Account vs a Private Pension. My question is, what is meant by long term savings? Carmarthenshire | 1. Can I have a workplace pension, a private pension, and a Lifetime ISA, at the same time? This means you can have a personal pension to provide additional retirement benefits, even if you're a member of a workplace pension scheme. 06/09/2017 | West Sussex | I'm thinking of moving into a drawdown SIPP, taking my 25% and leaving the rest invested until I need a regular income in my mid 60s. 26/01/2018 | 18/01/2018 | Personal contribution limits. I have no debts or dependants. 19/08/2020 | For those who’ve already made the decision to opt into their work scheme, most experts will recommend joining as soon as possible to get the maximum amount of benefit. We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. Buckinghamshire | 23/05/2019 | I am 24 and investing to buy a property in 5-10 years. However the recent platform price increases seem to put me in the worst position possible. My age is 75yrs, and my wife is a little older. Nothing’s certain when investing so if you’re really unsure, or dealing with complicated stuff like working out what to do with a pension when you retire, we’d really suggest you get some financial advice. I would appreciate an opinion on this. Although group personal pensions involve an individual contract between the account holder and the pension provider, the investment choice may be made by the provider rather than the employee. This is … Megan | Different tax rules apply to the rules when inheriting a defined contribution pension. Personal Pension Scheme, We can arrange a free pension review for you today. 1. And highly risky. Hull | But they are UK equity based. France | During the coronavirus market crash, my deposit for a flat is shrinking in my Stocks & Shares Lifetime ISA - what can I do? no-nonsense opinions, tips & food for thought. Am I paying over the top in charges? I’m making nothing keeping the cash in the bank! Thank you! Sandra | She is not very financially literate and would not be able to proactively manage the money herself. If you change jobs, or stop working, you can normally continue contributing to a scheme. 11/06/2019 | What are the relative benefits of Netwealth over the more traditional wealth managers? I’m thinking about funds rather than bank accounts. I am looking for a new home for my SIPP. I feel the CETV value is too low and certainly does not take into account the inbuilt benefits such as guranteed final salary, life insurance. Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension and pay into it. Kind regards, Kishana, Kishana | I have decent savings and am toying with the idea of Wahed Invest (I am looking for shariah compliant funds). I have savings in cash but I’ve never tried any ISAs, stocks etc. Meanwhile, for higher-rate taxpayers, pensions offer a better source of tax relief than a LISA, plus you can pay more in. Or consolidate them? London | Benefits of a getting workplace pension scheme for your company: While every employer has a legal duty to set up a workplace pension for their eligible employees. John | West Midlands | 3. If my money had been in an online managed fund like Nutmeg for example, is it reasonable to assume that as the markets fell last year the funds would have been managed in real(ish) time to limit the damage? My husband and I aim to retire in around five years. I would like to invest & top up each month. Here are some of the things you should consider before doing this…. But saving in a pension beyond this level may be questionable. They will offer any advice specific to you and your needs. Thanks, Eve | 3. Instinct is telling me to keep 50% of my savings in a safe investment, 30% in a medium risk investment, 10% in higher risk, and keep 10% for emergencies. She loves the challenge of working at a financial start-up, and takes every opportunity to learn more about the finance industry. 7, Sharon | Protection 2016, which would give me £6400 a year at 65 so high up benefit, but available... Under the pensions Regulator is responsible for ensuring that all employers comply with workplace pension scheme can be great. Little older outside of my ISA, I do n't know where to start savings plans for their.. Circumstances or recommend specific investment products any money into one her fund stands at £1.050m working for a monthly.! 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