Pensions

[vix84]

Hello - I dont currently have a Pension, but I am going to try to sort one out. I havent decided yet wether to go with a proper pension plan, or to just put money into a savings account.

How does this work with tax - if I put it into a savings account, can I put down on my expenses or tax return the 22% of however much I save towards the pension?

Does that make sense? I dont know how to explain what I am trying to get at.

If you are employed and have a pension - you get that taken out before tax, but what about the self-employed?

[Chatterbox Childcare]

I am unsure of this one as I personally think that a pension isn't a secure investment at the moment. I have put my money into houses and an ISA

Try talking to the IR for advice and see if they have a Business Advisor who can come to you at home to chat it through

[sarah707]

I tend to agree with Debbie - my money goes in the best ISA I can find.

I know too many people who have lost pensions :(

[hello kitty]

You need proper professional financial advice for your unique personal circumstances. We should not give you advice as we are all in different situations. (Can't you tell my hubby is in financial services!). Look in your yellow pages for financial advisors. I don't think they will charge you for advice. hth.

[madasahatter]

Just to add to the above posts a month ago my pension fund stood at £35K it is now down to £10K, so lost over 2/3 of it's value:eek: . Thankfully there's a long time to go before I retire so it should recover. Thankfully I don't let things get me down! I only wish that I hadn't added my pension to the accounts I could view online 3 months ago. If I'd not bothered I wouldn't have a clue how much it had lost. Same goes for one of my isa's which has lost 1/2 it's value and now worth less than I originally invested....bum

[FizzysFriends]

Even pension advisors are advising against it at the moment, I think if you want to put money away now find a good ISA and put it in there. You can always change it at a later date.

[vix84]

Thanks everyone - I dont know much about pensions etc.

But if I put it in an Isa, can I still claim for it on the Tax return?

Speaking of which - I still havent had a reply telling me how much I owe etc. I really hope they recieved it - I posted it in June!