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Pensions, Savings, Mortgages…

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chrisbrooke:

--- Quote from: James Malloch on March 25, 2023, 09:36:24 pm ---As a slight aside, can you claim pension relief for previous tax years?

I.e. I didn’t work much this tax year, but for 21/22 i know i what would be available to offset against. At the moment im assuming that the coming tax year will allow me to make contributions, but theres every chance i might not find enough contracts (though i think it should be fine).

--- End quote ---

I think you can use unused allowance from the previous 3 years, which can help with a feast/famine income pattern (if you want to put in more than £40k/year (soon to be £60k))

GazM:
Resurrecting an old thread. I could use some UKB advice on pensions. In short, I'm self employed and want to set up a private pension but really don't know where to start. I'm not at all market savvy - no idea and little interest in constantly playing around with where my investments will be making the most - I just want a pot that I pay into each month that someone else manages. And of course that comes with a fee, but I'm happy with that.

I had a chat with my wife's family's financial advisor which was useful, and his company could manage a pension for me, but I'm struggling to discern why his company would be better than any other!

A friend said he'd heard good things about Nutmeg and I've scheduled a chat with them, but suspect I'll come away from that conversation with the same feeling as the last.

They all seem to talk the same environment, social and governance spiel... What am I looking for?

Any advice for a complete novice would be much appreciated...1

Wellsy:
Most private personal pensions will give you a similar service; a spread of pretty typical investments that as you go towards a particular retirement age which you tell them, will move you to less volatile funds in order to aid in retirement planning. They'll do things like split 40/40/20 on high/medium/low then move towards like 10/50/40 and then 0/40/60 etc. In terms of what's a good idea for investing, I don't know good investments, but most pension providers will give a pretty identical service. The key thing you get is tax relief on contributions

Note: I worked in pensions admin for 10 years on DB and DC Schemes and now I do admin support management for pensions consulting.

GazM:
Thanks Wellsy, appreciate you taking the time to answer.
So in essence, there's not a huge amount to choose from?

SA Chris:

--- Quote from: Wellsy on March 18, 2024, 12:38:05 pm ---
Note: I worked in pensiMost private personal pensions will give you a similar service; a spread of pretty typical investments that as you go towards a particular retirement age which you tell them, will move you to less volatile funds in order to aid in retirement planning.
--- End quote ---

Maybe help me with a question? I have a few pensions of varying sizes (from 12 years at one company down to 1 year with another) and keep seeing talk about the benefits of consolidating them. I did the exercise with a pension planner and they went on about the benefits, but the fees for taking the money out of some was ridiculous and seemed that wherever I put it it would need to perform pretty well pretty soon to fill up that hole. Is it really worth it?

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