Looking for a pension scheme where I can pay how much i want when I want - any ideas?

Question

Looking for a pension scheme where I can pay how much i want when I want - any ideas?

Answer 1

I am NOT a financial adviser and have no skill or knowledge of where best you should invest your money for a pension.

The links below should help you decide about your pension.

Compare pensions - pension advice - personal pensions - online UK ...Compare pensions and get UK personal pensions information from Interactive ... Alternatives. Are Pensions the best choice? Hidden truths about Pensions ...

http://www.iii.co.uk/pensions/

Virgin Money Personal Pensions - UK stakeholder pension schemes ...Virgin Money pensions UK - get a no fuss, low charge personal pension UK - stakeholder, employee, employer and self employed pensions from Virgin Money.

http://www.uk.virginmoney.com/pension/

The Pensions Advisory Service (TPAS) Personal & Stakeholder Pensions: Introduction · Personal & Stakeholder Pensions: ... Specialist Pension Arrangements: Self Invested Personal Pensions ...

http://www.pensionsadvisoryservice.org.u...

One thing I do know about pensions is that I am a pensioner myself and unless a person is prepared to salt away at least a quarter of their total earnings during a work-life of say 50 years, then they are unlikely to get a very good pension.

Look at it another way.  When I left school in 1957 to join the British Army at the age of 15, a cup of tea in a cafe then cost one English penny [old money] - that same cup of tea 50 years on will now cost about £1.  There were back then 240 pennies to the pound.

The above is just to give you a sample of how fast prices move up and how your pension must grow to deal with this.

If you would like to boost your savings while you are working towards a pension, I should recommend a personal insurance policy over 10 years which will mature at the 10 year point giving you a nice lump sum.

In addition to saving like a loon in a pension fund, I also invested in the sort of insurance policies I have mentioned above.

What to do with the lump sum?

This could be as much as £12,000 depending on how much you paid in each month.  I simply invested these lumps into income bonds at the Post Office - result, lots of wonga in savings all bringing in extra - just hope the Bank of England can see fit to raise the Interest Rate as this will shove up my earnings from I-Bonds.

I've got one more lump to come this year in August - but as I'm gonna be 67 in November - no point in saving it.  No, me and the missus are off on a squandering holiday somewhere - might just blow the lot on a cruise, who knows?

I like the lady I met in Rhodes a few years back, she was wearing a T-Shirt with the slogan "I'm spending my Children's Inheritance" printed on the front.  Good for her.

Flog the house, buy a Ferrari and roar off around the M25 until the money runs out. . . . .

Answer 2

I think you are going to get lots of answers from people calling themselves "financial advisers" try to ignore them

This web site is a good starting point

Answer 3

What I have done is, instead of joining a pension scheme, I have opened up a savings account (which I have cut up the cash machine card to, so I can only go into the branch to get money out of this account).  X amount is taken directly out of my wages and goes into this account every month, and if I have anything left of my wages at the end of the month I will pay that into my savings/pension account.