Decimated Pension Fund.

rallison

I have been saving in to a pension fund for the past 50 years only to find it is now worthless, what do I do to improve my retirement opportunity?
2 final salary pensions were consolidated in to a private pension in 1988 held with and managed by Allied Dunbar to provide me with a satisfactory pension at the age of 55. At 55 the Allied Dunbar pension fund was worthless so I decided to postpone my retirement until 65 to enable the fund to recover some value. At 65 I am now struggling to convert what is left of the pension fund held with Zurich Advice in to an acceptable Annuity.

Any advice?

jem16

rallison wrote: »

2 final salary pensions were consolidated in to a private pension in 1988 held with and managed by Allied Dunbar to provide me with a satisfactory pension at the age of 55.

Who advised you to move 2 final salary pensions into a private pension?

vectistim

2 final salary pensions were converted into private pensions?

Are you ill, have you had any serious illnesses? ie: Can you find some reason to suggest you might have a shortened life expectancy that might allow you to get an impaired annuity?

What sort of sized fund is it? What sort of income are you currently on? What sort of income will you need?
You might be able to augment the return slightly by taking tax free cash.

You need to talk to an independent annuity specialist

dunstonh

At 55 the Allied Dunbar pension fund was worthless

In what way was it worthless?

so I decided to postpone my retirement until 65 to enable the fund to recover some value.

Which it would have done although it would largely be based on how you invested. AD have an average fund range (good for the time but poor by todays standards).

2 final salary pensions were consolidated in to a private pension in 1988

Was it a section 32 buy out bond or a personal pension?

What was the outcome of the pension review that looked into all pension sales between 1988 and 1993?

What was the value in 1988? What is the value now?
What contributions did you make between 1988 and today?

rallison

Thanks,
Allied Dunbar.

rallison

dunstonh wrote: »

In what way was it worthless?



Which it would have done although it would largely be based on how you invested. AD have an average fund range (good for the time but poor by todays standards).


Was it a section 32 buy out bond or a personal pension?

What was the outcome of the pension review that looked into all pension sales between 1988 and 1993?

What was the value in 1988? What is the value now?
What contributions did you make between 1988 and today?

Thanks,
You are right, just lots of bad advice without qualified support another reason why Private Pension MUST be Regulated.
But too late for me to do anything now.
A lot of my pension savings just went>

rallison

vectistim wrote: »

2 final salary pensions were converted into private pensions?

Are you ill, have you had any serious illnesses? ie: Can you find some reason to suggest you might have a shortened life expectancy that might allow you to get an impaired annuity?

What sort of sized fund is it? What sort of income are you currently on? What sort of income will you need?
You might be able to augment the return slightly by taking tax free cash.

You need to talk to an independent annuity specialist

Thanks for your advice,
Difficult when you have just sufferred a STROKE.

missile

just lots of bad advice without qualified support another reason why Private Pension MUST be Regulated.

I don't think regulation is the answer and would suggest it would be better if financial information was presented in a more straightforward manner and we better educated ourselves. :A
I do sympathise with your situation. I wonder how many of us regret trusting such important financial decisions to a spiv in a cheap suit?

ERICS_MUM

Hi Rallison,

can't offer any practical advice, I just wanted to say how sorry I am about your pension and also to wish you a full and speedy recovery from your stroke.

jamesd

Having suffered a stroke it's particularly important that you review your situation with an IFA. That will reduce your likely life expectancy and there are annuities that pay more to those with conditions that reduce life expectancy.