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Savings, Investments, Pensions etc

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  • Savings, Investments, Pensions etc

    My current employer does have a pension scheme which I pay 10% into and they then pay 3%, which obviously isn't great but better than nothing I guess. Obviously a lot of people will be working for companies where there is no pension provision so I was just wondering how people plan for the future? Private pensions? SIPP? Buy to let property? Funds held in an ISA? Its one of my main concerns with moving jobs is what to do in respect of planning for the future. I have always thought about BTL but apparently this is not as good an investment as it first appears when you take into account the costs involved. Dabbled in the stock market a bit a few years ago but not touched it for ages. Don't really have the disposable income at the moment. Just curious what other people do.

  • #2
    I’ve got a share portfolio with an investment company. It’s managed by a broker so I don’t need to be constantly watching the markets and it built nicely while I was at sea.
    It’s provided a pretty good cushion since I left the MN to go back to uni.

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    • #3
      If your tax exempt under the SED it may not be the best option to tie your money into a pension as you don’t gain the same tax benefits so probably worth looking at alternatives. It seems like a lot of seafarers invest in property.

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      • #4
        The tax thing did cross my mind, although given that (unlike many people in the industry) my employer actually contribute a small amount into my pension, it seemed silly not to take advantage of this. I am keen to diversify and invest elsewhere however, don't want to rely completely on an employer pension.

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        • #5
          I put my money in a mixture of a self select funds isa and a sipp. I wasnt sure how the sed refund would work with the pension uplift from the govt so I just do the £240 a month deal.

          https://www.telegraph.co.uk/finance/...pc-a-year.html
          Former TH cadet with experience of cruise ships, buoy tenders, research ships and oil tankers

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          • #6
            With the mad stock market increase since brexit day, most tracker funds have made great reyurns without the normal active management fees.
            Former TH cadet with experience of cruise ships, buoy tenders, research ships and oil tankers

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