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  • FIRST POST
    • Steve251
    • By Steve251 14th Mar 17, 7:31 PM
    • 7Posts
    • 2Thanks
    Steve251
    Where to put my pension
    • #1
    • 14th Mar 17, 7:31 PM
    Where to put my pension 14th Mar 17 at 7:31 PM
    Hi Everyone

    I am approaching 60 and have a couple of small pensions maturing soon.
    I still work (self employed) and don't plan to retire just yet. I feel I've got 5 to 10 years left working

    Question is what do I do with those two maturing pensions? I don't want to tap into them just yet and want to leave them for a rainy day.

    One has a lump sum and small monthly the other I don't know

    Any ideas what to do with them

    Thanks
Page 1
    • xylophone
    • By xylophone 14th Mar 17, 7:53 PM
    • 21,306 Posts
    • 12,237 Thanks
    xylophone
    • #2
    • 14th Mar 17, 7:53 PM
    • #2
    • 14th Mar 17, 7:53 PM
    What kind of pensions are they? DB? DC?

    Do you have other pension provision?

    Have you obtained a new state pension statement?

    https://www.gov.uk/yourstatepension?utm_source=Mail-Online&utm_medium=Partnership&utm_campaign=GTKY
    • dunstonh
    • By dunstonh 14th Mar 17, 7:58 PM
    • 87,705 Posts
    • 52,941 Thanks
    dunstonh
    • #3
    • 14th Mar 17, 7:58 PM
    • #3
    • 14th Mar 17, 7:58 PM
    I am approaching 60 and have a couple of small pensions maturing soon.
    Why are they maturing? On DC schemes they dont need to mature in most cases.

    What types of pension are they?
    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.
  • jamesd
    • #4
    • 14th Mar 17, 10:24 PM
    • #4
    • 14th Mar 17, 10:24 PM
    Roughly when we're they taken out, either before around 2000? Or later? Some pensions before then had a guaranteed annuity rate. That rate can be several times today's open market rate. But the age range when it is available can be limited, so not taking it within the specified time could prove costly.
    • Steve251
    • By Steve251 15th Mar 17, 9:20 PM
    • 7 Posts
    • 2 Thanks
    Steve251
    • #5
    • 15th Mar 17, 9:20 PM
    • #5
    • 15th Mar 17, 9:20 PM
    Hi.

    One is a military pension which is due to be paid out
    The other is a pension mortgage although it was suspended about 10 years after I took it out and there is nothing to pay back on the property.

    No other pension provision


    Steve
    • xylophone
    • By xylophone 15th Mar 17, 11:20 PM
    • 21,306 Posts
    • 12,237 Thanks
    xylophone
    • #6
    • 15th Mar 17, 11:20 PM
    • #6
    • 15th Mar 17, 11:20 PM
    One is a military pension which is due to be paid out
    This is a deferred Defined Benefit Pension. As I understand it, this is not paid out automatically at age 60 but has to be claimed - have you done this despite saying that you "don't wish to tap in just yet"?

    If you don't claim the pension, are there any "late retirement" increases?

    Have you rung the administrator to check your personal situation?

    With regard to the "pension mortgage", do you mean that you took out an interest only mortgage and ran a pension policy alongside which was supposed to pay out enough to repay the capital at the end of the mortgage term?

    In fact you repaid the mortgage at some point and simply stopped paying into the pension policy?

    What were the terms of the policy?

    Have you obtained a new state pension statement to help with planning?
    • xylophone
    • By xylophone 15th Mar 17, 11:25 PM
    • 21,306 Posts
    • 12,237 Thanks
    xylophone
    • #7
    • 15th Mar 17, 11:25 PM
    • #7
    • 15th Mar 17, 11:25 PM
    You mention that you are self employed and have no pension provision other than those you mentioned above and state pension in due course.

    Is there any reason why you have not been making additional pension provision?
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