Parents, pensions & wills

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  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Not_Me_Officer wrote: »
    While i accept that and agree, if i could have the option to go one way and have that happen or go another and have it not happen then so long as there's zero difference to the money i receive in retirement (since like you said that's what it's for) then obviously i would go the way of making sure it could pass on.

    Well, there obviously wont be zero difference, if it was that easy who would take the option of not passing it on? Yes, perhaps your dad got less than he paid in but there will be someone else who lives until they are 100 and gets 10x. It evens out.

    If you want the security of long term payouts without worrying about stock market headlines, then you'll have to accept that there is a lower annual payout and you may lose the ability to pass it on, or if you want a higher payout and leave your money to your descendants*, accept that there is a risk that markets may crash and you may lose out. Your choice. There are ways to mix and match between the two extremes of course.


    * they shouldn't be dependents by the time you die unless you are very unlucky or very active in your dotage
  • xylophone
    xylophone Posts: 44,348 Forumite
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    And is it any better or worse than any other pension?

    See https://www.moneyadviceservice.org.uk/en/articles/defined-benefit-schemes
  • Not_Me_Officer
    Not_Me_Officer Posts: 302 Forumite
    atush wrote: »
    What type of pension do you have now? Who do you work for?

    Is it based on how many years you work someplace and your salary (DB), or is there a pot of money that you and your employer pay into and you get annual statements (DC).
    My workplace pension will be small compared to the one i will take out privately (with a company like Cavendish Online or similar) but with that i pay in a percentage as does my employer and i can log in and see the pot total (which isn't gaining much in terms of %).

    The private one i'll be taking out through a company like i just mentioned will be whatever they provide i guess.
  • atush
    atush Posts: 18,726 Forumite
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    but with that i pay in a percentage as does my employer and i can log in and see the pot total (which isn't gaining much in terms of %).

    Ok, well our pensions have done well last year. so you might like to investigate what you have chosen to invest in within your pension (as it seems to be a DC pension). Compare the percent yours went up (stripping out any new recent investment in) with the relevant benchmark index.

    And check the charges. Employers pensions usually have very good charging structure. unless they are the default NEST type.
  • Not_Me_Officer
    Not_Me_Officer Posts: 302 Forumite
    atush wrote: »
    Ok, well our pensions have done well last year. so you might like to investigate what you have chosen to invest in within your pension (as it seems to be a DC pension). Compare the percent yours went up (stripping out any new recent investment in) with the relevant benchmark index.

    And check the charges. Employers pensions usually have very good charging structure. unless they are the default NEST type.
    Unfortunately i can't really check what i'm investing in as i'm with Now Pensions. I've asked and it seems pretty secretive in that they don't really answer with anything specific. Unlike NEST there appears no option to change it so i invest in something riskier (or even other options).

    http://www.nowpensions.com/wp-content/uploads/2016/02/Auto-enrolment-costs-and-charges.pdf charges on page 6.
  • cloud_dog
    cloud_dog Posts: 6,043 Forumite
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    Not_Me_Officer wrote: »
    Unfortunately i can't really check what i'm investing in as i'm with Now Pensions. I've asked and it seems pretty secretive in that they don't really answer with anything specific. Unlike NEST there appears no option to change it so i invest in something riskier (or even other options).

    http://www.nowpensions.com/wp-content/uploads/2016/02/Auto-enrolment-costs-and-charges.pdf charges on page 6.
    Their website provide investment strategy and quarterly fund fact sheets.

    I assume you know which investment option you chose?
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • Not_Me_Officer
    Not_Me_Officer Posts: 302 Forumite
    cloud_dog wrote: »
    Their website provide investment strategy and quarterly fund fact sheets.

    I assume you know which investment option you chose?
    You know what i've never seen that link. I've asked them, emailed them, got payroll at work to contact them to find what exactly my money is in and the response was a very wishy washy "our aim is to....". No i don't want to know your aim, i want an answer!
    Only last month i asked them about paying in a lump sum to my pension as there isn't an option on their website. The woman on the phone said it can't be done but their website said it can so i wrote to them and laid out specifically that i want to pay in just a cash lump sum.
    Their response was about transferring in from another pension.
    I'm thinking do these people even listen to what is being asked?

    Anyway there was no choice so i chose nothing. I got told i was being enrolled, money came out of my wage and that was that. I only registered to their site because i wanted to but there's no choice options.
  • atush
    atush Posts: 18,726 Forumite
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    Contact pensionwise, or file a complaint.

    You should be given answers to such basic questions.
  • Malthusian
    Malthusian Posts: 10,931 Forumite
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    atush wrote: »
    Contact pensionwise, or file a complaint.

    Because they misinterpreted the OP's question to be about a transfer in rather than a cash lump sum? It's a free country but why waste even more time?

    If the OP's mother is in her mid 50s then unless she was extraordinarily precocious the OP is too young to be eligible to receive guidance from Pensionwise.

    Most people savvy enough to want to put a cash lump sum in a NOW Pension would be savvy enough not to do it. They would open their own pension plan. NOW Pensions is the pension equivalent of the works canteen, if you want very basic service for a hundred employees at the lowest possible price it does a decent job. If you go in there expecting personalised service or something out of the ordinary you are in the wrong place.
  • Not_Me_Officer
    Not_Me_Officer Posts: 302 Forumite
    Malthusian wrote: »
    Because they misinterpreted the OP's question to be about a transfer in rather than a cash lump sum? It's a free country but why waste even more time?

    If the OP's mother is in her mid 50s then unless she was extraordinarily precocious the OP is too young to be eligible to receive guidance from Pensionwise.

    Most people savvy enough to want to put a cash lump sum in a NOW Pension would be savvy enough not to do it. They would open their own pension plan. NOW Pensions is the pension equivalent of the works canteen, if you want very basic service for a hundred employees at the lowest possible price it does a decent job. If you go in there expecting personalised service or something out of the ordinary you are in the wrong place.

    And that is why i wont be doing it. Me asking them came at the very start of me looking where to put my lump sum and just in case it isn't obvious by now the fact i'm still on here asking questions about 2 or so weeks in should show i don't jump into anything without understanding it to a level i'm satisfied with, especially where money is concerned.
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