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Independent, no-nonsense ratings and reviews
Lucinda | Kent| 09/10/2018 | 0
I am a 30 year old British expat living and working in the Netherlands. I worked in the UK for 5 years (2010-2015), but it was at the start of my career and to my knowledge I did not have a work pension of any sort. I've been working in the Netherlands for the last 4 years, and again have no pension (my company does not provide anything). I'm getting increasingly worried about my future retirement and my lack of any kind of pension. Firstly, I am not sure what - if any - state pension I could receive (either from UK or Netherlands) but I assume not much. Secondly, I'm ready to start investing on a monthly basis into a private pension fund, but I have no idea what the best option for me would be. I'm definitely turned on by the likes of Nutmeg and Wealthify, but given these are all UK based, I am not sure tying my assets into GBP is the best decision given Brexit. Furthermore I wouldn't benefit from UK government contributions anyway so maybe it's not the best idea. The only silver lining to my situation is that I bought a flat this year, and I have some stock options in my company which is a very large and fast growth tech company. Really lost and confused, and would really appreciate any advice you might have.
Hi Lucinda,
Good to see that you’re focusing on your retirement planning - your thirties are a great time to get on top of this, as it can be a bit late to catch up if left to one’s forties!
I can’t advise as to the Dutch state pension, but you will have earned some National Insurance “credits” towards the UK state pension from your 5 years of employed work. However you do need a minimum of 10 years to qualify for the minimum pension, so they’ll be wasted if you don’t work in the UK again.
Paying into a UK pension is almost certainly not advisable, as you wouldn’t qualify for tax-relief which is the main benefit.
Equally you cannot contribute to a UK ISA unless you are tax-resident, so that option is out also.
I think your two options are either to;
Although the offshore market is not as highly regulated as the UK so I would suggest you take advice as to which provider to go with.
They may well have the local equivalent to a UK pension, that could prove suitable for your needs if you plan to remain resident there for some time to come - but to be honest, its all Dutch to me! 😉
Great news on the flat and stock options though. Best of luck with your future!
David
We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA.
This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.
We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.
David Stone
David started Mansion House Capital with his (now) wife back in 2000, they advise across all areas and mainly look after London-based professionals who are too busy and/or too bored to prioritise planning their own finances. David is a Chartered Financial Planner and Fellow of the Personal Finance Society.
How much income will I need in retirement?
Rory | Ham | 28/08/2020 | 7
I am looking for a new home for my SIPP. I am looking for a SIPP with low charges and which is easy to set up & run, as I am 75 now and keep forgetting I have dementia. Or do you think I should just leave it where it is?
Geoffrey | South Yorkshire | 08/08/2020 | 0
The charges for my SIPP are around 1.5% per annum. When I look at other SIPP fees they are a lot lower than this. Am I paying over the top in charges?
Andrew | Greater Manchester | 04/08/2020 | 1
Is it better to invest with lower fees & no exit charges, or pay higher charges & have no exit fees?
Andy | Hampshire | 20/04/2020 | 5
I am approaching 75 and have mostly saved into cash - should I open a Stocks and Shares ISA for two years and then cash it in?
Dale | UK | 23/03/2020 | 0
Should I cash out my final salary pension during the COVID-19 market decline?
| UK | 23/03/2020 | 0
I really don’t like this market meltdown during the coronavirus outbreak. Should I sell and just get out?
| 19/03/2020 | 18
Should I still make regular ISA and pension investments in the current COVID-19 turmoil? Or is it better saving to cash?
Andrew | UK | 17/03/2020 | 5
I am confused about financial services compensation: I have a SIPP and an ISA with AJ Bell Youinvest, and am about to inherit a sizeable sum. I am already over the £85,000 financial services compensation limit. Should I be worried? Should I set up accounts with multiple platforms, to be covered by the compensation scheme?
Emma | London | 22/07/2019 | 3
I am torn between investing in my ISA, and putting money into a personal pension. I know about pension grossing up, and the 25% tax free cash. However I will inevitably pay tax on the 75% which is not tax free. Whereas with the ISA, I don't get the grossing up benefit, but won't pay any tax. What do you think?
Christopher | Staffordshire | 18/07/2019 | 1
I'm thinking of moving into a drawdown SIPP, taking my 25% and leaving the rest invested until I need a regular income in my mid 60s. I am trying to find a financial adviser willing to review my plans, but they all want an ongoing relationship. Where can I find an adviser who will do a one off review? Also I am unsure whether financial investment protection is per fund or per SIPP.
Susan | London | 16/07/2019 | 16
I have an inheritance to invest of £150,000. I am not paying into a pension at the moment but have £125,000 in my pension pot, and have fairly substantial money in Stocks and Shares ISAs. Should I put more into stocks and shares over a 10 year period, add to my pension funds, or invest in bricks and mortar with no mortgage?
