What to do with £11K AVIVA Pension pot

glossopguy

Basic suggestions on what to do with £11k AVIVA private pension pot Please

I retired at 60 and took both my Company and State pensions I am 65 in December and have a private pension with AVIVA with about £11k in it. I deferred it at the time but its come round again now

What would you do with it ?

SailorSam

I was on here talking about this the other day 'cos i have a pension pot of only about £19k, under the triviality rules if it were below £18k i could cash it in, and i'd jump at the chance.

How much will an annuity pay on only £11k, and yet it could happen that 'cos you have even the smallest private pension it could disallow you claiming some benefits.

glossopguy

The triviality rule doesn't apply since I have a company pension. No ! I have to take the annuity ...

dunstonh

Basic suggestions on what to do with £11k AVIVA private pension pot Please

Keep it, Leave it where it is, transfer it somewhere else or fund switch.

What would you do with it ?

Does it matter what we would do? Surely what is right for you should be the thing that matters. So, what is best for you?

glossopguy

dunstonh wrote: »

Keep it, Leave it where it is, transfer it somewhere else or fund switch.


Does it matter what we would do? Surely what is right for you should be the thing that matters. So, what is best for you?

What do you mean ... leave it where it is for another 5 years ?

or should I take an annuity now - and if so with whom ?

dunstonh

glossopguy wrote: »

What do you mean ... leave it where it is for another 5 years ?

or should I take an annuity now - and if so with whom ?

We know nothing about you or your financial circumstances. So, we cant tell you what to do. Any of the options I gave could apply. You either need to give a number of personal details out (not sensible on an internet forum) or decide for yourself what is best or put the question to your IFA or whole of market adviser.

glossopguy

ok .. ill ask a more direct question ...

Which annuity provider will give the best pension on 11k ... that I can approach directly

dunstonh

Which annuity provider will give the best pension on 11k

No direct answer on that one as it depends on health, smoker status, past occupation, postcode etc.

that I can approach directly

That certainly limits your options down to a handful. Especially given the small fund size. You can effectively rule out most of the enhanced providers. A number of the standard annuity providers have £10k-£12k minimum fund values after tax free cash. So, you can eliminate them too.

Why do you want to buy an annuity? Do you need the income? Is it better to defer the pension?

xylophone

Do your state and private pensions together provide secure income of £20,000 (or more) per annum?

SailorSam

glossopguy wrote: »

ok .. ill ask a more direct question ...

Which annuity provider will give the best pension on 11k ... that I can approach directly

I've had an email this afternoon from Moneywise about annuities.
http://www.moneywise.co.uk/pensions/annuities/the-best-annuity-providers-2013

glossopguy

DunstonH

You epitomise the relative uselessness of IFA's ... just for once ...try answering a question rather than asking them ...