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Thread: Savings/investments - what do you do with yours

  1. #51

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by Gofer Blue View Post
    No, I don't see any reason why you should pay tax on these. Just cash them in and start a pension fund. See my reply to Delmbox as above.
    Is a pension fund the best thing if I am already 63 and semi-retired?

  2. #52

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by jon1959 View Post
    Just based on on personal experience - avoid St James' Place. My old mam and my brother (and partner) use them. I don't.

    I'm not sure where they are based as they rely on self employed IFAs from all over the country, but my understanding is that they are tied to a small number of 'super inverstors' (like Neil Woodford) and their returns are very poor compared to some of their competitors. I have certainly seen that over the past 5 years. I and my partner use Birchwood to invest our savings, and we have had a much better return than my mother and brother. I am very uncomfortable with most of this stuff - but given the alternatives of a sock under the bed, a 0% savings account, or a low risk investment portfolio (wrapper) we went for the last one.

    In practice that meant the capital grew a small amount (in cash terms) and we had 5 years of a regular draw-down income on top to supplement the occupational pension.
    Thanks for the tip. A guy I know gave me some conflicting advice on them it would seem. I’m not comfortable with these people playing with our hard earned either, but like you say not much alternative. I have a nose at birch wood.

  3. #53

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by goats View Post
    Thanks for the tip. A guy I know gave me some conflicting advice on them it would seem. I’m not comfortable with these people playing with our hard earned either, but like you say not much alternative. I have a nose at birch wood.
    St James Place arent IFA's, they are multi-tied advisors, so not truly independent!

    https://www.which.co.uk/news/2017/07...rs-on-charges/

  4. #54

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by goats View Post
    If no decent houses or flats become available soon I might have a look into Wealthify or st James place, both based in Cardiff too
    I've put a bit of money into Wealthify now. Not all my savings though

  5. #55

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by delmbox View Post
    I've put a bit of money into Wealthify now. Not all my savings though
    How’s it doing if you don’t mind me asking?

  6. #56

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by goats View Post
    How’s it doing if you don’t mind me asking?
    I only put it in Tuesday and it hasn't reached the account yet so I'd describe it as "steady"

  7. #57

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by Taunton Blue Genie View Post
    Is a pension fund the best thing if I am already 63 and semi-retired?
    You still could do one, but it's designed for medium to long term savings, still more tax efficient than a S&S ISA. If your in receipt of a pension you are limited to 100% of your income or £4K per tax year whichever is lower. You would still qualify for tax relief.

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