What to do with old Allied Dunbar (now Zurich) Plans?

foreversummer

dunstonh wrote: »

putting it in a drawdown plan may make more sense and be more cost effective in the long run if the aim is to draw it out in bits over a long period. Certainly more tax efficient than doing it in one go.



There is no such pressure. That was an ill considered off the cuff remark that was made a year ago and has been backtracked since.

Thank you very much for this. According to his latest annual review it says the value of his non-protected rights is £15314 and the protected rights is £4130. Then it says if he transfers elsewhere the amount available would be £14991. So does that really mean that they will take £4453, that's about 23% of his retirement savings?

Foreversummer

Brogden

Zanderman wrote: »

My objective, in the case of the AD policies, is for some views on options for those policies.

I have acknowledged the value of an IFA for wider advice, which will encompass those policies..

I am not asking, in this thread or indeed anywhere on MSE, for advice on my overall pension. Just for thoughts on the AD policies. Nothing definitive - just opinions on those AD policies.

You obviously don't feel you can contribute without wider knowledge of my finances - which is the sort of view I'd expect in a proper chat with a financial advisor. This isn't that chat though.

Perhaps I should just stop posting on here, as this thread seems to be winding me, and others up a little!

Hi, please do not let this forum wind you up. I have allowed it to wind me up previously and it got me nowhere .

The people who are posting are mainly intelligent and knowledgeable and there are things for us all to learn or at least 'factor in.'

Unfortunately some people speak to us in a way they probably wouldn't if they were physically face to face with us. I'm giving them the benefit of the doubt of course, maybe the odd one is as rotten as they appear to be......:D!

It's called 'Passion for Pensions.' Its a bit like Luis Suarez, the excitement can sometimes get the better of us !!

bigadaj

Brogden wrote: »

Hi, please do not let this forum wind you up. I have allowed it to wind me up previously and it got me nowhere .

The people who are posting are mainly intelligent and knowledgeable and there are things for us all to learn or at least 'factor in.'

Unfortunately some people speak to us in a way they probably wouldn't if they were physically face to face with us. I'm giving them the benefit of the doubt of course, maybe the odd one is as rotten as they appear to be......:D!

It's called 'Passion for Pensions.' Its a bit like Luis Suarez, the excitement can sometimes get the better of us !!

I always speak honestly and would say exactly the same things in person, face to face, be that good or bad; I don't normally bite though.

It's just frustrating when people don't follow a logical process and look at their finances holistically. In fact this is one reason why I don't use an ifa, though teh main one is of course cost. An ifa van only ever look at part of your financial circumstances because he is only qualified an d regulated to do so. If you look more widely across these forums then for many people there is a logical progression in terms of savings and investments and also pension provision, not suitable for everyone but for the vast majority. An ifa cannot, or will not, advise on many parts of your financial wealth, details of savings accounts, deferring the state pension, property etc etc and all these things need to be considered in the round rather than in isolation as security in one area can allow more risk in others dependent on the individual.

Zanderman

Brogden wrote: »

Hi, please do not let this forum wind you up. I have allowed it to wind me up previously and it got me nowhere .

The people who are posting are mainly intelligent and knowledgeable and there are things for us all to learn or at least 'factor in.'

Unfortunately some people speak to us in a way they probably wouldn't if they were physically face to face with us. I'm giving them the benefit of the doubt of course, maybe the odd one is as rotten as they appear to be......:D!

It's called 'Passion for Pensions.' Its a bit like Luis Suarez, the excitement can sometimes get the better of us !!

Thanks for your post. Passion for Pensions may well be what has taken me by surprise. It is not something I have come across before.

The suggestions from others that I am not looking holistically at my finances, that I should be saying when I want to retire, what my other pension income might be, what my savings are, when I get SP etc etc are missing the point - and yet they are telling me that I am missing the point. It is strangely fascinating!

My finances are just fine. And being managed, even micro-managed, very well imho.

My pension provision is fine too. The need for an IFA review is understood, but, other than deciding what to with the AD policies I am confident that I understand my own situation.

Here I only wanted some views on options for a modest £54k pot stuck in some old AD policies. That pot will be extra to my retirement income. What that income is and when it will be is a different issue. The AD policies are on top of that - and I am reviewing options for those - options which I could take at any time - now or decades from now. For these I have no plan yet - and they are the only part of my finances that are currently unplanned. I just wanted some thoughts on those, just those, seeing them purely as extra, bonus, income. I wasn't expecting the Spanish Inquisition on everything else!

Perhaps I didn't explain this properly at first - and should not have referred at all to other pension elements or allowed myself to say more about that. My wording on that was probably over-simplistic, simply because I did not want to broaden the debate. If I had wanted a broader pension discussion I would have asked for it.

I think I'm done with this thread. It's been educational. Thanks again to all who have replied - I know it takes time and effort,, so I really do appreciate all responses even those that have been not quite what I expected!