How to Sort Out Your Pensions TODAY and Retire Early
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- เผยแพร่เมื่อ 7 มิ.ย. 2024
- Don’t assume your pensions are being managed correctly. The earlier you sort this out the earlier you can retire.
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I am a Chartered Wealth Manager and Partner in a financial planning practice based in the UK. If you would like to find out more about working with us, please follow this link: go.novawm.com/getintouch
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This channel is for education purposes only and does not constitute financial advice - James is not responsible for investment actions taken by viewers. Please seek out a regulated advisor if you require assistance (whilst James is a financial adviser, he does not provide advice through this TH-cam Channel, which is not affiliated with his employer).
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0:00 Intro
2:20 What & Why
3:24 How much should you pay in
4:59 Contribution Tips
06:01 How to find them
06:47 Problems with default funds
08:07 Stick, twist or shuffle
08:39 Walkthrough
12:53 Transfer considerations
14:18 Choose your beneficiaries
Please ask me any questions you have about pensions, I’ll answers them below and hopefully this will become an even better resource for the people that watch it after you!
Thanks for the video James. I am aware that you can typically (not always) merge pensions together, for example bring together those two pots with Aviva on request. I'm wondering if there is a direct benefit to doing this based on compounding etc? Maths isn't my strong suit sorry!
If there was a fixed fee involved in operating each pension then yes you would save money there. Other than that there is no mathematical benefit if combining, but as in the video one Aviva pension has good options and the other has bad ones.
Do you have a view on CAGR of a bog standard global equity tracker over the next 5, 10, 20 years?
I'm forecasting 4% real returns as I don't want to be too optimistic, but equally that 4% annual gain should see me almost hit the LTA by the time I'm 55 ish, with the plan to stop contributing at 50 (using a S+S ISA as a glide to 55 and pension access).
Second question - if you were approaching LTA with some years still left of working, would you stop pension contributions to push towards something else, or continue as you were?
If you are on the defined benefits pension, what are other recommended ways to help you to increase your contributions/reap the tax benefits?
Interested to hear your thoughts on overpaying in to a pension vs. using that same money for investing - particularly in to stocks and shares ISA. Maybe warrants a video of its own as lots of considerations but not entirely sure of pros and cons of each approach.
Voted just for the find my pensions link! I keep meaning to do this!
I started pensions for my children. I figured one day they will thank me, even if I won't be around to hear it. 50+ years of growth should give them a kick start!
I did the same. It's amazing how quickly it grows. My boys are only early teens and already have £10k in their pensions. It's not huge, but it's money we don't miss, just £50 each month. They know about them and understand why I've done it. I've tried to educate them so they continue it as soon as they work. It's definately worth having those conversations even when they're young.
How does this work? Are they able to pull the money ar 18 or 21? Obviously if they wont need it great, but if they get to 25 and need to buy a house etc arent they better off getting out of the rent trap? @@gonnahavemesomefun
@@gonnahavemesomefunI’ve done this too and do my best to educate them. I figure by doing this and lightening the burden they may be able to afford houses!
Hi James, love the work you do! For the chart, it might be worth adding a stacked chart that splits the pension, ISA, State pension, etc, on top of eachother with different colours to help see trends. For example, when the workplace pension runs out and state pension kicks in. I'd be happy to send an example if needed. :)
I would say this is the best video you made! Well done. Very informative, this is what I need. Thanks!
Thanks Luke’s, I’ll try do more like it!
100% the most informative TH-cam subscription I have. Top quality videos, thanks James 👍
Cheers Jamie!!
Great video James, i sorted out my pensions earlier this year. Wasted so many years on a really poor fund, but glad it's all in order now.
After a terrible 2022, shell-shocked financial backers have a lot to think about and losses to recover from. An expansion report and a wealth of other data did little to alter assumptions that the Central bank would likely keep raising interest rates regardless of whether the economy slows down. This implies that portfolios will experience more losses during the first quarter of 2023. I'm currently at a crossroads deciding whether to exchange my $250k security/stock portfolio; how might the continuous market volatility work to my advantage?
Concentrate on two main objectives. First and foremost, keep yourself safe by knowing when to sell stocks to reduce losses and maximize gains. Second, prepare yourself to gain from a market turnaround. I advise you to seek the advice of a representative or financial counselor
@@LehmannAlicia In fact, ever since Coronavirus, I've been in regular communication with financial examiners. Nowadays, buying moving stocks is quite easy; the trick is knowing when to buy and when to sell. The section and leave orders for my portfolio are made by my counsel. accumulated more than $550,000 from a $150,000 savings that was initially stale.
