Questions And Answers
Making a pension provision
asked by Hilary posted 3 Years ago at 9:32
There seems to be a lot of talk in many papers about how pensions tax relief at the higher rate costs the taxpayers billions of pounds. Given the state of the economy and all the cuts we need surely its just a matter of time before this goes and maybe even the basic rate relief? And if so, whats the point of saving for a pension only to get taxed again at the other end. Thats even assuming they let me retire before I'm 90! I must admit I'm beginning to lose faith in pensions as a form of saving provision for my retirement.
1-4 of 4 Answers
Dave Smalling answered 3 Years ago at 9:37, last modified: 2 Years ago at 14:56Call me a cynic Hilary, but I'm with you on this one. I started my Standard Life personal pension about 10 years ago and after charges and "past performance" yuk - maybe its my fund selection or just that decade but I think I would rather have bought that classic car instead! Having said that the tax relief, while its there, is a nice to have.
Adam Forrest answered 3 Years ago at 14:39, last modified: 2 Years ago at 14:56Hello guys, i totally agree with you on this one to. try www.friendlyinvest.co.uk and secure your future. with huge returns.
David Berry answered 3 Years ago at 18:22, last modified: 2 Years ago at 14:56Any changes to the tax regime for pensions are unlikely to be retrospective. In short if you have received tax relief on contributions in the past (and yes they are very generous and unlikely to continue at this level indefinetly) then the government are unlikely to remove the benefit you have received from past contributions. At the moment a pension is probably the most tax efficient way of saving for retirement for most people. Make the most of it while you can!!
Nicholas Bailey answered 2 Years ago at 10:11, last modified: 2 Years ago at 14:56I am supposed to be reporting this as a professional but I have had some kunds invested with skandia for over ten years and the performance has been dismal at best. I am really struggling to know where to go for advice on the best fund to choose with Skandia. The company tell me that altough one of my funds is with Fidelity, I can only track the price of the funbd via them and not via the paper such as the Telegraph, in other words the fund price for the same fund appers different?
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