17 Pension Mistakes Everyone Is Making
Your pension will be one of the most valuable things you ever own, but most people are making costly mistakes with theirs. Let's look at 17 of them.
Brokers I use:
📈Trading 212
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📊Lightyear
https://bit.ly/4tnvUYj
Use code DAMIEN to claim £10-100 in a fractional share or ETF. See full T&Cs through my affiliate link. Capital at risk when investing. ISA rules and promotional terms apply.
💰Freetrade
https://bit.ly/47yiQHi
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InvestEngine
https://investengine.com
Capital at risk when investing.
Links:
1. Default funds
Here is a link to the pension sheet: https://financialinterest.com/pension...
Damage by default: https://www.dectech.co.uk/wp-content/...
2. Pension advice allowance
https://www.moneyhelper.org.uk/en/pen...
3. Partial Transfers
https://www.moneyhelper.org.uk/en/pen....
4. Tax relief
https://www.aviva.co.uk/business/work...
https://getpenfold.com/news/claim-hig...
5. Opting out
STOP IT!
6. Lost
https://www.gov.uk/find-pension-conta...
7. Contact details
https://mintago.com/pension-retiremen....
8. Auto enrolment enough
https://www.nowpensions.com/employers...
9. Self employed
https://www.crunch.co.uk/knowledge/ar....
10. Shop around
• The Best SIPP for Every Investor in 2024
https://financialinterest.com/best-si...
11. Counting on state
https://ifs.org.uk/publications/futur....
12. Drawing too early
https://www.gov.uk/tax-on-pension/tax...
13. MPAA
https://www.moneyhelper.org.uk/en/pen...
14. Pension focus
The stocks and shares ISAs I use: 📈
📈Trading 212
https://trading212.com/join/DAMIEN
If you do not get your free share after depositing £1. Use promo code DAMIEN, you will find it in the section with the three lines in the bottom right corner of the app.
📊Lightyear
https://bit.ly/4tnvUYj
Use code DAMIEN to claim £10-100 in a fractional share or ETF. See full T&Cs through my affiliate link. Capital at risk when investing. ISA rules and promotional terms apply.
💰Freetrade
https://bit.ly/47yiQHi
Get a free share worth £10-£100 when joining Freetrade via my affiliate link.
Terms apply. Capital at risk when investing.
InvestEngine
https://investengine.com
Capital at risk when investing.
15. Government messing
Enough said..
16. Junior SIPP
https://www.thetimes.com/money-mentor...
17. Relax
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This video does not represent financial advice, and I am not a financial advisor. When investing, your capital is at risk. Investments can rise and fall and you may get back less than you invested. Past performance is no guarantee of future results.
Timestamps
00:00 - Mistakes
00:18 - Defaults
01:57 - Pension Advice Allowance
02:29 - Partial transfers
03:57 - Tax relief
05:26 - Opt out
06:01 - Lost
06:23 - Contact
06:42 - Auto enough
08:13 - Self employed
08:53 - Shopping around
09:43 - State pension
10:31 - Drawing early
11:49 - MPAA
12:31 - Pension focus
13:38 - Government messing
14:12 - JSIPP
14:56 - Relax