@@LukeDiogo Please provide the information for your investment advisor here. I really need it now.
@@LehmannAlicia She is KRISTIN GAIL CUNNINGHAM , my consultant. Since then, she has devoted section and leave attention to safeguards that I have been keeping an eye out for. You can locate information about the chief online, on the off chance that you're interested. I made no regrets about substantially adhering to their exchange strategy.
@@LukeDiogo sincerely thank you I looked her up on the internet and was awestruck by how qualified she was; I contacted her since I need all the help I can get with canning. I've just scheduled a call.
Reassuring video. I’m 42 and I have a Standard Life pension with approx £116000 in it. I’m invested in 2 funds at almost 100% Equity…a global fund (75%) and one that tracks the S&P 500 (25%). In happy to take a lot more risk (both funds are risk level 6) as I am still 20 - 25 years from retirement, and the most important thing for me is maximising the returns, even if the volatility can be high at times
Live life and enjoy don’t just live for old age
Awesome video James !!!! Keep up the great work!!!
Cheers Michael!
Great video, enjoyed watching this.
Great advice James, I'll be sure to look into it asap!
Great video as always James….
I recently thought I had tracked all my pensions…. In the 80’s I opted out of SERPs and assumed my deferred payments were placed in my occupational pension by my employer….
I was wrong, a little detective work was an afternoon well spent. A few phone calls later I had tracked down a scheme containing £50k…time well spent…
I urge everyone to check and then double check any old schemes they may have been in…
Keep making the vids….Always great advice….
You articulate every well. Thankyou
Fantastic video.
Very very helpful.
Thank you 👍👍👍👍🎉🥂
No problem!
Thank you so much for putting this online. You are a godsend!
No worries!
Incredibly helpful thank you so much. Liked and sub’d!
👍 The find your pension link is useful.
Excellent video James!
Thanks Tom!
Nice one, Jambo Commando!
Hi James, I’m 21 and am just about to finish uni and start working - your channel has been extremely useful to me and because of you I have a much clearer idea of financial decisions I should be making, just wanted to say thank you for doing what you do!!
Hey no problem! Best of luck with your financial journey!
Ur one of the lucky clever few who are getting educated very early on pensions. U won't regret it. I wish I had that kind of information available when I was ur age.
Hi James just found your channel, as you say your a Financial planner not an advisor, People need to remember they will get a state pension which currently increases at a minimum of 2.5% pa, so our personal pensions are on top of this. Sadly there are those out there who have very little above the state pension or have only been in company schemes a few years.
Having a plan and listing expenses that you will have when retired V expected income is the first stage, also when no longer working there is more opportunity to spend money so easy to burn through it too quickly.
Hi James! Thank you so much for your work, it really helps!
I have a question, what if you’re self-employed?
I am planning on transferring my pension (while I was employed) to Vanguard. Do I have to open a Personal Pension and transfer my old pension there? And then starting to invest in that Personal Pension from my self-employment?
Thanks,
Pauline
Thanks for this information 👍
really informative, tysm.
James, thank you so much for your informative accessible videos. When you refer to default pensions, with NHS are there any options?
Thank you for your generous share of knowledge. Have you ever considered standard life as a provider
Hi James, very interesting video, thank you. Can I ask whether you deal with transferring pensions to Australia? As you eluded to and like most, I have moved employer and have lost track of what I have and where it sits. Compounded by the time differences it’s difficult to find. Thanks
I love that you went grey especially for the video James 🤣
Great Video! Can you do a video on NHS pension please?
Hi James. I've just started watching your videos and you've managed to make pensions the most interesting watch in our house. Thanks for the very clear and easy to follow explanation.
Haha, wow either my videos are insane or you're house is really dull... I mean it is Janaury so not much else to do!
Great video
Very interesting video, I thought I knew most things about pensions but today was a school day!
There’s so much to know about pensions… it’s booody boring!
@@JamesShack hi James, I hope you don't mind me asking but is there an age limit on when you can start a pension and can you re-confirm that a nominated pension beneficiary can "inherit" someone's pension on their passing free of IHT?