Mark | West Midlands | 12/07/2019 | 3
I am looking at consolidating my different pension pots. My main concern is - will I lose out by transferring my Civil Service pension to a new place? By the way, I am loving Boring Money! I’m really keen to start taking control of my finances and it’s proving so helpful... not making me feel like a clown for not understanding all the financial faffery! Thanks!
Hannah | Herefordshire | 08/07/2019 | 0
In 1988 I opted out of SERPS and proceeded to set up a With-Profits Personal Pension Plan with Equitable Life. Fast forward to now and I've recently received a 'proposal' from Eq Life. I don't really understand whether this is a proposal I should give my approval to as I don't understand whether I will potentially gain or lose from the changes stated.
Tori | Buckinghamshire | 04/07/2019 | 2
I am thinking of setting up a SIPP to diversify my investments and spread the risk. I'm nervous about doing my own investments, so I don't really know where to begin. Are there SIPPs which do it for you? Or if not, should I continue investing in my previous workplace pension?
Holly | Sussex | 03/07/2019 | 0
I am not a tax payer as I do not work. Will the Government pay any money into my private pension?
Mrs Khan | Essex | 02/07/2019 | 0
I have opened my first Stocks and Shares ISA, and have a company pension on the new standard 5%/3% contributions. I have enough easy access savings to cover emergencies so I was wondering what would be a next good step, add to S&S ISA or open a SIPP for retirement?
Kevin | Strathclyde | 14/06/2019 | 10
I work for my company which funds my SIPP directly. I will be receiving compensation in the coming months - is it possible to pay SIPP contributions from the compensation payment? If pension significant contributions are not possible, what might we consider when looking for a tax efficient home for the compensation?
Andy | Lancashire | 12/06/2019 | 3
I am a self-employed sole trader. Would my pension contributions count as a Business Expense, incurred in running a small business?
Anna | Warwickshire | 11/06/2019 | 7
As a U.S. passport holder as well as a British citizen living in the UK, are there certain things I can't invest in?
Megan | Scotland | 11/06/2019 | 0
I have been putting £50/month for each of my two children into a pension with Hargreaves Lansdown. In light of the costs of investing highlighted on this website, should I move to somewhere with lower charges, or stay-put? Alternatively, would I be better to put money into a Lifetime ISA for each of them instead?
Stuart | Cambridgeshire | 06/06/2019 | 4
I’m in my 30s and live in London. I have savings in cash but I’ve never tried any ISAs, stocks etc. before. I am looking for some suggestions as to the types of products I should use to begin investing. Instinct is telling me to keep 50% of my savings in a safe investment, 30% in a medium risk investment, 10% in higher risk, and keep 10% for emergencies. I’m making nothing keeping the cash in the bank!
Lisle | London | 30/05/2019 | 5
How can I find out how my Aviva SIPP pension is performing against the competition? I'm 51. The fund value is £161K and it was opened a year ago. Appreciate any tips.
Danny | London | 30/05/2019 | 1
I have minimal pensions and would like to start a new pension to save for the next 12 years. I've already set up a Stocks & Shares ISA with Nutmeg, so would like to start my pension with another provider. Which would you recommend?
Sam | Norfolk | 30/05/2019 | 0
I have two pension pots, one of which is a stakeholder - this one is currently worth £120,000 - the other is approximately £50,000. I will be 60 in 4 years time and am anxious that my pots may not be growing fast enough. I currently input £300 per month into the Stakeholder. I do not intend to access either of these accounts until I am 65. Can I combine both these pensions, or should I leave them as is? I would appreciate an opinion on this. Many thanks, Maggie
Maggie | Gloucestershire | 29/05/2019 | 0
Hello, I already have a workplace pension. Can I also have a private pension? If so, I have a LISA as well. Can I have all three in place?
Precious | Surrey | 23/05/2019 | 0
I am a self-employed 55 year old, with only a state pension. What can I do to increase my money for retirement?
Sandra | Dumfries and Galloway | 21/05/2019 | 1
We have just retired to France. Our pensions cover our expenses but we also have £230k which we would like to invest for a monthly income. Could you please explain the low-risk options we might want to consider?
Keith | France | 10/05/2019 | 2
I'm in my very early 20s, and earning well. I have no debts or dependants. I have a Stocks and Shares ISA, and am weighing up the pros and cons of a General Investment Account vs a Private Pension. What should I keep in mind?
Cecily | Berkshire | 08/04/2019 | 3
I intend to retire in autumn, aged 60 and would like to leave my son and grandson as comfortable as possible when I'm gone. I have talked with several IFAs, but given my risk adverse nature, their fees seem to eat up most of the benefit they offer. Do IFAs normally bring sufficient benefit to low risk strategies, to make it worthwhile? Or am I better off cautiously investing myself, and saving the fees?
