Anyone give me a pointer on where to look?

lewroll

I am 60 yrs old and am just about to receive my private pension. I have been told I can either
a) take my full pension
b) convert some pension using the formula £1 of pension to convert to £9 of lump sum and take a smaller pension or
c) move my pension pot to someone who may give me a better return of either or both of the above.

Any ideas of how I find out whether it is worthwhile to move or not?
All help gratefully received!

By the way I am thinking of taking the maximum lump sum.
Cheers

jem16

lewroll wrote: »

Any ideas of how I find out whether it is worthwhile to move or not?
All help gratefully received!

Speak to an IFA - https://www.unbiased.co.uk

Cautious_Investor_3

Hi

You really don't give enough information here for people to help you, not your fault, I think it would be almost impossible.

As the 2nd poster says, speak to an IFA.

You only get once chance to make this decision, it's important you get it right.

The Cautious Investor

bigfreddiel

jem16 wrote: »

Speak to an IFA - www.unbiased.co.uk

Don't speak to an IFA - go to Aegon - an iFA will cost you an arm and a leg no matter how independent they may be.

fj

jem16

bigfreddiel wrote: »

Don't speak to an IFA - go to Aegon - an iFA will cost you an arm and a leg no matter how independent they may be.

fj

So you suggest that someone makes a once in a lifetime decision and goes to an insurance company who can provide a product but no advice?

The mention of converting £1 of pension to £9 of lump sum sounds like a final salary pension to me - OP can you clarify? If it is no insurance company will touch it without an IFA and rightly so.

Cautious_Investor_3

bigfreddiel wrote: »

Don't speak to an IFA - go to Aegon - an iFA will cost you an arm and a leg no matter how independent they may be.

fj

Hi

Since when did Aegon turn into a charity?

How is this a helpful comment from bigfreddiel?

The Cautious Investor

jem16

Cautious_Investor wrote: »

Hi

Since when did Aegon turn into a charity?

The ironic thing is that going direct to the provider is likely to be dearer that using an IFA and with no advice and no consumer protection should it all go wrong.

Cautious_Investor_3

jem16 wrote: »

The ironic thing is that going direct to the provider is likely to be dearer that using an IFA and with no advice and no consumer protection should it all go wrong.

Yes, I agree, and you only are ever going to get sold one product.

See an IFA, pay a fee for the advice and the a further fee if a product needs to be implimented.

In the case of the OP it is quite likely that no product sale will result, but advice is needed and has to be paid for.

lewroll

jem16 wrote: »

The mention of converting £1 of pension to £9 of lump sum sounds like a final salary pension to me - OP can you clarify? If it is no insurance company will touch it without an IFA and rightly so.

Sorry but you are talking to a complete dummy here! I really don't know whether it is a final salary pension or not.
It is the British Coal Staff Superannuation Scheme if that helps at all.
Thanks for all your help.

Cautious_Investor_3

lewroll wrote: »

Sorry but you are talking to a complete dummy here! I really don't know whether it is a final salary pension or not.
It is the British Coal Staff Superannuation Scheme if that helps at all.
Thanks for all your help.

Hi

From memory this is a Final Salary Scheme.

The fact that you don't know this, and please don't take that as a criticism, shows that you need advice.

Find an IFA at https://www.unbiased.co.uk , pay them a fee (which probably won't be large for this type of work) and get help making this important decision.

The Cautious Investor

jem16

lewroll wrote: »

Sorry but you are talking to a complete dummy here! I really don't know whether it is a final salary pension or not.
It is the British Coal Staff Superannuation Scheme if that helps at all.
Thanks for all your help.

It is, or at least was ( I believe the scheme is now closed) , a final salary scheme.