ADVICE PLEASE on Investment Pension for Novice

datadezign

Hi everyone,

Hope you can please help - I am finding the pension annuity investment a minefield and as a novice don't know which way to turn.

I have a very small personal pension fund of around £26K that is available to me this has come from a SSAS company fund that is now being wound up since the sale of the commercial property. I have already drawn my tax free lump sum cash as shown below:

The following figures have been calculated based on your current share of fund, which stands at £35,935.92:

• Maximum PCLS £8,983.98[FONT=&quot][/FONT]

You make take a residual pension of between £0 and £1,746.49 per annum


I am fortunate that I have other investments and therefore do not need to rely on a regular monthly income from the money I have to invest in an annuity and there would prefer to take a higher risk on the investment for a possible much higher return and to withdraw that at a later date also defering the tax liability. I am also hoping that I could have a flexible facility where I could play the markets by having the flexibility to move part or all of the funds to different investments as and when needed. I use to use Fidelity a few years ago and wondered if this company or others can offer this type of facility?

Any advice as to the direction I should take and which may be the best companies to consider?

Many thanks in anticiaption.

Kind regards, John

atush

What you are describing is Drawdown, so you will need to find a provider for the remaining pension that will accept that sum (some have minimum amts they will accept)

BLB53

You could transfer to the likes of Sippdeal or Hargreaves Lansdown - I think the transfers would be free.

The problem with income drawdown on a relatively small sum is the annual admin fees would be quite prohibitive - but worth investigating.

xylophone

http://www.hl.co.uk/pensions/sipp might be worth a look.
http://www.hl.co.uk/pensions/income-drawdown
http://www.hl.co.uk/pensions/income-drawdown/what-is-flexible-drawdown

jamesd

My first inclination is to think that since you don't need the income your best course is to transfer the remaining 75% into your main pension pot. It can't be filly combined if you haven't taken the lump sum from it but it'll be easier than having two different pots in different places.

The place that currently has the money might say that you can only buy an annuity because that's all they offer, if they don't offer drawdown with no income being taken. If they do say this, ask them about transferring instead.

Modern pensions tend to allow a broad range of investment options, from a hundred or so to thousands from lots of different investment companies, all managed in one place.

atush

Mike, it doesn't help.


Stop advertising- reported.

dunstonh

The spam also doesnt help as the firm being spammed is not regulated by the FSA to complete pension reviews (free or otherwise). So, either Mike is a spammer that works for them or a consumer who had dealt with a company not authorised or regulated by the FSA which means he could have been scammed.

atush

I reported this guy twice yesterday, you would have thought MSE would take a closer interest in them or block their acct.

SippTechie

I also reported the post from "Mike". Nice to see that MSE has taken it down.

Phoned the number and could clearly hear people in the background encouraging people into pension liberation.