Advice on pensions please
jeff_chandler
Posts: 284
Forumite
Hi. I'm 61 and struggled with Osteoarthritis for many years where I can no longer continue my trade as a plasterer, the pain is just too much. I have been to the Job Centre plus but they're a waste of time, they also told me I can't claim because I have been self employed for the past eight years. They said to consult a pensions advisor.
I have a few pensions from when I began my career at a cable making company until 1991 when the factory closed. I went on a plastering course and have been employed by a building company until 2009 when they went bust.
My pension from the cable company was invested with the then TSB which now is Scottish Widows. I also have two more one with Friends prominent and another with Build base. I have since 1991 paid into a personal pension at £20 per week and still pay it.
The total of my Scottish Widdows is over £100.000 and the other two combine to over £50k
I was looking to take 25% of the two latter pensions and draw on my Scottish Widow one. I am clueless where these pensions are concerned.
Kind regards Jeff.
I have a few pensions from when I began my career at a cable making company until 1991 when the factory closed. I went on a plastering course and have been employed by a building company until 2009 when they went bust.
My pension from the cable company was invested with the then TSB which now is Scottish Widows. I also have two more one with Friends prominent and another with Build base. I have since 1991 paid into a personal pension at £20 per week and still pay it.
The total of my Scottish Widdows is over £100.000 and the other two combine to over £50k
I was looking to take 25% of the two latter pensions and draw on my Scottish Widow one. I am clueless where these pensions are concerned.
Kind regards Jeff.
0
Comments
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I would say, with that amount of money get professional help.the experts on here will say that you can save (or lose) thousands of pounds in charges if you make the wrong decision.
I think you are correct in that you can take 25% of your fund, then the rest will need to last 30 years possibly, so contact an independent financial adviserNo.79 save £12k in 2020. Total end May £11610
Annual target £240000 -
Have you checked your state pension situation?
https://www.gov.uk/check-state-pension
This should help you plan for the future.
https://directory.moneyadviceservice.org.uk/en may be worth a look.
Have you looked into ESA? https://www.gov.uk/employment-support-allowance/eligibility
Have you looked into PIP?https://www.gov.uk/pip/overview
A Benefits Adviser at CAB may be able to help.0 -
Thanks for the replies they are appreciated.
I shall look into this ESA as I have never claimed before. PIP is another option. Thanks.0 -
It might be worth getting some free guidance from pensionwise who will help explain your pension options and taxation implications.
https://www.pensionwise.gov.uk/I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0
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