Stephen | North Yorkshire | 01/04/2019 | 0
I have two separate company pensions from previous employers. For the last 12 years I have not contributed to a pension. I am now 44 and know I need to put money into one. I'm not financially aware and the robo providers sound tempting but, obviously, I want the possibility for the best return at medium risk. Your Q2 2018 results update showed Nutmeg’s Portfolio 10 as returning different figures than the Best Buys page for Nutmeg says. Why are these figures so different? Is Vanguard Lifestrategy 60 a good choice, though they don't have a SIPP.
Dave | West Yorkshire | 26/03/2019 | 0
I am self employed (40) with no private pension, earning £50,000 a year. I have savings and can make a lump sum investment. I know nothing about Stocks or Shares. What is the best way forward for pension and tax reduction? Desperate Anna
Anna | London | 25/03/2019 | 0
My pension SIPP has an annual charge of about 2%. Now that I am in monthly drawdown, I'm interested in exploring alternative providers to lessen the charges, since future returns look like being lower than they have been in the past.
Michael | London | 25/03/2019 | 0
When I retired in 2018, I considered consolidating my pensions for income drawdown. Recently I spoke to an advisers aligned to the investment philosophy of Albion Strategic Consulting, but was scared off again. I understand the basics, but am now totally unsettled as to the direction I should take and if, at such a critical stage, I should invest in an IFA on a regular basis.
Rob | Hertfordshire | 20/03/2019 | 3
My 60 year old mum is not very financially literate and has has no private pension. She has approximately £900k to invest, from which she will need to draw down c.£40k a year for life. She is not very financially literate and would not be able to proactively manage the money herself. Would you favour an Independent Financial Adviser or a Robo Adviser for someone in her position? Thank you!
Harry | Kent | 11/03/2019 | 1
If my son increases his pension contribution, I have read it may affect the amount he can borrow on a mortgage. Is this correct? Should he take a SIPP out as well? Is there any advantage in maxing out his managed Nutmeg Lifetime ISA in the next financial year?
Richard | Hertfordshire | 06/03/2019 | 3
I am 65 and still working. I have a workplace pension, which was closed and replaced with a retirement saver pension. I contribute to this via salary sacrifice. I also have a personal pension serviced by an IFA. Should I move my personal pension fund to a SIPP provider at this late stage of my life? I would like to consolidate the workplace retirement saver and personal pension fund together and manage it myself.
Den | South Yorkshire | 27/02/2019 | 0
Trying to get a bit more pro-active with my pension. If my money had been in an online managed fund like Nutmeg for example, is it reasonable to assume that as the markets fell last year the funds would have been managed in real(ish) time to limit the damage? If so, is it therefore a no-brainer to transfer my pension to an online managed pension or is it not quite as simple as that?
David | London | 08/02/2019 | 3
With a SIPP in drawdown would a company like Netwealth whose investment management fees are of the order of .66% of the value of the portfolio, be a better option compared to companies like Hargreaves Lansdown or Investec? What are the relative benefits of Netwealth over the more traditional wealth managers?
Steve | Lancashire | 22/01/2019 | 7
I have an old pension and they have written to me saying that they are going to enhance my pension if I transfer it out. The company is also offering free independent advice. I have £117,000 in the pension at the moment, which would give me £6400 a year at 65. I am 61 in April and would like to finish work at that point. I am not sure how much extra they will give me. Have you any ideas or suggestions to help me decide? Thanks.
Nicholas | Carmarthenshire | 04/01/2019 | 3
From my retirement I received a lump sum of money and a monthly pension. I have £100,000 that I do not need for the foreseeable future... One of my main concerns with Financial Advisers are their costs... All I want is simply to see this money grow to its potential, sensibly and above inflation... Therefore my next thoughts are Stocks and Shares ISAs... My only concerns here are the current Brexit problems - I saw the FTSE drop this past week. I cannot find any information out there to assist with my decision making if this is certainly a good time to invest... I am aware that I can place £20,000 for this year. Come April 2019 I place another £20,000 and so on until the £100,000 has been utilised. Do I have to place it into the same fund or can I choose another different fund with a different company?... Please can you help to ease some of this burden, which has proved an awful part of my retirement and made me frightened to spend any money.
Katherine | Derbyshire | 02/01/2019 | 0
I was lucky enough to inherit a significant sum from my father... currently in Alliance trust platform in 10 investment trusts. They have delivered well in the last 20 years. But they are UK equity based. And highly risky. Do you offer a sanity check service for confused individuals like myself? I don’t know what to do...
