SIPP with cash incentive promise - advice please.

Loughton_Monkey

I predict a huge 'scandal' with these so-called 'unlock your pension' merchants.

For any that are not FSA regulated, then I would not touch them with a bargepole. For those that are, they are simply offering to do what anyone can do for 'free' and that is take 25% tax free lump sum at age 55 and put the rest into one of a number of SIPP-type arrangements.

jamesd

gone2ground wrote: »

If someone can guarantee a percentage income over a certain period of time, is that still not a good thing?

It's good in a way. It helps to demonstrate that they are out to con you and should be avoided. You can make any promise you like when you've no intention of paying up. Since pension unlocking companies are typically dubious ethically and legally, though not always, you should exercise extreme care with any place they recommend.

Take particular care for the next few years because you may now be placed on a "suckers list" that could be sold to scammers.

gone2ground wrote: »

I will happily leave everything where it is but my husbands pension doesn't seem to have done anything over the 20 odd years he's had it. Does anybody out there have anything good to say about SIPPS or have any of you had any good experiences?

Combining your own pension pots may make sense. You should check whether the Windsor Live one has a guaranteed annuity rate. If it does it is likely to be far above what you could get on the open market and likely to be sufficient reason to leave that one where it is. If there is no guaranteed annuity rate it may be best to combine it with the Prudential one, depending on the charges and investment options that you want to use.

It isn't generally permitted to combine you husband's pension and yours (ignoring some fancy options that aren't useful at your pension pot levels).

You should each get a State pension Forecast to find out what you can expect from the state pensions and check that you have accurate contribution records.

At 43 there's still plenty of time to greatly increase the vale of your pensions whenever you're able to add more money, so don't be discouraged.

gone2ground

WOW -thanks everyone - we are staying put for the moment and not touching either of those 'scams'. Thanks for all your advice and comments.