A SIPP, Self Investment Personal Pension is one particular type of pension plan which has been approved by the UK government which leaves the individual in control of their pension investments with the ability to choose the investments which they choose to invest in.
If you decide to proceed with a SIPP the main consideration you have to make is what you wish to invest your money into. With so many options available it can be difficult to narrow them down, you should consider any particular sector knowledge and interests you may have so you can apply these to the decision making process. For example, if you have experience in a particular field you may feel more inclined to spread your investment in this area.
A very good question, but how many of us have answers? At its simplest a pension is a way of saving money for retirement. How simple is that?
With all of the different options for pensions, it is no small wonder you find yourself asking this question. Let’s look at some of the factors influencing your decision.
For several generations growing up in the UK meant retiring at age 65 for men and age 60 for women. Successive governments enjoyed surplus pension contributions through a young and burgeoning work force paying for the currently retired. Of course this bubble couldn’t last and has now burst.
You are probably reading this page because you are planning a new pension or thinking about what you can do with an existing pension. Click read more for our tips and advice on planning a private pension.
Setting up a private pension can be quite a daunting thought. You know that you have spare money every month building up in your bank or building society deposit account: something you’ve probably done since your pocket money days. You pay the money in, receive some interest and dip in for a treat now and again. But what about saving for retirement?
It’s rare that that we start thinking about contributing to our pension fund until our late twenties and early thirties. But with a today’s maximum basic State Pension giving you only £110.15 per week, it’s pays to plan for retirement as early as possible. The most common way of increasing your fund is through a workplace pension scheme. However, unless you work for a suitably large organisation or a government body, it’s unlikely that you’ll have been offered a pension scheme at all.
Self-employed workers have some of the same challenges facing them as those in normal employment when it comes to saving for retirement. They have the added difficulty of no employer contributions and no automatic enrollment into workplace pension schemes, as well as often erratic patterns of income.
In April This is Money, the financial website of the year 2013, reported that more than half of those contributing to a workplace or personal pension scheme had never reviewed their pension or had not done so in three years.
Teachers, civil servants and the police force, as well as others in the employ of the government, are automatically given an occupational pension along with other benefits.
If you are or were a member of HM Forces and are in a redundancy situation, you may need to consider your pension options.
As the heading of this page suggests, people are using several terms to describe the same situation. Many of you will have a pension that you no longer contribute to, the problem is that your pension fund will be going down in value year on year.
A Pension Loan is a term which you may hear. In reality this is about pension liberation or pension busting. This is the illegal opening of a pension fund before the age of 55.
You may well be contributing to your pension on a monthly basis but are not satisfied with the returns you are making. You would not be alone. Of 9000 pension funds measured over the last 10 years, only 1% have a achieved growth of 9%. Fortunately, like most things in life you do have options.
There are a number of reasons why your pension fund may be decreasing. Fortunately, there are ways to address this.
Bankruptcy & Repossession
If you are currently bankrupt or thinking about bankruptcy, the chances are that contributing to your pension is not on your list of priorities. However you could consider moving your current pension to a SIPP (Self Invested Personal Pension). Look at the effect this could have on your pension.
If you are currently in or thinking about going into an IVA or Protected Trust Deed, the chances are that contributing to your pension is not on your list of priorities. However you could consider moving your current pension to a SIPP (Self Invested Personal Pension) or COPS. Look at the effect this could have on your pension.
Many of Britain’s pensioners are now forced to sell their homes to pay for their care. According to estimations by NFU Mutual, in the last five years over one million families have used the sale of property to fund residential care.
If you are currently looking at having your house repossessed or having to sell it quickly at a reduced fee, you could look at taking a loan secured against your pension.
We are able to source secured loans for up to 85% of the value of your property. Rates can be as low as 5.6% and we can source loans up to £250,000 depending on status. The process is very simple and we can usually have a decision within the same business day.