pension / isa advice

[mad cyril]

had a finnancial advisor round tonight as decided I need to put a bit away for when I retire. Choices are basically an isa or a pension.

A pension I cant touch until im at least 55 but the government contributes £25 for every £100 per month I save.

The isa's interest is less but I can get it whenever i want. I do want to save all the way till retirement age but dont like idea of having all that savings and not being able to touch it.

Anyone got either or any advice

[Daydream Believer]

Originally Posted by mad cyril

had a finnancial advisor round tonight as decided I need to put a bit away for when I retire. Choices are basically an isa or a pension.

A pension I cant touch until im at least 55 but the government contributes £25 for every £100 per month I save.

The isa's interest is less but I can get it whenever i want. I do want to save all the way till retirement age but dont like idea of having all that savings and not being able to touch it.

Anyone got either or any advice

Any reason why you can't split the money to invest between the 2 options?

[chunkylover53]

ask a financial advisor mate

[peachbum]

Originally Posted by mad cyril

had a finnancial advisor round tonight as decided I need to put a bit away for when I retire. Choices are basically an isa or a pension.

A pension I cant touch until im at least 55 but the government contributes £25 for every £100 per month I save.

The isa's interest is less but I can get it whenever i want. I do want to save all the way till retirement age but dont like idea of having all that savings and not being able to touch it.

Anyone got either or any advice

Did he give you ideas on risk and types of ISA; different pension schemes?

[mad cyril]

Originally Posted by Daydream Believer

Any reason why you can't split the money to invest between the 2 options?

he did mention this as an option but wasnt sure if puting it 50 / 50 was worth it. Does make sense though I suppose. Things that putting me off is the fact that if say god forbid me and my lass get divorced then I cant get at my cash and I might need it. Not saying that thats ganna happen but you never know these days like

Originally Posted by peachbum

Did he give you ideas on risk and types of ISA; different pension schemes?

the isa is a stocks and shares isa, there is a slight risk but the rewards can be quite big.

The pension schemes were just standard pensions for a basic tax payer.

[MarcoGoalo]

Originally Posted by peachbum

Did he give you ideas on risk and types of ISA; different pension schemes?

IIRC pensions can also be invested different ways ie cautious/balanced/adventerous etc. Not an expert on them so could be wrong

[peachbum]

Originally Posted by mad cyril

he did mention this as an option but wasnt sure if puting it 50 / 50 was worth it. Does make sense though I suppose. Things that putting me off is the fact that if say god forbid me and my lass get divorced then I cant get at my cash and I might need it. Not saying that thats ganna happen but you never know these days like



the isa is a stocks and shares isa, there is a slight risk but the rewards can be quite big.

The pension schemes were just standard pensions for a basic tax payer.

Did he mention a SIPP? I don't know enough to advise you but it sounds like you could do with more advice.

On divorce, I think pensions can be taken into account in the divorce settlement. Stocks and Shares ISA's should change over the years from risky to secure iirc. Again it will surely be included in divorce arrangements won't it?

[mad cyril]

Originally Posted by peachbum

Did he mention a SIPP? I don't know enough to advise you but it sounds like you could do with more advice.

On divorce, I think pensions can be taken into account in the divorce settlement. Stocks and Shares ISA's should change over the years from risky to secure iirc. Again it will surely be included in divorce arrangements won't it?

cheers, im just gonna speak to him again. My heads battered ! With the divorce Im not worried about losing the money completely, its just say that I had to move out / buy her out then I'd need every penny and having it tied up and untouchable would be a nightmare.

I much prefer the idea of the isa but the pensions stands me about 40k better off by the time I reach retirement age.

[Daydream Believer]

Originally Posted by mad cyril

cheers, im just gonna speak to him again. My heads battered ! With the divorce Im not worried about losing the money completely, its just say that I had to move out / buy her out then I'd need every penny and having it tied up and untouchable would be a nightmare.

I much prefer the idea of the isa but the pensions stands me about 40k better off by the time I reach retirement age.

TBH I see my pension as long term & my ISA as medium term.

[taff]

Originally Posted by MarcoGoalo

IIRC pensions can also be invested different ways ie cautious/balanced/adventerous etc. Not an expert on them so could be wrong

Yes they can.

If you're employed, next year there is a new pension being brought in where you will automatically be enrolled and your employer and you each need to put 1% in. By 2017, that will be 3% from the employer, 4% from you and 1% tax relief.

Good point - dirt cheap

Bad point - very basic

You can opt out but every three years or if you change jobs you will be re-enrolled.

It's called NEST