Savings or Pension advice

[Koolpc]

Hi Guys

What, in your opinion is the best route to follow? Put money into savings or invest in a Pension?

I am in my company pension scheme but they have just said that they have a £30 million deficate in the pension scheme!! I have been in it for 14 years and i also have a stakeholders pension too. I am only 41. I am going to leave my present job within the next year as i have other plans for my future.

My mate seen a financial advisor and he advised him to put his money into savings for now as the pension market is not too good at the mo.

I don't want to pay for a financial advisor yet as i have heard a few conflicting stories from different ones according to work mates etc.

What are your opinions people?

Ta

[TiG]

To be honest mate without knowing the amount of money, types of policies, redemption penalities and dozens of other factors to take into account its impossible for anyone here to give you sensible reliable investment advice.

There are good reasons you should pay for financial adviser, they will go through all your finances personally and give you good structured and sensible advice. Have you considered going to your bank see if they do any advice, or you pension provider?.

There are plenty of options, but getting advice from forums isn't the best idea in the world.

TiG

[Koolpc]

My bank do give advice but only on thier products! I was just after people's views and suggestions. Thanks for your anyway TIG.

Please post any help you can guys. Ta

[Koolpc]

Come on guys, must be more help out there somewhere!!

[Clingy]

Sorry Koolpc, I am with TiG on this one. Any money spent with an IFA will be well worth it IMHO. Although they are all fallable, getting important financial advice from work mates and from internet communities who dont know all you personal circumstances is dangerous. And as you rightly point out, anyone giving you "free" advice, like your bank will be raking in a commission somewhere, which has to adversly influence their advice.

Many people I know are puting their "pension money" into property or some other single investment that they believe can't possible go wrong. For their sakes I hope they are right, but I have a bad feeling about those sorts of decisions .

[Koolpc]

Thanks Clingy. Thing is, i don't trust Pension Scheme's anymore. Especially as my company have reporterd a £30 deficate!! Just need to make some hard decisions.

[TiG]

Koolpc, you have the remember the demographic of this board is much younger than you, most of the people on this forum are sub 25. Hence them answering this is going to be nigh on impossible.

Those of us that do have the money and thoughts and planning for later life probably value what we've done and paid for but do realise everyone is different.

Without knowing all the detail its impossible to advise.

Sorry mate.

TiG

[Koolpc]

Hi Tig. I understand. I am an Old Git!! Just nice to get people's views etc. I have decided to pull out of my company scheme. Doing that today. No point in staying in it as i am planning on leaving. I will seek out a FA soon.

[kaillum]

as both TiG and Clingy has said, Hexus is good at a lot of things.. but I wouldn't put my faith in the forums ability to offer sound financial advise! You'll be a lot better off paying for an IFA to go through your individual circumstances...

Personally, i'm just over 30 and aiming to retire at 55.. My portfolio of investments includes a preserved company pension scheme (thats accruing at the rate of inflation and payable at age 60), a current stakeholder pension (again payable at 60), I pay the maximum into ISA's each year (and have done for the last 3 years), couple of old TESSA's, Shares and Premium Bonds. I also have a couple of properties that are rented. I like to spread my money around so that if one area goes tits up, i've at least got something 'growing' elsewhere. BUT. Thats just my personal portfolio. And has been said, whats right for 1 person certainly wont be right for another...

[Koolpc]

H Kaillum. I agree. But just hearing what you are doing for your retirement gives me new ideas etc. This is what i am after.

[Clingy]

Perhaps I should ahve pointed out that I'm the last person to take finanical advice from m8 .

48 with a complete mess of pensions, no other savings or investments two kids to go to Uni in the next 4 years and so on. No need to worry about my pension, I'll be working to 70 at least, by which time I would have drunk myself to a state of apathy!

[Koolpc]

Property is a good investment. I own my own home but i would love to buy more but it all needs money! Don't fancy having a mortgage again!