Does anybody have a private pension plan? Or doyou know about PENSIONS?

[QuintessentialShadow]

Can you recommend a pension plan to me?

It's not good if you are self-employed and only earn teeny weeny amounts is it?

That is your second state pension but it is contracted out not in the Govt scheme. Does that make sense?

Not too good MP, you have reminded me that I should really read up more about state pensions at retirement.

Yes of you will look rubbish next time someone asks

So, should I opt back in?

WIll I get ANY statepension, as a foreginer who lived and worked in the Uk a long time, then returned home, keeps workign for uk employer, and pay tax both in the uk and overseas?

Thanks MP! Sad thing is that I will have to take a whole bunch of exams between now and 2012 to meet the revised govt standards so I can carry on working as an IFA, but as I am self employed it will cost me £2000 to pay for all the reading materials, study aids and sit the exams!
QS, you should get a state pension if yo have been paying UK tax but you should contact your local tax office or DSS office to find out what the situation would be.

when you say I can't contract out any further - that means after 2012 everything goes back into S2P? That saves me the trouble of deciding whether to opt back in then.

Pension worth peanuts now anyway

not everything goes back in - everything from that point goes into S2P I meant.

the guy from clerical medical said that if I wanted to opt back in, I had to do it before 2010, as from then on, I would not be able to.

Do you plan to retire in the Uk or overseas? if you are planning to stay overseas then probably (disclaimer there!) would stay out since you can transfer the pension to an approved scheme where ever you are.
if you plan to be in the UK it depends on your attitude to risk and how you feel about your pension. Do you want to take a chance it may do better than the govt scheme? Or do you want the security of knowing that it is in the govt scheme?

Cs yes everything after 2012 will go back in but anything out will continue to stay out unless you choose not to

QS I thought you could contract back in any time you wanted. I might have to read that blasted link now!

thanks BGD

I dont know if I return. The kids love it so much here. I am "homesick" to London, though. But I dont know. But I guess you are right, a private pension is more flexible and transferable.

DO you know if Clerical Medical have any good and well performing funds?

I am not too keen on high risk, as I have seen my yahoo portfolio dwindle into insignificance.

Where are you QS?
Clerical and medical funds? It's difficult for me to say as diferent pensions have different funds. I would contact C and M ask for a fund booklet applicable to your pension with preferable a perforamnce guide. That should tell you if the funds have any ratings from Morning star, Moody or Standard and Poor. Those guys rate the funds and so might be better informed to make a choice.

I am outside the EU, but in the EEA, and inside schengen borders, without being part of the schengen agreement.

(Dont say it out loud)

I will ask them to get a booklet. If I am supposed to start paying into it, I want to make sure I chose something of moderate risk.

I will ask them to get a booklet. If I am supposed to start paying into it, I want to make sure I chose something of moderate risk.

Thanks guys.
I have to go to bed, it is getting late.

Thank you all.
I learnt a lot about pensions last night, so I appreciate you all took the time. I have decided to stay opted out. I guess you are right, it will be easier to claim my own pension paid into my own pension plan, than a state pension, if in the future there is an issue with my whereabouts!

Interesting, but nowhere can I find out how much this money is actually likely to be. Quite a helpful piece of information for planning one's retirement I would say.

www.thepensionservice.gov.uk/state-pension/forecast/how-do-i-apply.asp

Link allows you to apply for a forecast. May be useful?

QS remember though that you may have a second state pension after 2012 as well as all future payments will go straight into the govt scheme.
brettgirl, thanks for that link I will be able to guide my clients to that.

Does anyone know a simple way to calculate second state pension. I think I had a few years - about 8 - in the old SERPS scheme before I was self employed and I expect to have 16 years back in as 2sp before I retire at 65 - so how do I calculate what the benefits are to decide how much to put in private scheme?