33 Years Old - Unsure what pension options

darrenmcneill

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xylophone

Deferred member of M&S Defined Benefit pension scheme?

https://www.mandspensionscheme.com/ Click on Deferred Members.

You have your statement of preserved benefits?

Are you able to leave your Asda benefits within the scheme or are you required to transfer out?

http://www.nestpensions.org.uk/schemeweb/NestWeb/public/NESTforSavers/contents/nest-for-savers.html

Re new state pension https://www.gov.uk/new-state-pension/overview

Have you thought of saving in a stocks and shares ISA?

Are you and your mother joint tenants or tenants-in-common of the ex-council property?

Would you benefit from the advice of an IFA?

https://www.unbiased.co.uk/

darrenmcneill

Thanks for the reply. A few answers below:

xylophone wrote: »

Deferred member of M&S Defined Benefit pension scheme?

https://www.mandspensionscheme.com/ Click on Deferred Members. I can transfer to another Pension scheme, I just need to establish what would be best for me

You have your statement of preserved benefits?

Are you able to leave your Asda benefits within the scheme or are you required to transfer out? I have emailed Asda, as I took redundancy, and was given no information by the company as it was handled very poorly

http://www.nestpensions.org.uk/schemeweb/NestWeb/public/NESTforSavers/contents/nest-for-savers.html

Re new state pension https://www.gov.uk/new-state-pension/overview I have read this, but unsure as to whether this is the best option for my circumstances?

Have you thought of saving in a stocks and shares ISA? Not thought of any other options which is why I have asked for advice regarding this matter

Are you and your mother joint tenants or tenants-in-common of the ex-council property? My mother was the original Council Tenant, but I was allowed to purchase the property with my mother.

Would you benefit from the advice of an IFA? Ive emailed a few this evening to see what information they can give me

https://www.unbiased.co.uk/

xylophone

Why would you want to transfer out of the M&S pension scheme?


You did join the scheme before 31 Mar 2002?


If so, you have a deferred defined benefits pension https://www.moneyadviceservice.org.uk/en/articles/defined-benefit-schemes

If so, do you have your statement of deferred benefits?
Any receiving scheme would almost certainly require you to have taken advice from an IFA qualified in pension transfers.

The state pension is the state pension - assuming you are employed you contribute through your NI contributions! You don't have a choice!

How do you and your mother own the property? See http://www.actlegal.co.uk/faq/buying-house-faqs/35/

Make sure that you see an independent financial adviser with the appropriate qualifications to advise on pensions.

atush

If you have a DB pension with M&S, you want to leave it where it is to grow. Not to transfer it. Get a statement of benefits, make sure all your old pensions give you a current statement, and make sure they have your address.

And please re read and answer the questions above as the answers will help you?

darrenmcneill

Thanks for the advice:

xylophone wrote: »

Why would you want to transfer out of the M&S pension scheme?


You did join the scheme before 31 Mar 2002?


If so, you have a deferred defined benefits pension https://www.moneyadviceservice.org.uk/en/articles/defined-benefit-schemes Yes, it look slike I did join the scheme before 2002 so I will leave this scheme alone. I am presuming that because I have left I would not be able to pay more into it, especially as I have left the company.


If so, do you have your statement of deferred benefits?
Any receiving scheme would almost certainly require you to have taken advice from an IFA qualified in pension transfers. - I dont currently have anything, but I know that they write to me every year giving me an update.

The state pension is the state pension - assuming you are employed you contribute through your NI contributions! You don't have a choice!

How do you and your mother own the property? See http://www.actlegal.co.uk/faq/buying-house-faqs/35/ We are Joint Tenants.

Make sure that you see an independent financial adviser with the appropriate qualifications to advise on pensions.

- I have contacted a few online, and will go and see one once my work schedule allows

xylophone

If you are joint tenants rather than tenants in common, in the event of the death of one of you, the property passes immediately into the possession of the other, regardless of any will.

If this is not what you want, you may prefer to sever the joint tenancy in favour of a TIC arrangement.

darrenmcneill

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darrenmcneill

Just giving a gentle bump.....

Has anyone any feedback on my thoughts?

InsertWittyName

Average pension return is 4.4% per year - you've applied it over 18 years instead.

darrenmcneill

Ahhhhhh, thank you, so each year will increase by 4.4%! Of course!

I will re-calculate!

Thank you