Pension Provision

Pension Provision

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I have not made arrangements for a pension since I went on my own a few years back. From my work pension scheme I will get £15k pa (will be adjusted for inflation) plus State Pension . Not enough to live on.  

Do you any suggestions best way to make sure I have a more then £15k to live on? Being in mid 50s, it may be too late to have a pension scheme. The premiums would be too high and result at the end (risks) may not be wothwhile. 

I am thinking buy to let property in a pension scheme. 

Would be good to hear suggestions on ways to save for old age for someone who has left it too late. 

I will also contact a IFA

Many thanks. 

 

Replies (4)

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By Accountant A
07th Oct 2016 18:57

An IFA is the only place you will get advice. We all have our own personal views on what is and isn't a good investment.

You can't hold residential BTL in a pension scheme and if you have no existing SIPP or similar, you're probably not in a position to buy much in the way of commercial property.

No idea what you mean when you say pension premiums are too high. You can pay into a SIPP and get tax relief (subject to the various limits and personal circumstances, etc.). The SIPP will have a large range of investment options from high to low risk.

Anyway, as I say, there is nothing particularly insightful that can be said without having full knowledge of your personal circumstances. I'd be tempted to speak to more than one IFA. If you can get a recommendation, so much the better.

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Man of Kent
By Kent accountant
08th Oct 2016 08:51

How long is a piece of string?

How much income do you think you need in retirement.
How much do you currently earn.
What are your outgoings.
Do you own your own home.
Are you married, is your spouse/partner employed/have a pension.
What is your attitude to risk.

Get as much information as possible together and pop along and see an IFA.

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By zebaa
08th Oct 2016 11:05

Win big on the pools or lottery.

or,

1) Save, starting now.
2) learn to live on £20k pa.

You might find that 1) reduces your spending to 2) so that solves two problems together.

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Replying to zebaa:
RLI
By lionofludesch
08th Oct 2016 16:54

Quote:

Win big on the pools or lottery.

Yes - that's my plan.

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