Thanks to you, I just tracked down my pension and allocated it to all-equity rather than the generic target date fund.
I’m glad you’re taking control. Just make sure you’re prepared for the short term volatility. Short term pain long term gain.
Hi James amazing video as always. With a defined contribution pension you said that the government top this up by 25%. Whereabouts do they do they do this? Is this a completely separate contribution from the National Insurance contribution?
Hi James
I’ve been watching your videos so many thanks for the content and explanation.. I have a private pension with prudential which I’ve not paid into for some years its value is around £55,000 I’m 55 in 18 months. I have a vanguard account which I pay into monthly mainly into S&P 500 and overseas index funds which is seeing good returns, do you think I should transfer my pension into my vanguard funds or just stick out the last 18 months with the prudential… I appreciate lots of other factors might come into this but initially wanted to try to explain. Many thanks Aaron
Hi james, i have an old workplace pension with nest and also a personal pension what was legal and general and now reassure, ive now gone self employed im 55 next july is there any point me transfering my nest to reassure ?? (If i can do that)...any advice would be great
Pension magic - that's all I can say James and about how you do this :)
Thank you thank you!! I actually thought I was pretty much on top of my pensions, but you spurred me on to check my annual charge on an old pension of mine and I never realised it was 1%!!!! So glad I checked that now and got it sorted.
Epic result! Hopefully that will save you a lot over the years!
Can you do a video in the NHS pension?
I've done pretty well coming out the default, my risk adverse colleagues unfortunately not
Very helpful video. Without being too much of a doom-monger, there seems to be a shift of economic power happening in the last few years from the West to the rapidly growing economies of Asian countries and Brazil. Do you think pension companies and financial advisors will start shifting their focus to investing more in these economies? Am asking because it seems most UK pension companies seem to focus on investing the majority of their money in Western economy funds. I’m concerned that if I put a lot more money into my private pension that it will tank long term if there is a (quite likely ) financial crisis in the West. Any thoughts?
24 here only worked professionally for two years. Got two separate pensions but going to set aside later this week to group them and open a SIPP and invest it in the FTSE Global all cap. Thanks for the video James!
Ah yes, the FTSE, no gains in 20 years. Good luck.
@@ivermektin6874 it's not the FTSE100, it's a world wide fund with over 7000 companies....maybe look it up?
@@ivermektin6874 he didn't say ftse100
@@ivermektin6874FTSE =/= FTSE global all cap
You’d be better to do msci world and s&p500. Thanks me in 50 years!
awesome video. I had my funds with aviva in a mixed investment and im in my 20s so going for risk 5 makes more sense! new subscriber loving your work!
Recent subscriber.
Great content. Are you able to suggest what people generally go for in their pension portfolios for 30+ year time horizons?
100% stocks with what coverage of markets and small, mid caps, countries etc.
I wonder if you could do a video reviewing what people with 30 years + generally do if high risk tolerance? Or perhaps with varying levels of risk tolerance.
Thanks
13.30 good advice as many times you loose the death in service for a spouse transfering to another pension provider while you are still working.
Very well pointed out as sometimes this is via a company insurance policy other times as you say linked to pension system. I have worked for companies where death in service ranged from 3-7 times your salary.
I’ve got serious fomo. Was never advised on finance and as such didn’t join my firms pension until many yrs after🤬. I know am playing serious catch up. What I can’t work out is should I increase pension contributions or open a lifestyle Vanguard isa fund? I want to invest heavily for next 20yrs and am looking at the higher risk funds. How do I determine if my pension is a better place than a vanguard fund? Also whats a better bet vanguard actively managed or indexed? Emerging market fund a global sustainability fund? I desperately need to nail this as I have money to invest but time & inflation is chipping away at it and I’ve sat on my hands for past 2 yrs not knowing what to do. Please Help 🤯
James my workplace pension is Now Pensions and their returns aren't very good. They only have a retirement fund and a diversified groqth fund. My employer refuses to change my contributions towards a better provider.
Is it worth opting out and putting my contributions into a SIPP or am I better staying with now for employer/govt contributions?
Hi James, you said to ideally keep the annual management fee under 0.5%. Do you have a similar rule of thumb for the total fees of a pension? i.e. including the fund charges (assuming it's invested in passive funds). I'm trying to figure out if my pension with a total fee of 0.75% is reasonable.
