In my situation what would you do about 2 questions about pensions etc?

[paddi22]

My questions in general I suppose are

1. my pension - i asked my employer but our place is hectic and I have been waiting for ages to get it sorted. i'd prefer to sort it out myself as i'm not confident that my boss is good with this stuff (its a small place). Am i better off sorting it out with adviser? Can I still lodge money and get tax relief off it or does it have to be done through your place of work. How much should I put in as well?

2. my ssia money. is it wise to lock it up for 5 years in a unit linked fund, or realistically would I be better just lodging it in one of the higher interest deposit account knowing that I have to take it out after five years?

 

[F. Kruger]

1. Does your employer contribute to the pension scheme?

2. Depends on your attitude to risk. If it's a unit linked fund you are not locked in for 5 years but your capital is at risk. If it a tracker bond with your capital guaranteed after 5 years, personally, I would not touch it.

Start at the end and work out how much you will definitely need. I assume that you are going to be saving over the next 5 years on a regular basis so factor that in to what will be required. You can then decide if you are in a position to take a punt on equity/property asset class with SSIA money.

 

[paddi22]

cheers for the help. I dont think my boss will add to fund (they are somewhat tight here!)... ifg thats the case would i be better off just discussing it with adviser and going solo on it?

 

[F. Kruger]

Is the boss so terrifying that you can't ask the question? Are you the only employee? It's important that you know.