Cletus Van Damme
Previously known as Cheesney Hawks
- Location
- Out in the sticks...
I've recently changed jobs, I'm 51 and would like to retire at 60 if possible. From a previous job that I did for 26 years, I had a final salary pension, which appears to be much better than I thought. There's obviously penalties involved in taking it early. I've got another crappy pension that I was sold that only has about 9K in it. I might also in inherit quite a bit of cash, but I don't want to rely on this as it's not a given. I'm also planning on over-paying the mortgage (not that's it's a massive mortgage), to get shot asap.
This new job it isn't a final salary pension as it's unheard of. It's a defined contribution pension, where I can pay up to 8% of my wages and the company will pay 1.5 x that amount, so it's 20% if I went for the maximum. They've just sent me a booklet that doesn't really explain a lot. I haven't a clue about pensions, the final salary one I can take 25% of it as a lump sum, I don't know if this one is the same.
My only really issue is that it gives you an option on how to invest the funds, with several options that I enter a percentage out of the 100% in each option. If I don't bother they'll just do it for me. The options are:
Equities
Property
Blended Assets
Corporate Bonds
Pre-retirement to annuity
Pre-retirement to cash
Cash
Ethical Growth
Ethical Consolidation
I just wondered if anybody could point in the direction of a website that might explain all this please? The risks, what it actually means as I haven't got a clue. I'm thinking of paying the maximum amount into the scheme. This is purely on the basis that it's pre-tax and the company is paying 1.5 x into it. I understand that these schemes are not that great. I'm not sure if there's anything else I could be doing that is better.
Thanks for any advice. I haven't a clue as you can tell...
This new job it isn't a final salary pension as it's unheard of. It's a defined contribution pension, where I can pay up to 8% of my wages and the company will pay 1.5 x that amount, so it's 20% if I went for the maximum. They've just sent me a booklet that doesn't really explain a lot. I haven't a clue about pensions, the final salary one I can take 25% of it as a lump sum, I don't know if this one is the same.
My only really issue is that it gives you an option on how to invest the funds, with several options that I enter a percentage out of the 100% in each option. If I don't bother they'll just do it for me. The options are:
Equities
Property
Blended Assets
Corporate Bonds
Pre-retirement to annuity
Pre-retirement to cash
Cash
Ethical Growth
Ethical Consolidation
I just wondered if anybody could point in the direction of a website that might explain all this please? The risks, what it actually means as I haven't got a clue. I'm thinking of paying the maximum amount into the scheme. This is purely on the basis that it's pre-tax and the company is paying 1.5 x into it. I understand that these schemes are not that great. I'm not sure if there's anything else I could be doing that is better.
Thanks for any advice. I haven't a clue as you can tell...