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Still struggling but good news
srcandas
Posts: 1,241 Forumite
With a lot of help from the good folks here I'm trying to get an idea of current value and make a plan for my pension.
I'm 60 in August and have four pension funds. My problem is lack of facts from the pension companies.
I am trying to get an IFA to have a look but despite contacting three not even an acknowledgement email has arrived
Well I tried the companies again and:
Spoke to the pru who offered that I could add no more money into the fund except my monthly payment which was now frozen. I asked if I could extend beyond Aug (60) and they said for only another three years (whether I could go for then when 63 another three years I'm not sure).
They offered no idea of what the WP terminal bonus might be on top of the £68k current value.
However they said that these ancient Scottish Amicable WPs offered a guarantee of £93 pension per thousand (more if taken later).
I'm assuming thus I can look for 68*93 if I take it in August. That is almost double the current annuity quotes. Seems to good to be true !!!
Presumably I'll need to take a PRU annuity and would be mad to take the 25% tax free but can't complain.
I spoke to Scottish Equitable and they offered all the info I wanted including current fund value. They were happy to take money, extend as required, and their previous statement offered an estimated terminal bonus :j
Just thought I'd offer to anyone struggling with this that it is all a matter of getting the right person on the phone.
Well perhaps by the time I get it sorted I might hear from an IFA
:beer:
I'm 60 in August and have four pension funds. My problem is lack of facts from the pension companies.
I am trying to get an IFA to have a look but despite contacting three not even an acknowledgement email has arrived
Well I tried the companies again and:
Spoke to the pru who offered that I could add no more money into the fund except my monthly payment which was now frozen. I asked if I could extend beyond Aug (60) and they said for only another three years (whether I could go for then when 63 another three years I'm not sure).
They offered no idea of what the WP terminal bonus might be on top of the £68k current value.
However they said that these ancient Scottish Amicable WPs offered a guarantee of £93 pension per thousand (more if taken later).
I'm assuming thus I can look for 68*93 if I take it in August. That is almost double the current annuity quotes. Seems to good to be true !!!Presumably I'll need to take a PRU annuity and would be mad to take the 25% tax free but can't complain.
I spoke to Scottish Equitable and they offered all the info I wanted including current fund value. They were happy to take money, extend as required, and their previous statement offered an estimated terminal bonus :j
Just thought I'd offer to anyone struggling with this that it is all a matter of getting the right person on the phone.
Well perhaps by the time I get it sorted I might hear from an IFA
:beer:
I believe past performance is a good guide to future performance :beer:
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