Pension plan - help please

xylophone

Re new state pension:

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

You and your OH might like to apply for statements to help with planning.

https://www.gov.uk/government/news/millions-more-offered-free-pension-statement

Do you have any other private pension provision?

With regard to the pension under discussion, you do need to check whether there are any guarantees that you would lose if you transferred out/accessed it under post April 6 rules.

https://www.hl.co.uk/partners/search/new-pension-rules-changes-2015?theSource=PCGSN&Override=1&adg=G+SIPPENG+FND&gclid=CIbbipDi4cMCFUiWtAodkW0AUQ

The booklet might be worth a read.

andygb

xylophone wrote: »

Re new state pension:

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

You and your OH might like to apply for statements to help with planning.

https://www.gov.uk/government/news/millions-more-offered-free-pension-statement

Do you have any other private pension provision?

With regard to the pension under discussion, you do need to check whether there are any guarantees that you would lose if you transferred out/accessed it under post April 6 rules.

https://www.hl.co.uk/partners/search/new-pension-rules-changes-2015?theSource=PCGSN&Override=1&adg=G+SIPPENG+FND&gclid=CIbbipDi4cMCFUiWtAodkW0AUQ

The booklet might be worth a read.

I have around 12 years in total of local government pension contributions, which I get a statement for each year. Again, it is not very much but it is more than the private pension which I paid a lot of money into.
I am also in the process of getting access to our state pension statements.

atush

the LG pension you have will pay more as the LG paid a whole lot more into it than you did your private pension.

What pension can your OH draw? If you combine the SP, the LG pension, the 1400 approx, and anything OH has, can you live on that amount?

If you dont need the 45K pension to live on, i'd let it grow. Take the 25% TFLS when you need./want to. Keep the rest invested and draw on it when needed? Or draw on it yearly if you aren't using your full PA and invest it in Isas.

kidmugsy

andygb wrote: »

We don't get any benefits - no children, a few savings - the usual story.
If we had knocked out a few children, or maybe never worked in our lives then we may well get benefits, but all we have done is work, contribute, and make sure that others are looked after.:(

The reforms to the welfare state in 1945 were designed to !!!!!! up people like you. I'm not sure of the motive, but it was probably low.

Thrugelmir

andygb wrote: »

As this is a miniscule sum per year, would I be better off transferring it to a place where I can use the money better, in order to get a higher return from it?

As others have said better than nothing. You may well live far longer than you imagine.

A better approach maybe to focus on how you can add to what you already have.

atush

kidmugsy wrote: »

The reforms to the welfare state in 1945 were designed to !!!!!! up people like you. I'm not sure of the motive, but it was probably low.

reforms are never meant to F up people. So I dont think motive applies.

They are meant to help those that unlike the Op cannot fend for themselves. but being poorly controlled over the years became to easy, comfortable, or lenient. and therefore too costly.

kidmugsy

atush wrote: »

reforms are never meant to F up people. So I dont think motive applies.

What a charmingly naive attitude to socialist politics.

atush

How uncharming of you to castigate every last left leaning person with a motive?

I am not a socialist, and I dont agree with a lot they do, but I dont think they are all out to 'get' you either?

Not everyone has the morals of Ed Balls.

DancingBadger

Not everyone has the morals of Ed Balls

Morals and Ed Balls in the same sentence; not sure I've seen that before. :rotfl:

Anyway, getting back on topic...