This is an important video. I have 3 pension pots and have no handle on them really. One of them is an nhs pension but I’ve no contact or policy number for it.
Thanks for posting
NHS pension is likely a final salary scheme. If so there won't be a pot of money which you control.
Yey! Glad to see another video from your channel. I started my investment journey into the Vanguard 80% Equity Lifestrategy today after procrastinating for months. Next step is opening up a SIPP :)
I'm still in the procrastinating phase.
All in time!
This was pretty helpful, thanks!
You’re welcome!
Hi James, Just came across your youtube channel today and I think I hate you and love you at the same time.
Many thanks for the info.
What I found annoying was my company kept moving our pension provider, so it started with Fidelity, then Zurich, then Standard Life, then Scottish Widows. We had no control over this. This was in the private sector (American pharmaceutical company). Ok, I’m happy with the amount invested, and always paid in the maximum that the company matched. Retired now at 56, but not taking any pension yet.
I started a work pension almost 20 years ago and left in 2012. I carried on paying £300 a month into it after I left. I also joined new pensions with new jobs... I looked at my first proper work pension recently and it's almost £100k so very happy I carried on paying into it.
if someone leaves you their pension do the same rules apply - or can you use it as money or does it have to be left until I reach retirement age?
Can I add multiple people as inheritors of my pension? Also thanks for the enlightenment, this is very informative
Hi James. So glad I came across your chanel. Very helpful!!! I just finished with my old job and now I intend to transfer my old pension with Royal London to Vanguard. How does it work? Do I need to open a pension account with Vanguard first? Do I need to ask Royal London to add all my investments into one Vanguard on their side before transferring? Can I do it myself if initial we had a pension company organising all for the employer? Maybe basic questions but I am still a bit confused.
Thank you :)
Hi Lee, You trigger it all from the vanguard side. Open a SIPP there, then follow the steps for a pension transfer. They will handle it all.
Which Interactive Investor fund / shares / tracker should I invest in if I need access to it in 3 years time when I am 55
Hi James, I have draw down pension with Aviva & all funds invested in Vanguard life strategy 40. I’m 70 & withdrawn tax free lumsum already. Can I transfer my a/c from Aviva to Vanguard to mitigate on going charges @ both platforms?
What about fund choices within your workplace pension? Are you better switching from default?
Hi do you know if the NHS do this please?
Great presentation - thank you
I've got an Aegon pension in which the underlying investment has a built in derisking function which doesn't sound ideal...
It’s not bad if your young right now, because it should be in a high % of equities but the problems happen when it starts to derisk when you don’t want it too. But that won’t happen until 15 years from retirement.
Hello James
I like your videos how can I get in touch with you for some guidance with my pensions I am at a complete loss whst to do
I bought added years to get the full State Pension.
I have 15/80ths of a Civil Service pension as I took voluntary redundancy. If I can buy added years in this one is it sensible?
That black and white thingy behind you actually looks like Samara from THE RING movie. The fact that it's fuzzy makes it even more creepy.
Only question I have is, my workplace chooses the fund for me and it means zero fees, if I change/ alter then I have to pay quite high % fee
Do you recommend the £1 route? I get no benefits other than 4% each contrib
Hi James great video thanks for your great work!
I have a question, I have a pension with royal London my fees are around 0.5% to royal London and 0.5% to my advisor( The guy that recommended RL to me and set it up for me). I’ve had the pension for about 8 years now and I’m at about £90,000 I worry about my portfolio choice (it’s currently cautious level 2) I’ve emailed my Pensions advisor with many questions about my investments choice but some times get no reply or a very late reply and the reply always seems very generic “markets go up markets go down”,kind of thing never really advising me on changes to be made or even not to worry the investment choice I currently have is right for me.
Add to this I think it’s Royal London that basically do everything I chose GP2 eight years ago and I think all RL do is rebalancing of my GP2 , I’m not sure what my advisor is doing for his 0.5%.
I may be wrong but fear I’m not really getting anything from my advisor for his 0.5%. Maybe he’s doing stuff I just don’t see, am I being unfair?
I'm just a guy on the internet, but, why are you paying your advisor 0.5% for only having picked your pension? I'd just fire them.
If you're interested enough to be watching youtube videos, sounds like you don't need one.
