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Anonymous
Anonymous asked in TravelUnited KingdomOther - United Kingdom · 9 years ago

In UK, do work Retirement accounts let you change where you want the money to go?

So like if Europe's market is recovering and you have say 15,000 pounds in a diversified portfolio, would your work retirement account let you put 100% in International funds?

What about UK Govt workers, do they get their own retirement account type?

Update:

The US 401k doesn't let you do that

4 Answers

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  • Anonymous
    9 years ago
    Favorite Answer

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  • ?
    Lv 5
    9 years ago

    The UK has pensions which everyone gets...what you are asking about is private pensions and they can be set up jointly with your employer who pays into the account and some income from your wages goes in to the account....these are normally set up and protected by the financial regulator ( gov) Civil Service and Public sector employees (UK Govt workers)...so local, national council, government, police, fire, education, healthcare etc up to now have very good private pensions, mainly as 80% was paid in by employer and 20% by employee ( for new employees it has just changed)

    People can also set up their own private pension and decide what exactly they wish to invest in, where it goes, into which shares etc

    I have a small public sector( Gov employee) private pension as I work part time, but I am also self employed and my best 'private pension 'along with ongoing income for me is property...so I have a house which I rent out, paid for so no outgoings except for general maintenance and annual house insurance.................... so it depends on what works for you...I am about to purchase another house which I will rent out as it sure as not is not going to get any cheaper to live and the standard pension even with a top up private pension I will not be living in luxury, so the rental income is important and will make sure I can live comfortably when the time comes

  • Anonymous
    9 years ago

    The pension is paid into your account and then you can do what you like with it.

  • ?
    Lv 7
    9 years ago

    Of course and yes to your next ?

    Source(s): =)
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