After death spouse/partner pension choices

gadgetmind

PennyForThem wrote: »

Interesting advice too about pension (SIPPs?) - I will definitely check that out.

A SIPP is just a personal pension that (usually) allows more choice of what you can invest in an (usually) is more under your control. However, there are SIPPs and SIPPs, and whether ones of these is better for you than a PP depends on many factors.

jamesd

PennyForThem wrote: »

Interesting advice too about pension (SIPPs?)

For the retail bonds I linked to it would need to be a SIPP. Plenty of bond funds available that can be held in a non-SIPP pension instead if that's preferred for some reason.

PennyForThem_2

thanks

Yes, it will be IFA though I understand you can either pay for hourly advice or get advice 'free' but they get commission although obviously they are not tied to one service provider prorduct i.e. your local bank.

I do wonder if it might be worth paying the hourly rate. Any thoughts?

jem16

PennyForThem wrote: »

I do wonder if it might be worth paying the hourly rate. Any thoughts?

What I would do is agree an actual fee for the advice you want so you know exactly where you stand.

That fee can then be paid directly to the IFA as a cheque from you or you can have the fee paid through the product itself should one be needed.

atush

PennyForThem wrote: »

yes gadetmind - all this has rocketed me into a higher (40%) tax band which is why I would have liked choice.

My salary is just below the threshold o 40% until changed circumstances - which is why I would have liked choice to defer as per state pension (which is deferred). Now I am definitely in the 40% bracket. I probably am going to owe tax this financial year - luckily I have the capital for rainy day to be able to cope with this.

As an aside, anybody thinking of funeral plan - do consider seriously. I am going to do this in next month or so as I know when I die my 'estate' is going to be tied up and funerals are costly (although can be offset against the deceased's estate lol) and at least my surviving children won't have to worry about finding the funds.

Learnt so much through death......


(and yes, I know I am in a fortunate position unlike many who are relying on state pension. )

AFAIK, funeral plans are not always good. Please research carefully that you cannot get better (non targeted so you have 'open market options' saving outside a plan. they tend to make you go to one group of perators so you won't have competitive options.