Pension Numpty!

TH1878

Speaking as a financial planner, I always prefer it if my clients are clued up on investments.

atush

I agree with Gadget, I am not sure I think the OP should trust that IFA.

greenglide

and a link which doesnt work anyway! (gives a service temporarily unable page)

justme111

gadgetmind wrote: »

That's for the OP to decide, and they won't be able to make an informed decision until they have acquired the information.

Of course it is up to him to decide. Some posters seem to imply that after a few hours on monevator website and a couple of books reading he is likely to be able to diy and that it was foolish to do it any other way. So I just pointed out that it is unlikely in my opinion that clueless becomes informed and confident enough to deal with considerable amounts of money in one's various pension pots after a few hours research. It is not placing direct debit for small amount of spare money to dip the toe into investments.

happyandcontented

Thanks for the input. I have now contacted all the providers and am awaiting up to date statements/answers re charges/where invested etc. .

I have requested a retirement projection and transfer value of the FS pot but I feel it very unlikely that I will touch that.

I have been reading around the subject, and seen that there is an independent advisory service which I may look to use.

I understand that you all seem to think that the % charged is high so I will check out the cap/collar issue when I have all the figures to hand.

I will be finalising my settlement next week so I need to ask the questions re paying into the pot anything over the 30k tax free sum. It may be that they will not do it into the company scheme so I will have to look at a SIPP to try to maximise the tax breaks. Lots of unknowns currently, so still looking at any advice.

jem16

happyandcontented wrote: »

I have been reading around the subject, and seen that there is an independent advisory service which I may look to use.

Are you referring to the Pensions Advisory Service or someone else? if so all they offer is guidance rather than advice.

The only people you will get advice from are IFAs or Restricted FAs with whole of market access.

happyandcontented

Ok, so I have my figures for the four pots: three total £225,000 and the final salary scheme transfer value is ......£640,000, and I seem to have a missing five year period that I need to account for.

I was thinking that I should leave the F/S scheme as is, but my nagging doubt is that if I die early it dies with me, yet if I transfer out it doesn't. Should that be factor in my decision?

TH1878

happyandcontented wrote: »

I was thinking that I should leave the F/S scheme as is, but my nagging doubt is that if I die early it dies with me, yet if I transfer out it doesn't. Should that be factor in my decision?

You should consider it but are you planning on dying early?

A life assurance plan could meet that need if you are that worried about it.

happyandcontented

TH1878 wrote: »

You should consider it but are you planning on dying early?

A life assurance plan could meet that need if you are that worried about it.

Does anyone plan it?:D

I do have death in service benefits and assume any job I take in the future will also have them. My point is that this is money that if it was in a plan outside an f/s scheme it would be mine to do with as I wish and to leave to whom I choose. Left in the scheme it dies with me except for a half spousal pension which also dies with them.

Or am I looking at this completely the wrong way? This is quite possible!:D

greenglide

Or am I looking at this completely the wrong way? This is quite possible!

It would be correct to "take it into account" but remember that this is a pension which carries no investment risk, is index linked (at least in part) and as you say is 50% inherited by a surviving spouse / partner. It also needs no management when you are potentially in your nineties. All of this require considering.

DB pensions were always intended to provide a pension for life. They were never meant to be left for children - this is something new that people are now expecting DB pensions to do that the contributions were never meant to provide.

Do it have a minimum number of years payment? Mine has a minimum of five years.