Deferred Annuity Pension

xylophone

At the moment there still seems to be a lot of confusion over what you have

I think it has now been established that the OP has a Defined Benefit Occupational Bulk Annuity pension from Prudential.
(See posts 10 and 11)

The OP has not clarified, but it would appear that a former employer wound up/became insolvent and that there was only enough cash to purchase reduced benefits for scheme members through the Pru policies?

These members have also qualified for help through the FAS (now administered through the PPF) such that at age 65, the annuity payments from the Pru would be topped up by the FAS so members would receive up to 90% of what the former employer's scheme would have paid.

It would seem that the OP could take reduced payments from the Pru from age 60.

The OP wishes to transfer out of the Pru into an arrangement with another insurance company so as to be able to access the cash for a self build project.

I too suggested that she might benefit from guidance ( see post 12) and having now seen her comments

We will loose the FAS payment............I feel like I'm in the middle of a minefield trying to find a safe way out.

it seems even more likely that a discussion with an expert concerning her plans would be of benefit.

xylophone

OP, just to be clear, I am not in the financial services industry either, so have no axe to grind!

I think everybody who has commented would like you to be sure that you have fully thought out your plans and don't make expensive/irrecoverable mistakes.

jem16

xylophone wrote: »

I think it has now been established that the OP has a Defined Benefit Occupational Bulk Annuity pension from Prudential.
(See posts 10 and 11)

When I said confused, I meant on her part not on what she has.

I too suggested that she might benefit from guidance ( see post 12) and having now seen her comments.....

it seems even more likely that a discussion with an expert concerning her plans would be of benefit.

I agree, which is why I suggested it too, but she will need to put aside her bad experience if it's going to work as it's clouding her judgement.

TH1878

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.

So you would have thought you might be more appreciative of people who are giving up their time, free of charge, to try and help you out.

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.

So you're not willing to pay for advice from a qualified professional because of bad experiences but you're perfectly happy to take free advice from one?

Most people come on here to help others by sharing knowledge and experience - people 'in the profession' are no different. I'm a Chartered and Certified Financial Planner, never had a complaint and always put my client's best interests first. You don't know me but are more than happy to lump IFAs together and tar us all with the same brush.

So why should I (and others in the profession) continue to invest the time in you? As Dunstonh has already stated, there is a wide disconnect between your experiences and reality.

A better question would have been 'How do I identify a good IFA?' because that's what you're going to need to do.