"I have a pension from the USS which is a defined benefit scheme. I have accumulated a total of £12,000 in my pension pot, which will provide me with an annual income of £1,030 when I retire. I left the USS after switching jobs. I am unsure if I should keep my USS pension, transfer it to my current pension provider L&G, or move it to a SIPP with Vanguard. Can you advise me on what would be the best option?"
This is such a good video. I did this three weeks ago, it took 5 days total to switch 4 pensions into a Vanguard SIPP, I was amazed how fast they did it. I had 2 Legal&Generals, 1 Aegon and a Scottish Widows. The investments were ... not what I would choose for myself, like my ISA. And you're 100% right about the Life admin, took me weeks, had to send letters to my old employers to find out what bloody pension I had...
Yes it’s a nightmare! But ones it’s all aligned the actual transfer happens very quickly.
The whole situation regarding pensions and a much more flexible work environment now is something younger workers need to keep on top of.
I am 4 years away from state retirement age, and long gone is the company for life work scenario. I have worked for 9 companies 11 if you count acquisitions, my brother only two years older worked for 1 and retired early 50’s via redundancy
As part of the life admin, you should check the defined contribution schemes who you have nominated as beneficiaries. As I am in a second marriage the default of it all goes to the wife does not suit me. My calculations on growth/income over retirement sees a potential healthy sum still at 90 if I live that long ignoring property value/ downsizing etc. so some of the projected funds I want to leave to my children as well as my wife.
I was in the aviva standard pension allocation for a long time before I got interested in looking at my investments myself. Big mistake. Once I started choosing my own funds over the last 10 years i have had a 1.5% better return per year for less risk (I plotted the sharpe ratio) and I am still with Aviva, just choosing my own funds. So I very much agree with your comments.
Yes! Most people just assume it’s being managed well, but it’s often not.
Hi James, thanks for yet another great piece of content.
Could you let me know what you think of pension aggregators such as PensionBee?
I also have some pensions in France: worth bringing those over to the UK?
I think pension be is great value if you have lots of pensions to combine. They have to put in a lot of work to get them across. They’re more expensive in the long run but 0.75% really isn’t too bad.
The thing to remember is that they don’t give you any advice, and you may end up moving a pension and loosing certain benefits. They don’t tell you whether you should or should not move.
I can’t say much about foreign pensions, I don’t know the area well.
I seem to switch jobs quite often. So I always opt out. Should I be paying into work place pensions. Even though I’m always switching jobs ?
I've got a Nest pension for my work has about £10k in it, tempted to stop payments for a month, take out the money and put it into a Sipp and then resume my pension again. I'd loose out on a months contributions for work but think long term, i'd rather just whack in it to the S&P. Am I mad or does this kinda make sense?
Thank you James. I also have a workplace pension with Aviva. Seems difficult to track how its grown although i can see the absolute value. I know i invest 12% inc Employer contributions. I tracked down and transferred all my old pensions to a SIPP early in 2020 and went all in on TSLA which i am very happy to let run with 20 years to early retirement. I just wish there was more options for my workplace pension. Balancing between low growth targets and high fees is not very exciting.
Workplace pensions can be tricky. Employers choose restrictive plans so people don’t mess things up, but they end up being too restrictive for people that want more choice.
Mark, I am with Aviva in one pension an ex company pension, and find their web site really useful I am sure you can re-allocate funds into different more aggressive funds if you want to and not just go with the status quo managed investment strategy
Hi James, great video. Do you advise on how to manage pension or would you set up a portfolio in a consultation? I have a few pensions but one is in HL SIPP.
Hi James, I am looking to retire in 2 years at the age of 60. The problem is I moved to Australia in 2007 and left 2 pensions in the UK. What is the best way to maximise my income in retirement.
It's important to note you also get state pension which is 9,350, so on you original example they'd get 17,350 a year which if they already paid off their mortgage is probably enough for most people, discounting inflation of course...
I have a lifetime value allowance question: if I'm approaching the LVA and take out the 25% tax free amount. Does it reset and allow me to then start adding again and build it back up to the LVA. Or is it only one time you can hit the max and it remembers?
How many pensions are you allowed? I know there is a 1m max, but can you do that twice if you want?
James, I've watched and lot of your videos. They have very good considered information and are well constructed, thank you for taking the trouble to put them together. My SIPP pension consists of 70% in commercial properties (10) for the rental income and the rest in shares. There are other people out there with a similar portfolios. The parameter for making decisions on these type of pensions is rather different, a video on these types of pensions pros/cons how to decide what to do would be very useful to me and many others.
