27th March 2008, 11:40 AM
I agree that we shouldn't begrudge those that have managed to get into positions whereby they have good pension prospects. We should aspire to improve the lot of archaeologists not snipe away with envy.
I too was a late starter with my main pension. However, when I worked at MoLAS in the early 90s I was persuaded to opt out of SERPS. This is a small pension pot that sends me paperwork every so often - until recently I just filed it all away. Advice for anybody else who did the same - see an Independant Financial Advisor (a more effective IFA!). Generally these policies are piss poor - move the funds
into another pension fund. For those prepared to do some research themselves have a look here...
http://www.fool.co.uk/news/retirement-pe...nners.aspx
Paul B, it is very commendable that you are using tax efficient vehicles for savings. However, you really do need exposure to the stock market. To make your money work you need INVESTMENTS as well as savings. Do not worry about the state of the market. This is a blip. I think that it is probably a good time to be dipping into the market. If this scares you (I don't have time to do the research etc etc) try an index tracker ISA. Short term, these may fluctuate but for medium - long term investing they will very probably serve you well. For info...
http://www.fool.co.uk/isas/information/w...acker.aspx
The key to making these work is trickle funding - a little bit every month. When the market is on the rise, your investments rise, when the markets are falling your regular investments can buy more funds. At some point the markets will rise again.
You just have to adopt a glass-half-full philosophy.
To take away the urge to cash in investments you can wrap them up in a Self Invested Pension Plan (SIPPs).
Some tips for other late starters...
http://www.fool.co.uk/news/retirement-pe...rters.aspx
btw I have no vested interests in the above links - a financial savvy brother-in-law put me onto them a few years ago. Invaluable...
I too was a late starter with my main pension. However, when I worked at MoLAS in the early 90s I was persuaded to opt out of SERPS. This is a small pension pot that sends me paperwork every so often - until recently I just filed it all away. Advice for anybody else who did the same - see an Independant Financial Advisor (a more effective IFA!). Generally these policies are piss poor - move the funds
into another pension fund. For those prepared to do some research themselves have a look here...
http://www.fool.co.uk/news/retirement-pe...nners.aspx
Paul B, it is very commendable that you are using tax efficient vehicles for savings. However, you really do need exposure to the stock market. To make your money work you need INVESTMENTS as well as savings. Do not worry about the state of the market. This is a blip. I think that it is probably a good time to be dipping into the market. If this scares you (I don't have time to do the research etc etc) try an index tracker ISA. Short term, these may fluctuate but for medium - long term investing they will very probably serve you well. For info...
http://www.fool.co.uk/isas/information/w...acker.aspx
The key to making these work is trickle funding - a little bit every month. When the market is on the rise, your investments rise, when the markets are falling your regular investments can buy more funds. At some point the markets will rise again.
You just have to adopt a glass-half-full philosophy.
To take away the urge to cash in investments you can wrap them up in a Self Invested Pension Plan (SIPPs).
Some tips for other late starters...
http://www.fool.co.uk/news/retirement-pe...rters.aspx
btw I have no vested interests in the above links - a financial savvy brother-in-law put me onto them a few years ago. Invaluable...