pension after retirement

Val75

Hello, I retired at 2011 age 47 as far as my pension is concerned.


My pension is sitting in the Company's pension funds until I receive it. I am now 50.


Will they be taking any administration costs? Does it stay the same as when I left the Company. I am not paying any pensions now.


How can I find out if administration costs are being taken as it seems from tv etc., that this can happen. Who do I approach and would my bank manager help.


A bit unsure about whether to just leave it there until I can get a pension from it ,I believe 55, or how I can check what is happening to it.


Should I go to a Pensions Adviser? Would need to know if they are trustworthy.


Any advice would be really appreciated, thank you

kidmugsy

Val75 wrote: »

Will they be taking any administration costs?

Do you get an annual statement?

Is it a defined benefit ("DB") pension (e.g. the payout will be related to your final salary), or is it a defined contribution ("DC") pension (the payout will be related to how well the investments do)?

Val75 wrote: »

Does it stay the same as when I left the Company.

If it's a DC pension the value has probably gone up since 2011 because the stock market has gone up. If it's a DB pension then the value of the future payouts will probably have gone up, linked to inflation.

Val75 wrote: »

How can I find out if administration costs are being taken

Ask the company pension scheme for a copy of its literature that will explain such things.

Pincher

Assuming the company is still going, there is usually a pension department. Just talk to them. I have come across very snooty Human Resource people, but pensions people are usually very nice. I don't think people call them much, because they don't realise the department exists.

Val75

Thank you all so much, will try and get it sorted asap.

mania112

anyway... what's the secret to being able to retire at age 47?

jamesd

Accumulating enough money to be able to afford it. I could have done it, without a safety margin and other flexibility that I want, at 50, just 8-9 years after starting investing for it. But over 60% of (net pay plus gross pension contributions) would be too much for most people and most won't be doing it in the long bull market that I've enjoyed.

Pincher

mania112 wrote: »

anyway... what's the secret to being able to retire at age 47?

Marry a forty something career spinster, with a property portfolio.


You know the War of the Sexes? The women won. Most of the couples I know, the woman makes more and is more qualified.