Hi Steve, yes that is a particularly niche example. Did this start out as your SIPP buying your own business premises?
I should have said, I own a percentage of 10 commercial properties between 10 and 1%. A company runs the SIPP they decide which ones to buy they are up to around a 100 now. As participent of the SIPP we decide which ones to invest in based in part on the likely rental return, a mortgage option is often available to buy a bigger share using the rental income to pay down the mortgage. My company does not manage the SIPP. Rental returns in my portfolio of properties vary in returns from 5% to 13% based on the original amount invested. Not taking into account changes in value of the property.
@@stevescottuk Interesting, what’s the name of this company managing the SIPP ?
There also do LLP for the same properties. I expect you know, the idea is the rental income becomes the pension payments plus some drawdown from the GIA. The properties become inheritable.
Interesting video. I am a registered nurse. 23 years NHS superannuated pension. The past 11 years I have worked offshore in the oil industry and as your video describes I have multiple pensions. Every 3 years or so our contract provider changes and I end up having a new pension scheme. I am 53. I have considered consolidating everything into one pension, except for the nhs pension. But it’s a mine field and I keep getting conflicting advice. Can you advise please. Thank you.
Do it, its likely your current scheme will discount the fee, so your old funds will be charging you an additional half percent or so. Merge them all into where you're making your current contribution.
what microphone do you use? sounds super good
Rode NUSB but I use some audio software called ERA6 from Accusaons
Great 👍
You’re welcome!
I have a local council pension, does this apply as I asked how much I would gain if I paid in £100 extra a month they said £6 and only able to take from 68 years old. Gave up and bought a buy to let property.
Great vid. Many thanks. Q. Can a workplace pension (defined contribution pension) provider refuse a request to withdraw a chunk of funds that I want to put in a higher performing SIPP? I don’t want to loose the employer contribution of course but benefit from taking chunks out every year to go into a SIPP? Advice?
Yes, some do not allow you to transfer out unless the employer has stopped paying in.
Fund choices for a good portfolio on interactive investor please
Hello, I basically have two options with some veriations in between with my pension one is a large pension and small lump sum the other is a smaller pension with much larger lump some one your garenteed a good pension for your life but the other gives a resonable pension but the opotunity to invest
Many of us with defined benefits schemes have this, and the standard illustration typically shows nil tax free biggest pension and 25% tax free smaller pension.
One thing to consider is that if you have a full state pension then most of what you get from any other pension scheme will be liable to tax bar about £3K year currently. So in my view I would always take the maximum tax free from a DB scheme.
If you have money in a defined contribution scheme and flexible draw down you could take the tax free sum in smaller chunks leaving more money in the pit to keep growing.
Some great advice ! 👍🏼
Hi James, have you got a video or more information about how to transfer a cash ISA into Vanguard share ISA?
Thank you!!
Cash it out and take that cash to open your vanguard ISA then when the money is cleared select the investments you want and invest 😊
I never realised I was supposed to claim the 20% back myself on higher rate contributions. When did that rule come in?
This is amazing content. I never knew I had such control over my pension investments. I'm 30+ years from retirement so I've gone into my accounts and chosen more adventurous portfolios. Thank you!
A few of my older friends have recommended paying into multiple pensions. Is that a good idea or should I have one focused pension?
I do added voluntary contributions where I pay £100 in a fortnight but only costs me £70 least I hope do that much overtime can tell as been like 8 month since had normal pay
Good video, glad I found you. Is the commission charged by financial advisors based solely on the profit the pension fund makes or are they taking a cut of the full amount of the pension each year? Do I need a financial advisor or can I go straight to a pension provider.
A pension provider won't give you advice, but they can help you understand you options. An adviser will normally charge a fee based on the assets they manage rather than the profits they make.
I was thinking about doing the s&p 500 on vanguard would this be a good move thanks trying to understand the best Financial options for me
Do FTSE Global All Cap Index Accumulation instead.
A trail of pensions in your wake. I know the feeling.
Hi James. I get a DB pension above personal allowance. I am auto enrolled. Is it pointless being in this. I save tax when contributing but then taxed when I take it out . I can see that 25% is tax free but rest taxed. I also can see that money is growing whilst in scheme.
Thank you 🙏 great advice and there is light for the over 50s who has you said have multiple pensions