Had a good or bad experience with pensions advice or guidance?

Aretnap

Baalmaiden wrote: »

p.s. what does FOS stand for - I hate acronyms!

Financial Ombudsman Service

Jonesthesteam

Totally agree with Baalmaiden and Soozie,
If you've got a small pension pot going down the Independent Financial Adviser route isn't an option as it can mean losing a significant chunk of your pot. I'm in that boat as I have a small pension pot from a scheme that was frozen back in 1982 when I left an employer with a pension scheme and went to one that didn't.

The Pensionwise website is a good guide on telling you what your options are, but that's about all. It doesn't make it any clearer (in my case) as to what is the best option. At the moment it's looking as an annuity with the insurer that's been running my frozen scheme is the best option, even though the advice is to shop around.

I had a look at a few other pension providers last night on the web and only two had pension calculators that gave me real figures to compare, the others either didn't have calculators or just came up with a ballpark figure. Frankly, the free pension advice out there seems a bit vague and not of much help. It's OK if you've got a bigger pension pot (mine's under 14K) because you can afford to pay an Independent adviser and arrive at a good solution.

In my situation I don't think the Chancellor has made matters any better than it was before April 6th 2015 other than allowing me to take 25% tax free which is not of much use to me. If I take the whole lot out I'll end up paying tax next year as I'm still working self-employed, so that's not an option either. That just leaves the annuity route if I want to avoid paying tax and guarantee an income for the rest of my life. Drawdown means what cash there is will probably run out and a mix of the options isn't realistic as my pot's too small.

If any of you IFAs have got any other alternatives, I think a few of us here would be pleased to hear them.

castlekeep2

I took out a pension in my twenties - my employer arranged for someone to come in and set it up for us as he did not offer a pension as part of my wages. The financial adviser has long since retired. I am now approaching my 50th birthday. I am now disabled. I intended to access my pension at age 50 but due to the increase in working age to 65 plus for women, I cannot access my pension at least until age 55. As noted in a previous post, independent financial advisors are now highly regulated and change a considerable fee for advice. The Pensionwise website is far too generalised and I am actually 'too young' ie not in my sixties. I am very concerned about whom I might approach as my circumstances have changed so drastically. I want to know what, if anything, I can do to protect and 'top-up' my state pension. I want to know what I might do about the private pension. I realise any advice can only be 'the best advice at the time' but am one of the many 'not at all financially savvy around savings and investments' and on an extremely low income because of my disability. Am also concerned because disability is progressively worsening and not sure of impact on possible future care costs, am I going to be told I have 'deliberately deprived myself of assets' by the local council etc.

Concerned_Relie

Hi this is the first time I have ever posted on something like this. I am writing regarding my brother in law who is currently 8 years away from usual pension age. He is also a vulnerable adult and not able to manage money in a coherent way. He went for advice about drawing his pension early although we advised him we did not think this would be a good thing to do. He was advised by a large and well known Financial UK company that he would need to act before the new regulations came in!!! As a result we believe he took out the maximum amount ( aprox 31 k) in a capped release pension. He is lives in supported housing and has a care package for his social and his health needs this is all paid for by the DHSS. When he went to them to tell them (DHSS), not surprisingly all his benefits were stopped and he was told he would have to pay for everything himself. Because this money was not somewhere he could get instant access to (like a bank account) he panicked and drew more (post changes) for his rent. He also went on to draw a third amount possibly to pay the tax!!! The issue we are faced with is that the car package etc we helped put in place to keep him safe has now been breached and we are trying to see what we can do to limit the damage. We believe he will not be able to return his money to a pension and will need to spend it on his much needed care etc. He is also be hit with high rate tax for this financial year. He does not understand money fully and will most likely spend it very quickly, so what happens when it is all gone?. Since getting the money he has already been scammed over the internet and we suspect it was for quite a lot although he wont tell us how much. We are now trying to do what we can to protect him. Anyone got any ideas?

tgroom57

Don't wait til it is "all gone" - find out what the DHSS savings limits are I'm sure he is allowed some scrappance in savings. See if he can buy an annuity still ?

This is my biggest concern- that when private pension becomes payable the govt will take the view that it must be treated as "savings" for immediate day-to-day living expenses (for someone in receipt of benefits, including likes of above) without regard to the longer view that the purpose of the money was to provide an income in retirement (as in, purchasing an annuity). That taking this view the govt will force people to spend the money quickly.

I know this post sounds half baked to you financial whizzes, and no doubt lots of others share the view that any form of savings including money put by for retirement income should be spent asap.

spinpass

I'm 59 and have a final salary pension with the USS. I have had conflicting advice about when I can draw the pension without actuarial loss. On the provider's website, it states that I can draw the pension now however in writing they have said I have to wait until I am 63 and a half. Confusing.

bigjim7uk

I have a pension pot that I would like to draw down from and would last me 13 years. The problem is I do not know how to go about this and avoid unnessary administration charges. Surely the goverment should set up a department free of charge to do this as it would benefit them in the long run.

Farleys

I wish to withdraw 25% of my fund but Friends Life have refused to allow draw-down.
They have suggested I transfer to another company who does. ("By chance" they mentioned that Aviva had just taken them over and that Aviva do allow draw-down).
I do not wish to transfer as I am a) happy with FL, b) I have to do lots of research and take inevitable risk on board in transferring, c) FL have said transfer means closure of my pension account with them and d) my pension is a group pension, is still live (I am 58) and my employer may object with good reason to paying a different company to the rest of my colleagues.

My Question is: Can FL refuse to allow withdrawal?

Farleys

Why does Baalmaiden hate people who hate spiders and what is the relevance of this to pensions?

jem16

Farleys wrote: »

My Question is: Can FL refuse to allow withdrawal?

Yes they can. Providers don't have to offer drawdown.

Farleys wrote: »

Why does Baalmaiden hate people who hate spiders and what is the relevance of this to pensions?

Eh?