Deferred Annuity Pension

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You and your spouse (I am assuming similar age) should get new state pension statements to help with planning.

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

You would wish to check the situation concerning the FAS if you transferred out?

You need to check with Prudential about the transfer value?

http://www.thisismoney.co.uk/money/pensions/article-2941283/Pension-freedom-triumph-disaster-making.html

If you wait until after April 6, might you benefit from personal guidance through


https://www.pensionwise.gov.uk/?gclid=CNzIkIvw_8MCFYJZ2wodN68AFw

Otherwise, might you benefit from a meeting with an IFA? You would have to pay a fee, but you could ring round a few and check what that would be.

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

Re tax see http://www.thisismoney.co.uk/money/pensions/article-2966766/Savers-using-pension-freedom-warned-pay-emergency-tax.html

SelfBuild

Hi, thank you for all your help.
I am 60 now and my husband is 60 this year.
We have contacted another pension company to try to arrange a transfer. They seem to think we can do this. Before making a decision, we will wait until after the 6 April.
We will loose the FAS payment.
We will see what happens and ask Prudential for a transfer value.
To be honest, I feel very wary of IFA's. I feel that it is very difficult to choose a good one, our previous experience has not been good!
Sorry if this offends anyone, but I feel like I'm in the middle of a minefield trying to find a safe way out.

dunstonh

To be honest, I feel very wary of IFA's. I feel that it is very difficult to choose a good one, our previous experience has not been good!

Statistically, it is very easy to pick one that will do a good job. IFAs have a very low complaint ratio (under 1% at the FOS). A lot of people who do not have a good view of IFAs have actually never used an IFA. Often mistaking a tied agent or insurance agent to be an IFA (research some years back found over half the people using tied agents thought the person was an IFA). You cant claim perfection but standards in 2015 are much higher than 5 years ago, let alone 10 or 20.

TH1878

dunstonh wrote: »

Statistically, it is very easy to pick on that will do a good job. IFAs have a very low complaint ratio (under 1% at the FOS). A lot of people who do not have a good view of IFAs have actually never used an IFA. Often mistaking a tied agent or insurance agent to be an IFA (research some years back found over half the people using tied agents thought the person was an IFA). You cant claim perfection but standards in 2015 are much higher than 5 years ago, let alone 10 or 20.

I thought about writing a similar response but then decided it was too much effort and it would just be easier to stop helping her given that we're such a bad bunch.

SelfBuild

As stated in my previous comments, I stated that I was sorry if I offended anyone. By asking for help I would have thought it was obvious that I am bewildered by the whole thing, so may have made some mistakes in my effort to try to sort out my situation.
I am sorry you feel that you no longer want to help me, hopefully, there are others who are confident enough in their industries ethics and practices, that they will continue to help a layperson like me and are not afraid of alternative opinions.

jem16

SelfBuild wrote: »

As stated in my previous comments, I stated that I was sorry if I offended anyone. By asking for help I would have thought it was obvious that I am bewildered by the whole thing, so may have made some mistakes in my effort to try to sort out my situation.

I think you need to put a previous experience behind you and seek professional help. If you let one bad experience determine future choices you would never do anything at all.

Look up https://www.unbiased.co.uk and choose an IFA or Restricted Adviser in your area. You could have an initial meeting with more than one to see who you could work with.

I am sorry you feel that you no longer want to help me, hopefully, there are others who are confident enough in their industries ethics and practices, that they will continue to help a layperson like me and are not afraid of alternative opinions.

There is only so much help that can be given on an internet forum and it's very dependent on the poster being able to give appropriate answers to questions. At the moment there still seems to be a lot of confusion over what you have and it might be better sitting down with someone with all of your documents to hand. Then the adviser could find out what is really going on.

There are plenty of advisers who are confident in their industry's ethics and practices - I would probably imagine all of them are.

SelfBuild

Many thanks for all your help. From your reply, I can see you are very protective of your industry, but feel your statement that 'I would probably imagine all of they are' regarding ethics and practices may not be shared by everyone.

Linton

SelfBuild wrote: »

Many thanks for all your help. From your reply, I can see you are very protective of your industry, but feel your statement that 'I would probably imagine all of they are' regarding ethics and practices may not be shared by everyone.

Probably not too different to your industry/profession.

dunstonh

I can see you are very protective of your industry

Jem is not in the financial services industry.

but feel your statement that 'I would probably imagine all of they are' regarding ethics and practices may not be shared by everyone.

All may have been too far as I doubt any profession can claim that. However, the complaints stats do not reflect your own views.

jem16

SelfBuild wrote: »

Many thanks for all your help. From your reply, I can see you are very protective of your industry,

Oh dear - you seem to have jumped to a rather strange conclusion.

I'm a retired teacher who has no connection with the IFA industry. I was simply trying to help.