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Pension Freeze Advice
poppie1_2
Posts: 15 Forumite
My husband has been paying in £100 pm into two private pensions £50 each since he was 17 , he is now 42 . It has got to a point in our lives that this £100 is now needed to help with the cost of living , raising our children etc. I'm really seeking advice as to the pros and cons of freezing and to gain some professional advice. His pension is with Royal london and is a managed with profits fund and so far is underperforming. Any advice would be greatly appreciated.
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My husband has been paying in £100 pm into two private pensions £50 each since he was 17 , he is now 42 .
Such a shame. he started so well but let it fall away like that.I'm really seeking advice as to the pros and cons of freezing and to gain some professional advice.
are the pensions personal pensions or retirement annuity contracts?
Do they have guaranteed annuity rates?
Effectively, if you stop paying towards you retirement you are robbing your later years to pay for yourself now. Your older self wont thank you for that.His pension is with Royal london and is a managed with profits fund and so far is underperforming.
How is it underperforming?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
before stopping your pension, have you done all the usual MSE things?
Checked to see if you can pay less for your insurance, utilities, internet, phones etc? Cut out waste? Are you working enough hours?0
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