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#1 20-03-06 14:26:03

New Girl
Verified Member
From: Somerset
Registered: 25-07-05
Posts: 524

Pensions

I'm new to this self employed stuff.  I used to be in a very good company pension plan and was just wondering what advice you all had on pensions for the self employed.  At the moment I am just leaning towards a savings account and be done with it!

Any advice appreciated  big_smile

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20-03-06 14:26:03

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Re: Pensions



#2 22-03-06 13:56:41

New Girl
Verified Member
From: Somerset
Registered: 25-07-05
Posts: 524

Re: Pensions

As I've not had any replies, do I take it that none of you have pensions either then?

Praps I'll stick to my savings idea.  Worth a try as you lot often throw up options I haven't even considered.

Thanks anyhow  smile

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#3 22-03-06 14:10:29

luchell
Guest

Re: Pensions

I have been thinking what i will need to do to. Im not sure really. Savings yes, have you ever thought of investing in premium bonds. They are fantastic my parents did and they won lots from them as well as its tax free savings that you can cash when required but it takes over a week so makes you think about it.

#4 22-03-06 14:16:11

New Girl
Verified Member
From: Somerset
Registered: 25-07-05
Posts: 524

Re: Pensions

I do have some premium bonds that my Grandma bought me when I was ickle.  Never won a sausage, but its an idea though....had never thought about that.

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#5 22-03-06 15:39:09

luchell
Guest

Re: Pensions

I want to put my tax savings into premium bonds, put it this way you can buy a bound for 100 pounds at a time. I would get as much as possible in there to save for my tax and the money ive saved i could win from. That way my tax money isnt where i can spend it if i need it!!!!!!

#6 22-03-06 17:44:42

sparkle
Guest

Re: Pensions

I took out a basic pension with the Halifax last year. I save £100 per month into it as ive got some SERIOUS catching up to do.

Ive never had a pension before until last year-and obviosuly thats not a good thing...so i started last June..and the pesnion is not released until im 55 (thats the age ive chosen for retirement big_smile big_smile big_smile lets see if that applies when i get there ;D)

Its a basic plan..and its worth looking into.

The reason i didnt go with a savings plan, was i know what im like..i WOULD dip into if i HAD to....with the pension its alot harder. 8)

#7 27-03-06 22:29:42

PiperIan
Verified Member
From: Renfrewshire
Registered: 18-06-05
Posts: 768
Website

Re: Pensions

I wouldn't be so rude to ask a lady's age but I think this plays a big part in it.
Fortunately, I have a private pension but I thought of trying to top it up.  I am a young 50 year old but when I spoke to a financial advisor, he told me that it would be pointless at my age because I would just get back what I paid in if I lived to be 80.  His advice was for me to invest what I would have been prepared to pay as a pension.


I'll never forget Wotzizname !!!

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#8 28-03-06 07:23:30

New Girl
Verified Member
From: Somerset
Registered: 25-07-05
Posts: 524

Re: Pensions

I'm an old 27!!  So what do you recommend?  Savings, pension, premium bonds...decisions decisions.....I hate things like this!

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#9 28-03-06 08:08:44

MiniClassic
Verified Member
From: Croydon
Registered: 18-01-06
Posts: 447

Re: Pensions

Can't really help with the pensions, but on the Premium Bonds...

If you know your holder's number you can enter it on their website (www.nsandi.co.uk) to see if there are any outstanding prizes owing. You 'statistically' should have won something by now & they only write to the last registered address, if you've moved they don't try to chase you.

Hope there's a nice surprise for you there!
Andy.


Ambition Driving College

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#10 28-03-06 11:32:44

markA.d.I
Guest

Re: Pensions

I was told by my financial guy to stick a couple of grand in to premium bonds, and touch wood, its had a pretty good return compared to banking it!

#11 28-03-06 11:37:10

sparkle
Guest

Re: Pensions

So, are we saying instead of a pension-have preimium bonds instead? and then take that out on retirement?

I need to know now!

I started my pension at 28 last year-well late i know...but better late than never :-

#12 28-03-06 11:39:27

markA.d.I
Guest

Re: Pensions

I am not too sure, i was just encouraged if i had had a couple of grand burning a hole to stick it in bonds, don't know if i would stick much more than that in !

The odds compared to the National Lottery etc are very favourable !

#13 28-03-06 11:44:49

sparkle
Guest

Re: Pensions

Hmmm agree bout the odd's thing..so really mark your saying its more like a little gambling machine (although ya not gambling i know) ticking away in the background rather than a long term investment i.e a pension?

I was warned off pensions by my Dad (quite a shrewd business man too) so im feeling perhaps ive made a bad move..ohh i dunno..brain hurts thinking bout all this money stuff neutral

#14 28-03-06 11:52:13

PiperIan
Verified Member
From: Renfrewshire
Registered: 18-06-05
Posts: 768
Website

Re: Pensions

Hi New Girl...

I think we are heading off the beat & track.  Don't listen to advice re premium bonds.  Do you really want to gamble with your future.

I invested £100 in premium bonds in 1978.  Do you know what kind of return that has given me ?.  A big fat Zero !!!.

You are just at the right age to start a decent pension but be careful.  Try to get the best 'independent' advice and not from someone who stands to earn loads of commission for selling a particular pension to you.

You have to have a serious look around now, don't put it off.

Good luck.


I'll never forget Wotzizname !!!

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#15 28-03-06 12:05:08

markA.d.I
Guest

Re: Pensions

Its all relevent to how much you put in, premium bonds you will never lose the original amount !.

I made more than that piper in the first 3 months.

I was not suggesting doing that instead of a pension sparkle, its just a good place to stick a couple of thousand.

#16 29-03-06 21:42:08

sw
Verified Member
Registered: 13-08-05
Posts: 230

Re: Pensions

The best advice would be to get some independant financial advice from a Financial Adviser. If you go to your bank/building society, usually they only give advice on the products their organistion sells, whereas if you go to an independant advisor they can sell you a product from a wider range of companies which is more likely to give you the exact product you need. They are required by financial regulations to tell you whether they are independent or can only talk about products from the company that they work for.

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