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    • Blackavar
    • By Blackavar 10th Oct 17, 11:13 PM
    • 46Posts
    • 13Thanks
    Blackavar
    Pension ditherer needing input
    • #1
    • 10th Oct 17, 11:13 PM
    Pension ditherer needing input 10th Oct 17 at 11:13 PM
    I am 63 and after being made redundant from a very well paid job in private sector I don't think I am keen to continue in the rat race so looking at retirement options.
    I've now seen 3 'advisors' who all want £2K plus per percentage per annum to manage funds with no real indication of their success.
    I have looked at SIPP but have no experience in finance so is not really an option for me.
    Most pension pots with Aegon and am very happy with performance over the years but after contacting them it is obvious that they are geared up to deal with re-sellers rather than general public.
    So, I guess I'm just asking do I just let it ride with Aegon although I do need to to arrange a draw down deal soon but they say I really need a financial advisor. I'm not keen on paying £2K to a guy who can do something I may be able to do myself?
    What do you think?
Page 1
    • dunstonh
    • By dunstonh 10th Oct 17, 11:32 PM
    • 89,901 Posts
    • 56,578 Thanks
    dunstonh
    • #2
    • 10th Oct 17, 11:32 PM
    • #2
    • 10th Oct 17, 11:32 PM
    I've now seen 3 'advisors' who all want £2K plus per percentage per annum to manage funds with no real indication of their success.
    Success about what?

    I've now seen 3 'advisors' who all want £2K plus per percentage per annum to manage funds with no real indication of their success.
    Doesnt mean its more expensive.
    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 an Independent Financial Adviser local to you.
    • pip895
    • By pip895 10th Oct 17, 11:32 PM
    • 445 Posts
    • 254 Thanks
    pip895
    • #3
    • 10th Oct 17, 11:32 PM
    • #3
    • 10th Oct 17, 11:32 PM
    If you have time on your hands it doesn't take too long to figure things out. There is a lot of free info about on sites like this. Some IFA's will allow you to pay a flat rate for advice rather than a percentage I believe.
    • crv1963
    • By crv1963 11th Oct 17, 12:14 AM
    • 159 Posts
    • 421 Thanks
    crv1963
    • #4
    • 11th Oct 17, 12:14 AM
    • #4
    • 11th Oct 17, 12:14 AM
    If you have time on your hands it doesn't take too long to figure things out. There is a lot of free info about on sites like this. Some IFA's will allow you to pay a flat rate for advice rather than a percentage I believe.
    Originally posted by pip895

    I do as pip895 suggests, take some time have a good read through some of the threads, ask some questions and get a good understanding of it all. If you still can't decide then if you do use the services of an IFA then at least you'll have an idea already of your options and what to ask.


    I think it is a matter of confidence as well as knowledge after all I understand how car brakes work but would always get a qualified mechanic to sort mine out, the DIY option isn't for everyone in everything!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • tacpot12
    • By tacpot12 11th Oct 17, 8:38 AM
    • 745 Posts
    • 646 Thanks
    tacpot12
    • #5
    • 11th Oct 17, 8:38 AM
    • #5
    • 11th Oct 17, 8:38 AM
    Given you are not inclined to self-managed, I think you need to continue to look for a discretionary wealth manager who can show your their track record.

    Are you clear what 'successful' looks like?
    • OldMusicGuy
    • By OldMusicGuy 11th Oct 17, 9:18 AM
    • 203 Posts
    • 371 Thanks
    OldMusicGuy
    • #6
    • 11th Oct 17, 9:18 AM
    • #6
    • 11th Oct 17, 9:18 AM
    It's simple. Just do a bit of reading on this website and also read sites like Monevator (http://monevator.com/) and learn about managing where your funds are invested. It really is not that complicated. If you don't want to do that, pay someone to advise you.

    Also you can get free advice from the Pension Wise service on the options you have regarding draw down (but they will not give you financial advice).
    • xylophone
    • By xylophone 11th Oct 17, 9:22 AM
    • 23,653 Posts
    • 13,782 Thanks
    xylophone
    • #7
    • 11th Oct 17, 9:22 AM
    • #7
    • 11th Oct 17, 9:22 AM
    The question was asked on previous occasions but have you and your wife obtained state pension forecasts?

    https://www.gov.uk/check-state-pension

    https://www.moneyadviceservice.org.uk/en/articles/options-for-using-your-pension-pot

    You indicate that your pension savings amount to £300,000, mostly with Argon.

    The PCLS of £75,000 could be within ISAs for you and your wife over two tax years and you could draw tax free income from these.

    http://www.thisismoney.co.uk/money/pensions/article-3646973/How-invest-pension-drawdown-12-step-starters-guide.html

    https://www.hl.co.uk/partners/search/drawdown-guide?theSource=PCGFD&Override=1&adg=G+DDL+DDW+B&g clid=EAIaIQobChMIneKAxYzo1gIVE5kbCh0jew24EAMYAiAAE gI8jPD_BwE

    http://www.yourmoney.com/retirement/investing-retirement-fund-ideas-income-drawdown/

    Some reading above.

    But if you are not confident about self management, then you will need to bite on the bullet and pay for advice.

    https://www.moneyadviceservice.org.uk/en/categories/pensions-and-retirement
    • atush
    • By atush 11th Oct 17, 10:51 AM
    • 16,384 Posts
    • 10,139 Thanks
    atush
    • #8
    • 11th Oct 17, 10:51 AM
    • #8
    • 11th Oct 17, 10:51 AM
    How much is your redundancy payment? What rte of tax do you currently pay?
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