Deferred IFA

orwen

Hi,

Been here before but was derailed due to unforeseen circumstances.

Am intending to visit a local IFA this month, is there a check list for everything I need to take with me please?

My pension begins next week but may take a while to come on stream. I have a SIPP and investments, so will be taking all that paperwork with me. A rough list of outgoing expenses will be drawn up. Is there anything else I'd need please?

Many thanks

dunstonh

Am intending to visit a local IFA this month, is there a check list for everything I need to take with me please?

Income details, employment details, does employer have workplace scheme, if so, details on that.

First appointment always tends to be a getting to know you and concepts and ideas style discussion. Nothing happens on the first meeting. Most of what you are asked you will know off the top of your head.

atush

Not sure with a DB pension due to be in payment soon why you need an IFa?

orwen

atush wrote: »

Not sure with a DB pension due to be in payment soon why you need an IFa?

Sorry for delay in replying & thanks Dunstonh

Now have the appointment booked.

Both parents have now passed on & I was sole executor for the last. I now have a property to upkeep and provision for my retirement which includes ISA investments and so forth. There is also a SIPP and small AVC to consider. I have been encouraged to visit an IFA going back over 6 months. I was prevented last time due to a dispute over wills, but nothing formal has come of that yet, and I can't put my life on hold forever, so have bitten the bullet for the second time & will be taking all my bits & pieces up the IFA next week.

Many thanks.

maximumgardener

its useful to have some idea/forecast of the income for your household that you want in retirement
and same info in terms of your monthly expenditure.

median household pension income is often quoted at £18k pa nett.

maybe you aspire to more or less than that figure?

orwen

Thank you,

That is a useful figure to have at this time. I think everything financial will need a complete overhaul in consideration, bank accounts, investments, pensions and so forth - because nothing was planned. Myself and my caree were expecting at least another decade proceeding as we were, but illness struck suddenly last year. I have been shoring up the best I can but many of the investments, for example, are probably on too expensive a platform for me on my own. It is issues such as these that I need guidance with. And also when and how to access my SIPP, there are many uncertainties at the moment. I will take everything to the IFA anyway.

David.s_2

Reported in the news


"At the moment, if you put off claiming your money for a year, you can get an extra 10.4%. But pensions minister Steve Webb has announced this will be cut back to 5.8%."


It will now take you at least 17.3 years to break even on any deferment you make and longer, maybe much longer, if you pay income tax. Retire at 65, defer say 5 years, break even at age 87.3 years. Is this a joke? Even if you reach 87 you may well be institutionalised by then and loose your state pension completely.

greenglide

Remember it is inflation linked even though it is no longer inheritable if your SPa is 06/04/2016 or later.

No, it isnt a joke. Noone is forcing anyone to use deferment. Where else would you get 5.8% inflation linked from?

Whether you are "institutionalised" or not you still get your State Pension.

This isnt new news, announced years ago along with everything else about nSP.

Linton

David.s wrote: »

Reported in the news


"At the moment, if you put off claiming your money for a year, you can get an extra 10.4%. But pensions minister Steve Webb has announced this will be cut back to 5.8%."


It will now take you at least 17.3 years to break even on any deferment you make and longer, maybe much longer, if you pay income tax. Retire at 65, defer say 5 years, break even at age 87.3 years. Is this a joke? Even if you reach 87 you may well be institutionalised by then and loose your state pension completely.

In your calculations you are forgetting inflation which will bring the breakeven dates forward. 87.3 years isnt far off the average
male life expectancy for someone aged 65 now, and a few years below the average female life expectancy. So on your figures over 50% of the population would benefit. And those that didnt benefit wouldnt know as they would be dead.

orwen

I'm not deferring, I was told deferment might actually harm my pension, not enhance it. TPS 'task tracker' currently has my pension benefit at 60% processed. Will update.

Thanks.

xylophone

I'm not deferring, I was told deferment might actually harm my pension, not enhance it. TPS 'task tracker' currently has my pension benefit at 60% processed. Will update.

You need to distinguish between comments on deferring the State Pension and those on deferring an occupational pension.