Pensions

[Chie]

Starting to think about my future and considering setting up a personal pension scheme. I was hoping to find one locally but so far I have had no luck. Are there any?. Or can you recommend any companies I can research that accept IOM residents?.

[kevster]

41 minutes ago, Chie said:

Starting to think about my future and considering setting up a personal pension scheme. I was hoping to find one locally but so far I have had no luck. Are there any?. Or can you recommend any companies I can research that accept IOM residents?.

https://www.macgroup.im/

[jackwhite]

I wouldn't recommend MAC Group.

 

There are three I would be comfortable using:

LMS Partners

Edgewater

Chase Financial

 

All three are very good. I personally use LMS.

[Sheldon]

https://www.boal.co.uk/pension-schemes/personal-pensions/

[The Phantom]

1 hour ago, jackwhite said:

I wouldn't recommend MAC Group.

 

Ah, but they have the best carpark contents of any other office in Douglas!  I still can't decide if it's a good sign if your IFA drives a Ferrari/Mercedes/Aston etc. 

I'd recommend Boal and Edgewaters. 

[jackwhite]

8 minutes ago, The Phantom said:

Ah, but they have the best carpark contents of any other office in Douglas!  I still can't decide if it's a good sign if your IFA drives a Ferrari/Mercedes/Aston etc. 

I'd recommend Boal and Edgewaters. 

I know a story of a pension fund that crashed under their management and said person showed up to the crisis meeting in their Maserati. Can you imagine?

They also say you should be wary if the landlord of your most frequented pub does the same as your inference!

[x-in-man]

 

Just save it yourself like mad. 

Every other sponge in the pensions market will happily relieve you of a vast amount of it just for looking after it for you.

 

 

 

[The Phantom]

2 hours ago, jackwhite said:

said person showed up to the crisis meeting in their Maserati. Can you imagine?

To be fair, he probably surprised himself actually arriving at his intended destination in a Mazza! 

[A fool and his money.....]

I've dealt with MAC and Edgewater with different employer schemes.

The two different people I dealt with at MAC were very knowledgeable and their supporting staff were very efficient in keeping me updated.

The one fella I dealt with at Edgewater was very pleasant but I didn't get the impression he knew his stuff as much the MAC two though, also the follow up stuff wasn't as efficient.

That's just my limited experience though, and the car park thing mentioned above is fair comment.

[A fool and his money.....]

1 hour ago, x-in-man said:

 

Just save it yourself like mad. 

Every other sponge in the pensions market will happily relieve you of a vast amount of it just for looking after it for you.

 

 

 

The employer contributions often make workplace schemes worthwhile.

Where would you save it if it weren't in a pension, genuine question, I know little about such things but am interested to learn.

[jackwhite]

2 minutes ago, A fool and his money..... said:

I've dealt with MAC and Edgewater with different employer schemes.

The two different people I dealt with at MAC were very knowledgeable and their supporting staff were very efficient in keeping me updated.

The one fella I dealt with at Edgewater was very pleasant but I didn't get the impression he knew his stuff as much the MAC two though, also the follow up stuff wasn't as efficient.

That's just my limited experience though, and the car park thing mentioned above is fair comment.

There are a couple of people at MAC who are excellent. However with the directors I just wouldn’t deal with them out of principal. 

[jackwhite]

1 hour ago, x-in-man said:

 

Just save it yourself like mad. 

Every other sponge in the pensions market will happily relieve you of a vast amount of it just for looking after it for you.

 

 

 

That’s terrible advice. Don’t do this. 

[Max Power]

22 hours ago, jackwhite said:

I wouldn't recommend MAC Group.

 

There are three I would be comfortable using:

LMS Partners

Edgewater

Chase Financial

 

All three are very good. I personally use LMS.

I've found Chase to be very helpful, it's not something that I'd consider getting into without professional advice. 

[Cambon]

If your company are going to contribute a reasonable amount, it may be worth contacting MAC or someone. If it is just you saving, Ramsey Crookall have some schemes that may suit. Additionally, you could contact Aviva directly and ask about their SIPPs (self invested pension plan) where you should be able to get tax relief, and you can manage the funds yourself. 

However, be warned, when you take money out of your pension, it is generally taxable. The amount you can take is limited to maximums dependant on the Gilt rate applicable at the time. And lastly, it is subject to Manx inheritance tax when you die. 

[Bobbie Bobster]

3 hours ago, Cambon said:

If your company are going to contribute a reasonable amount, it may be worth contacting MAC or someone. If it is just you saving, Ramsey Crookall have some schemes that may suit. Additionally, you could contact Aviva directly and ask about their SIPPs (self invested pension plan) where you should be able to get tax relief, and you can manage the funds yourself. 

However, be warned, when you take money out of your pension, it is generally taxable. The amount you can take is limited to maximums dependant on the Gilt rate applicable at the time. And lastly, it is subject to Manx inheritance tax when you die. 

Very funny.

Best collection of untruths and bad financial advice I think I've ever seen on MF, and that's a high bar!