Pension atheist

sixtysomething

This is my first post folks, so please be gentle with me

Is there any way, once you have started a pension, that you can 'get out of it'?
I have a SSAS, and I swear I wont live long enough to benefit from it as my blood pressure goes through the roof every time I hear the word 'pension'.
I am absolutely sick and tired of the horrendous charges I have to pay to trustees for doing virtually nothing as far as I can see, and even having stopped all contributions, I am faced with charges of £1100 for 'administration', £450 for 'accounts', and a further £170 if I want them to fill in what is to me, a totally unintelligible Inland Revenue SA tax form.

Is there no way I can rid myself of these parasites?

DavidLaGuardia

There should normally have been a good reason to be in a SSAS that justified the charges as they can be a great tool, but many were sold inappropiately.
In answer to you question they CAN be transferred to another arrangment with much lower charges;. Whether it should remain a SSAS with someone else or changes into a different animal like a stakeholder is going to depend on a lot of things and you will need advice of tsome sort on breaking the chains.

DavidLaGuardia

How much is in the fund approximately?

sixtysomething

Hello David,
c.110k
There was originally a small industrial property in the fund, but I have 'extracted' that

dunstonh

If the main reason for having that scheme no longer exists, then you should investigate transferring it to a more appropriate scheme.

deemy2004

This is my first post folks, so please be gentle with me

Is there any way, once you have started a pension, that you can 'get out of it'?
I have a SSAS, and I swear I wont live long enough to benefit from it as my blood pressure goes through the roof every time I hear the word 'pension'.
I am absolutely sick and tired of the horrendous charges I have to pay to trustees for doing virtually nothing as far as I can see, and even having stopped all contributions, I am faced with charges of £1100 for 'administration', £450 for 'accounts', and a further £170 if I want them to fill in what is to me, a totally unintelligible Inland Revenue SA tax form.

Is there no way I can rid myself of these parasites?

Why not transfer it to a SIP, a self invested pension, that way you get to manage it yourself. I use sipdeal.co.uk, apart from shares dealing, all I get charged is £17 per year for the pensions projection rubbish that they have to do by law, which is a hell of a lot less than what your parasites are charging you at the moment.

For years, and years I put off starting a pension, just because of these bloody parasites. I would get invited into x insurance company to discuss their pensions products, do the sums and go what the hell ??? Your goign to make x thousand up front, and x% every year !!! - !!!!!! that ! I'm better off without a pension !

Its only when the SIP's appeared that AT LAST ! I can start a REAL pension plan without ANY parasites taking their drink every year !

Good luck !

DavidLaGuardia

£100,000 plus gives more scope. SIPPs that Deemy mention are a good idea for some, but a SIPP is just a personal pension version of the SSAS in essence (designed for investing in self chosen investments). It may be less hassle to have stakeholder
However, Personal pensions, (which include stakeholder) might not even be the best way forward for you. For example, your SSAS may have a much higher potential tax free sum than the 25% of personal pensions in which case a cheaper SSAS or an alternative speice of pension need to be examined
It needs investigating

sixtysomething

Thanks for all the replies, and I will certainly look at SIPs Deemy.
Where does one go for truly unbiased advice though?
I'm sorry if you are one DD, but every time I am in the presence of an IFA, I feel like Little Red Riding Hood, -- Grandma is saying all the right things, but there's a nagging doubt about possible vested interests!

DavidLaGuardia

I you are aprehensive about seeking advice, it may help to:
1. See at least three different IFAs -tell each of them you intend to do this and only a foolish one would try and do something that wasn't kosher.
2. Get a well explained audit trail of the the research and reasons for the solution provided compared with other ourcomes. A good adviser would only be too willing to let you understand as much as possible and to involve you.
The IFA is their to make a living but if the service and expertise takes away the heartache and hassle and gets a good result it's worthit and this is one area that isn't a suitable one for DIY for most people.