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  • FIRST POST
    • GSP
    • By GSP 12th Mar 17, 12:05 PM
    • 125Posts
    • 17Thanks
    GSP
    Pensionwise Appointment Advice
    • #1
    • 12th Mar 17, 12:05 PM
    Pensionwise Appointment Advice 12th Mar 17 at 12:05 PM
    Hi,
    Any thoughts, advice or observations welcome.
    I intend to make an apoointment to see a pensionwise adviser (free advice for now) next week and will go there armed with questions.
    I recently started this new thread for information and advice
    http://forums.moneysavingexpert.com/showthread.php?t=5614797
    and thank you very much to those who have replied and helped so far as I try to make a decision.
    I have two preferred options:
    The first is with a current CETV of £780k, yes I would be giving up the relative safety of a db pension income, but my aspirations are to make use of the money earlier rather than later as the db pension increases, but my age and health deteriorate. I also am unemployed with no job likely and money soon to run out, so transferring out releases the penalty of staying in where I am expected to drawdown at 60, and will lose up to a third if I trigger this now. I plan to defer my state pension until 80 giving me lump sum of 13/14 years and income thereafter and expect the CETV money to have dried up by then.
    Second option was to use my £80k dc money until 60, then drawdown the db pension will no penalties thereafter. A lump sum from this however would make quite a difference to the monthly income, whereas my first option CETV appears to be around x 35 of my current db figures and a figure I should make the most of while its there.
    I know Pensionwise are mainly interested in dc pensions, but as I have a mixture of both hope this will initiate a discussion bringing both parts in.

    Does anyone have experience of these appointments, how open they are and questions they think I should ask if I get the opportunity.
    Thank you.
Page 1
    • Silvertabby
    • By Silvertabby 12th Mar 17, 12:22 PM
    • 1,262 Posts
    • 1,464 Thanks
    Silvertabby
    • #2
    • 12th Mar 17, 12:22 PM
    • #2
    • 12th Mar 17, 12:22 PM
    Pensionwise give information, not actual financial advice. If you do decide to transfer your DB benefits into a private pension you will still need the (paid) services of a suitably qualified IFA.
    • dunstonh
    • By dunstonh 12th Mar 17, 1:31 PM
    • 88,329 Posts
    • 53,548 Thanks
    dunstonh
    • #3
    • 12th Mar 17, 1:31 PM
    • #3
    • 12th Mar 17, 1:31 PM
    I intend to make an apoointment to see a pensionwise adviser (free advice for now) next week and will go there armed with questions.
    They are not advisers and they do not give advice. They give guidance on a generic level without taking into account commercial differences (i.e. the answer to some questions on a generic level would be different to real life scenarios due to commercial issues). I doubt they will be much use at all for you given its a DB transfer you are looking at.

    Does anyone have experience of these appointments, how open they are and questions they think I should ask if I get the opportunity.
    With your scenario, expect little or no benefit from the time spent.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • GSP
    • By GSP 12th Mar 17, 1:32 PM
    • 125 Posts
    • 17 Thanks
    GSP
    • #4
    • 12th Mar 17, 1:32 PM
    • #4
    • 12th Mar 17, 1:32 PM
    Thanks Sivertabby.
    Do you think I would gain anything from this session, or do you think what I am seeking is s bit deeper than what they provide.
    • GSP
    • By GSP 12th Mar 17, 1:35 PM
    • 125 Posts
    • 17 Thanks
    GSP
    • #5
    • 12th Mar 17, 1:35 PM
    • #5
    • 12th Mar 17, 1:35 PM
    Hi Dunstonh. Just posted again as you posted yours and answers my questions thanks.
    • zagfles
    • By zagfles 12th Mar 17, 2:19 PM
    • 11,985 Posts
    • 9,941 Thanks
    zagfles
    • #6
    • 12th Mar 17, 2:19 PM
    • #6
    • 12th Mar 17, 2:19 PM
    No, but let us know how you get on! At least Pensionwise is free - so it won't cost you anything other than time/travel.

    As above they won't financial "advice" but they should explain all the options and possibilities, pros and cons of them, so even if you go on see an adviser you'll have a better understanding of the options.
    • BelindaDido
    • By BelindaDido 13th Mar 17, 12:22 PM
    • 24 Posts
    • 9 Thanks
    BelindaDido
    • #7
    • 13th Mar 17, 12:22 PM
    • #7
    • 13th Mar 17, 12:22 PM
    " I plan to defer my state pension until 80 giving me lump sum of 13/14 years ". The options for deferral of the nSP are different from the options pre April 2016: I don't think you will be able to request a lump sum when you start to claim your state pension but you will receive an increased (additional) pension based on 1% for every 9 weeks you defer which works out as just under 5.8% for every full year.
    • mgdavid
    • By mgdavid 13th Mar 17, 8:10 PM
    • 5,172 Posts
    • 4,343 Thanks
    mgdavid
    • #8
    • 13th Mar 17, 8:10 PM
    • #8
    • 13th Mar 17, 8:10 PM
    " I plan to defer my state pension until 80 giving me lump sum of 13/14 years ". The options for deferral of the nSP are different from the options pre April 2016: I don't think you will be able to request a lump sum when you start to claim your state pension but you will receive an increased (additional) pension based on 1% for every 9 weeks you defer which works out as just under 5.8% for every full year.
    Originally posted by BelindaDido
    Yes, exactly. Unfortunately the OP has opened at least 3 different threads all about the same situation. He was told exactly what you have said yesterday on another thread but didn't bother to come back and amend his post here.
    A salary slave no more.....
  • jamesd
    • #9
    • 13th Mar 17, 8:22 PM
    • #9
    • 13th Mar 17, 8:22 PM
    Don't expect much useful from PensionWise. They are likely to do silly things like say that annuities are the best or only way to get guaranteed income, ignoring state pension deferral. Also likely to ignore current DB to DC reality often being beneficial and in effect deliver FUD rather than anything useful.
    • GSP
    • By GSP 13th Mar 17, 9:32 PM
    • 125 Posts
    • 17 Thanks
    GSP
    Thanks Belindadido and sorry for not changing mgdavid.

    jamesd, not really expecting anything from pensionwise. Can imagine their advisers are slightly different to each other as in knowledge, so might hear a view I can relate to. Yes, expecting the too cautionary spiel from them, but am more firmly fixed now on transferring out. I need a conversation withnan IFA who will approve my income plan.
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