Pension / Retirement Planning dilemma

asimon

Hi all I’m deliberating with regards to a pension or other form of retirement funding, at present I’m not contributing to a pension, and have not been doing so for some years, I’m aware that It is preferable to seek advice from a IFA, but I thought I’d seek some views and advice from the forum first, as I’m bit weary with regards to certain IFA’s, whereby they have been recommend by my accounts or agencies, as specialising in Freelance It Professionals, also with the changing and variety of pensions I’m stuck as what to do

Details of past pensions, and some other information, that may assist you in your replies are as follows:

Age: 40
Married 4 children
Freelance IT professional working via my limited company

Pensions

Abbey Life
Commencement date: 1989
Paid up date: 1994
(Contracting)

Pension Salary 18,000
No collectable contribution


Company Pension (Permanent Employment)
1991 to 1994

Fund/Transfer Value £8600


Company Pension (Permanent Employment)
1995 to 1997

No figures available


Executive Pension Plan via my Ltd Company

Commencement Date: 1998

Fund Value 12,000

No contributions made, since 2003, but most probably stopped paying in some years before, but cannot find records.

Monthly Policy Fee is still being taken


I would appreciate any constructive advice.

exil

Do you have any state pension entitlement (inc S2P) - ask pension service if not sure

Do you have any other savings/ISAs etc?

How much can you afford to put in as an annual amount? Or given your freelance status would you prefer to put in lump sums when you can afford it?

Abbey Life - is that 18.000 the transfer value? Or the pension you would get at 60/65?

Sorry for all the questions

You will need IFA advice in the end, all I can do is give vague general advice!

EdInvestor

Collect the following info from all the pensions:

Provider
Current value
Transfer value
Fund(s) the money is invested in
Other funds available
Any guarantees applicable
Annual charges payable.

Then it will be possible to see which pensions should be kept and which could be consolidated either in one of the existing ones or in a new one with better fund choice and lower charges.