Pension Ideas?

IdeasGuy

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Hey so I got my statement from my pension provider now that I have left my last company officially. I am just shy of 10k.

I'm looking at different options for it either a sipp or leaving it where it's.

Anyone got any advice on this??
 

RickyRaj

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Hi,

Like you I have automatically signed up to a company pension when I have started a new role.

About 7 years it dawned on me that most fund managers lose money so I made point to educate myself on financial stuff - pensions, investments savings etc. I had several pensions and consolidated them into a SIPP with Hargreaves Lansdown. I manage it myself and hold a mix of funds, shares and bonds. There is a free calculator on their site.

Happy to talk more about it if you are interested.
 

sparkleandshine

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I have four pensions which I have paid into over the years whilst working for various companies. Is it better to keep them as 4 separate ones or is it better to put them all into one pot, as it were?
 

Scott@KarmaContent

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Anything to do with pensions you are generally best advised consulting an independent financial advisor. Everyone's situation is different and with the recent to changes to what you can do with your pension pot, there are a multitude of possibilities to consider.

The only thing I would say is that if you're in one of the few remaining final salary pension schemes, you're very lucky and don't consider transferring it to a personal pension unless you've taken professional advice as generally it's a bad idea.
 

sparkleandshine

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I'm not, we are talking very small amounts! Do you always have to pay for pensions advice or are there any ways to get it for free?
 

RickyRaj

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If I'm not mistaken IFAs are paid through commissions of products they sell you. If you want someone to manage it for you, you may have to pay an annual fee. Going back to Hargreaves Lansdown they will offer free advice if you have a minimum of £100k and are a customer of theirs.

As mentioned by Scott everyone's situation is different. For me I pay a subscription to the Share Advisor service from the Motley Fool which is about £200 a year. I also subscribe to a US only service (Investors Business Daily) as I hold US stocks in my portfolio - that too is about £200 a year. I also do my own research as I've spent a lot of time (and money) reading books about investing and trading.

In terms of my portfolio it's about an 80/20 split in that 80% is in income producing investments (stocks, ETFs, Bonds and Funds) and the remaining 20% is in growth stocks (e.g. LinkedIn and FaceBook type stocks that are new to the stock market i.e last 15 years).

I like the slow drip feeding of dividends from my income producing investments. I get paid every month from my investments with which I reinvest into the existing investments in my portfolio or buy a new growth stock if it appears in my research or is recommended from my advisory services.

I hope that helps.
 

RickyRaj

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Has anyone looked at SSAS pensions aka Directors pensions?
 

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