Pensions

Yup, most commentators seem to agree that most people should be contributing towards a pension.

It is WiseMoney's intention to only offer excellent financial services that offer great value for money. However, as "Most personal pensions [in the UK] are a rip-off" according to the Consumers' Association (1) a point seemingly concurred with by Investors Chronicle (2) amongst others, we do not offer pensions on this site.

Additional or "Top Up" pension contributions or FSAVCs as they are affectionately known in the trade can also represent extremely poor value, so they are not available here either, sorry.

  1. Which? Magazine, P11, July 1998
  2. Investors Chronicle, P22, Vol. 125/1585, 3 July 1998.
The good news is that the Government - who as paymasters control the tax benefits of pension schemes, have dreamt up a new cunning plan. The aim of this plan is to limit some of the expenses which are charged by the pension companies on pension plans.

The bad news is that they are still talking about the changes and nothing is going to happen until April 2002, at the earliest. If you are wondering what to do in the meantime and you feel that you ought to be saving into a personal pension plan - why not ask your Member of Parliament, because they are all supposed to know what the current message is.

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