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Battenberg

Can You Give Me Your Thoughts About A Pension Please

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I wasn't sure where to ask this but I'm just looking for POV about what to do with an existing pension.

My husband was made redundant last year and we are being asked to make a choice about his pension.

We can either 1) move it to a scheme they've recommended, 2) move it to a scheme of our choice, 3) withdraw the money, pay the tax and save the rest.

Now, I'm very wary of pensions with all that's gone on in the past with the government and worry that buy saving in one for the next 30 years he'll come out with nothing. My husband has recently started a good job with a pension scheme but he cannot join until he's been there for 3 months. We have to make a decision on the old one within the next fortnight.

I just wanted your thoughts on this and what you would consider doing?

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It may be better to try and get this moved to the 'investment' section of the forum, I always feel a bit wary of giving others advice on what they should do with their own money. I know what I am doing with my cash and the reasons why, but it would take a week to explain to you fully why I am came to my decisions and to give you all the information that I base my decision on.

You should look fully into any advice that you get and make your own decision based on what's best for you. I will tell you what I am doing and why though I expect others will give you very different advice about investments.

I own my own house, I only have a very small mortgage as a result of waiting for the last housing crash to buy at the bottom of the market, I also have a small pension scheme that I have little or no faith in, I decided to start buying precious metals after looking into the subject for a few years. Long term I see high inflation all around the world due to the over supply of money, so I expect that gold will hold its value better than paper assets, even in the event of gold falling in price it still maintains a parity relative to other commodities such as oil and corn.

If your over 35 they you know full well what happens to the price of goods long term, inflation destroys the value of your savings and paper asset pension schemes, it would be wise to have some thing to hedge against inflation, most financial advisers recommend that you diversify you assets often it is said to have no more that 5 or 10 percent of you assets in precious metals. I have chosen to go for a higher ratio, but I don't recommend that you do unless you have looked fully into it and understand the reasons why. I am not in gold for a short term profit as many seem to be, with wild predictions of rapid price increases in the value of gold relative to fiat currency, short term it may well rise to ridiculous new highs, though long term I expect it will keep a high value. Be warned though the price of gold can jump up and down 10-30 percent in a very short space of time, long term I expect it to be higher.

There are many threads on here about gold giving links and advice about the subject, some people are over bullish about gold others are very bearish, its up to you to spend time looking at the info and make the best decision.

Here the main disscusion/argument about gold there are some good links in it and some good arguments for and against.

Http://www.housepricecrash.co.uk/forum/ind...t=0&start=0

I suppose how you choose to invest for your future is dependant upon how you see things playing out in the world economy, what's going and where the world will be in 25-50 years time. I tend to agree broadly with the opinion given on Jim Puplava's Financial Sense Newhour and books like Peter Schiffs 'crash proof'

Http://www.financialsense.com/index.html

Http://www.amazon.com/Crash-Proof-Economic...g/dp/0470043601

Http://www.europac.net/Schiff-SquawkBox-6-13-06_lg.asp

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