Pensions Pensions Pensions

Hi all,

Just wanted to know if anyone knows, or recommend any pension schemes etc...

I am totally lost on this topic and want to set up something for my self....

Any advice or pointers would be of much help

ta
G

If you want to do it yourself then you just need to set up a SIPP. Self invested pension plan.
That’s a private pension.
Some companies will pay into your sipp from your wages.
In a SIPP you can buy and sell shares as normal and will be tax free . You have a life time allowance of currently £1million and seventy thousands. You only start to pay tax when you go above this on your sipp but only when you start to draw down on above this figure.
Most people will take 25% tax free from there pension when they retire. So 25% of your pot basically. So £1070000 of this can be tax free.so 25% of this ….The basic aim of a pension is to have enough money to last 20 years. So for example if you had 200000k then you can pay yourself 10k per year.
Most financial adviser will use prudential and look to grow your pot around 3% per year and they will charge 0.5% per year for this.
I’d personally will do this myself as I don’t trust any financial people as I’d rather trust myself.
Hope that make sense .
If your looking for specific companies then I don’t know..
Remo

Thank you remo. Makes sense.
I am trying to get some way to start a pension pot. This really helps
Ta G
Have a good day and happy trading

I'm with II, was originally with TDW but they were taken over by II a year or two ago. Pay a quarterly fee and get so many free trades for that. Once you get to pension age you can start drawing down a monthly income but continue to trade with the remaining pot.

I'm hoping I can build a pot big enough to allow...and trade well enough... to be able to cover my yearly drawdowns with profits/dividends so the core pot remains untouched.

I read this from an article below:

With SIPPs, you get the tax benefits up front. There’s full tax relief on all your contributions, with basic-rate tax (20%) automatically reclaimed and paid into your pension. Higher-rate taxpayers (at either 40% or 45%) can reclaim another 20% or 25% through their tax returns.

What exactly does it mean?

money is taken from the gross wage, before tax is taken. Hence why its tax free.