pension advice please

EdInvestor

The IFA could get the info in writing from the CIS.

Good idea.Write to them asking them to confirm that you must take benefits from your FSAVC at the same time as your occupational pension whereas you understood the FSAVC could be taken separately.

This will concentrate their minds nicely and force them to look up the rules :rolleyes:

wattapain

dunstonh wrote:

You could always get an IFA to come and see you. The IFA could get the info in writing from the CIS. If they still insist that the FSAVC is not as "free standing" as the FS means, then a complaint can go in. Once it has been resolved, we would be looking at around April time and the IFA can do an open market option for you and give you a far better annuity on the remaining 75% than the CIS rates.

How to find a reliable ( and reasonable!!) IFA??
Any advice would be much appreciated.
Terri

dunstonh

wattapain wrote:

How to find a reliable ( and reasonable!!) IFA??
Any advice would be much appreciated.
Terri

Exactly the same as any other profession.

Word of mouth, pot luck, try a few and see which you like the best.

EdInvestor

:idea: Try a woman IFA perhaps?

wattapain

Hi, just a little update for DH & Ed - had a call from a cIS rep today ( a guy I'm afraid, but there you go!!) - he's coming round Monday - talking to him on the phone & telling him what's gone down so far, got the distinct impression that - yeah , I'm gonna be able to defer!!
Thngs like ' well the way things are changing, maybe they don't all know how the rules are gonna change ...!! ' !! :rolleyes:
So again, watch this space :beer: Many thanks and :beer: to you guys ( and gals of course :rotfl: ).
Terri

wattapain

Well, #i spoke to the CIS rep and mentioned my concern the original possible wrong advice to take out the FSAVC as opposed to buying extra years. I felt that he agreed with me but of course he did not say so. Anyway, I received more forms from them and they are now investigating to see if I have been
' financially disadvantaged' - a bit of a no brainer really, but we shall see. Watch this space.
Terri :cool:

dunstonh

THansk for the update. I'm still watching this space

wattapain

Right, well I have finally received the outcome of this review. Actually it came at the end of June but I've been on hol and got back yesterday, so have only just seen it.

Well, basically, they have concluded that I was financially disadvantaged, and have offered me an increase in the yearly pension - more than doubling it - to correspond with the 4 years 180days (!!) extra I could have bought.
Now I would be satisfied with this - but... in the NHS scheme ( like most final salary ones I imagine) thes extra years also get you an increased lump sum of 3x the pension.
I have emailed the person dealing with it in Manchester ( she has been most helpful up to now) , and am waiting for the response.
but i just wondered what you guys thought (esp DH).
Do you think I am expecting just that wee bit too much here? :rolleyes:
I do feel a bit cheeky, but then I felt like that about complaining in the first place - so what the heck - don't ask ... etc.

Fingers crossed :cool:

Terri

wattapain

And this was the response.
Comments?

Hi Terri
The lump sum is not a subsidised benefits as such (neither is the pension)
& has been taken into account in the calculation. By subsidised benefit, it
means something the company pays for as in reduced cost added years,
matching of AVC's that sort of thing. Added Years are intended to be 'cost
neutral' ie you get what you pay for. It's only really when you take them
out later in life that they become more attractive.
Hope this helps[/QUOTE]

dunstonh

I think that is a fair response. It would be a bit cheeky to expect that to be taken into account as it was only post 6th April 2006 that you could get lump sum on AVCs/FSAVCs and it does reduce the income down.

Looks like a fair result from the complaint. Bet you are pleased you raised it now.