looking for pension advise please

[suzy]

Is there someone in Thurso who could advise on Pensions, or possible else where

[pat]

Contact a Financial Adviser or maybe more than one and see what they advice they give - it is for you to decide in the end what you feel is best deal for you.

[Bill Fernie]

You should think about using the government pension advice service. It is a free service and is unbiased.

Check it out at https://www.pensionwise.gov.uk/en/appointments

[orkneycadian]

Good advice from Bill there.

When it comes to the statement - "Our guidance is impartial – we won’t recommend any products or companies and won’t tell you how to invest your money."

Bear in mind that at some point, you will need to engage with companies about products, and that so many "reps" and "pension specialists" are on commision. They can be more interested in signing you up to the product that gets them the best commission, and not you the best pension. A truly independent financial advisory will take no commission, so you will have to pay them a fee for their time and advice, a bit like you would a conventional lawyer (not a "no win no fee" one). But this should be truly independant, and paying for an hour or three of their time may well be advantageous in the big picture.

Follow Bill's advice in the first instance, but do bear in mind wherever you go after that, where your advisor is getting their fee from. Ask them, they should be able to tell you.

[suzy]

thanks everyone, will read up on this,

[Bill Fernie]

This is a subject that has many issues to consider.

One is thinking about paying NI contribution if for any reason you missed payments over the last few years.

If you're eligible, and you could benefit by boosting, buying extra years involves paying what are called 'voluntary class 3 NI contributions'. Those retiring after 6 April 2016 can buy up to 10 years' contributions. The rate is £15.30 (2020/21) per missing week of NI contributions – £795 for a full year.

Everyone's circumstances are different so it needs detailed thinking.

Annuities
Another area some people look at is buying annuities if you have lump sum to use. Again detailed study is required as the companies selling them can be very variable in the sums paid in future for the same premiums. Take a look at Which to begin https://www.which.co.uk/money/pensions-and-retirement/options-for-cashing-in-your-pensions/annuities/annuity-rates-aly8c2z86kds

Again on National Insurance pension - do you know what to expect. You can get a free quote from the government.
You can call the Future Pension Centre and ask for a State Pension statement. Your statement will tell you how much State Pension you have built up so far based on the National Insurance contributions and credits that are on your National Insurance record at the time your statement is produced. It is easy to make an enquiry about where you stand on NI pensions. See https://www.nidirect.gov.uk/articles/check-your-state-pension

Employment Pensions
Many schemes allow you to buy extra years and make contributions over a number years to increase your pension. The cheapest time to do this is when you are younger as the older you are the more expensive this option is.

Self Employed
Anyone who is self-employed should think about private pensions and the earlier you start the better as premiums get higher the older you get.
Government advice is available. See https://www.yourpension.gov.uk/self-employment/

Finally Transferring pensions from one place to another
This is an area full of dangers and complexities and many companies will offer to do this. But it is rarely advantageous to you. There are many instances of people especially in the public sector losing a great deal in transfers. In my opinion mostly Don't Do It
See advice here - https://www.moneyadviceservice.org.uk/en/articles/transferring-out-of-a-defined-benefit-pension-scheme

There is a lot more on this topic but I hope this helps to start with.