Paul | Berkshire | 12/11/2018 | 2
My wife, 56, is still working but has a final salary scheme which she is drawing as well - currently £26k per annum. Her current employer's pension scheme is defined contribution, and her fund stands at £1.050m. Therefore, her total pension is around £1.57m. We protected her Lifetime Allowance at £1.25m, but all growth will now be taxed at the excess rate. My idea is to take the 25% tax free amount out of the defined contribution pot, and reinvest it in the same funds as the pension. This will then remove growth on the 25% from the excess tax rate to a capital gain when sold, thereby saving a considerable amount of tax. Am I right?
Rod | Hampshire | 05/09/2018 | 1
Can you advise me on the best approach when looking to invest in a product that offers compound interest? I’m thinking about funds rather than bank accounts. I also have 4 different pensions on the go. Should I keep them separate to diversify the risk? Or consolidate them? How will these pensions be treated when I retire? Will they be considered in aggregate by the tax man?
Craig | Clackmannanshire | 16/08/2018 | 1
I have about two thirds of my ISA in funds with Charles Stanley Direct and about one third left with St James's Place. I was planning to transfer the remaining one third to Charles Stanley Direct. However the recent platform price increases seem to put me in the worst position possible. After Charles Stanley Direct's fee increase, could I do better elsewhere?
Gerry | Bedfordshire | 15/08/2018 | 7
I'm nearly 30 and looking to open a private ready made pension, and also an investment ISA for retirement funds or towards a property, but very unsure what risk level to choose (low to medium, or medium to high)? Any comments or advice welcome.
Susan | West Midlands | 24/07/2018 | 2
My wife needs to set up a SIPP with a good value, low cost, low maintenance underlying investment portfolio. We want a good mobile app from a well respected provider. Where can we see the options and directly compare historic returns so we can make a decision?
Guy | Hertfordshire | 17/07/2018 | 1
I hope you can help. I recently consolidated two modest pensions into a SIPP in readiness to start UPFLS drawdown in May (2018). Whilst I was hoping for growth in my investments I wasn’t expecting it to rocket and now find I could well be looking at exceeding the lifetime allowance, possibly even before my first annual drawdown in May, and I’m unsure what, if anything, I should do.
John | London | 03/07/2018 | 6
Hello Are there any specific pensions you would recommend, with low charges, which I can set up for my 11 yr old son? I am already paying the maximum into a Junior ISA. Anita
Anita | West Sussex | 18/06/2018 | 3
Do you have information on taking your pension pot before retirement? My husband is 62, on a final salary scheme & is trying to get clear information on it.
Jo | 17/04/2018 | 3
I am a 59 yr old retired lady with no income but I have reasonable equity..is it worth starting a pension or is it too late?
LL | Norfolk | 06/02/2018 | 2
I am very lucky to have just received a gift which I want to invest for our retirement. My husband and I aim to retire in around five years. We have 11 more years of school fees to fund, then hopefully university fees for two after that. I've put together a plan for us - can you have a look and see if it makes sense?
Fiona | UK | 18/01/2018 | 6
Can losses in a pension SIPP be offset against anything?
Henryk | Hampshire | 17/01/2018 | 1
I am already receiving a pension from a final salary scheme and I am retired. I have a sum of money I want to invest. Can I start another pension as a saver and, if so, how much can I put in every year?
Collette | Greater London | 25/11/2017 | 0
I am a 59 yr old retired lady with no income but I have reasonable equity..is it worth starting a pension or is it too late?
LL | Norfolk | 10/11/2017 | 2
I am getting long in the tooth at 79, a little forgetful and I am going through a painful divorce. This has shattered my confidence and I need help.
Richard | Kent | 05/11/2017 | 3
Please help me. Choosing a pension from Aviva. It asks if I want growth or income? Which one do I choose ? I'm 46 .
Ria | Greater London | 11/09/2017 | 9
Which is better - property or pension?
Paul | Greater London | 07/09/2017 | 0
Is it worth using a financial adviser when it comes to switching pensions funds, or should I do the research and pick the funds myself? I am no expert in stocks and shares.
Helen | Dorset | 10/08/2018 | 4
Why should I bother with paying into a pension at my age of 55 years now when I have never had one?
Tee | Greater London | 07/09/2017 | 7
Can I sort a pension out myself online?
Sharon | Greater London | 07/09/2017 | 0
What's this Auto Enrolment thingy?
Derek | Greater London | 06/09/2017 | 0
How can I find out how much my State Pension is likely to be?
Abigail | Greater London | 06/09/2017 | 0
What are the changes with pension annuities? My mother in law has asked as her retirement is looming. I've read in the press it's changing but it all feels confusing. I just need some simple clear advice. Thanks
Keith | Greater London | 06/09/2017 | 2
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