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dixy
dixy_2
Posts: 8 Forumite
i have a with porfit standard life annuity contract started in 1980,s niow paid up value with bonuses around £30k not sure if i should transfer out of with profits into another pension like fixed rate annuity or a pension sipp ...any advice
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Comments
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any advice
your adviser is the only one that can do that. All we can do here is discuss and comment.
I assume you mean it is a S226 retirement annuity contract (they had great names back in day). Does it have a guaranteed annuity rate? guaranteed sum assured? guaranteed bonus rate or any other guarantees?
Why do you want to consider transferring it?nto another pension like fixed rate annuity or a pension sipp
There is no such product as a fixed rate annuity for the accumulation stage of retirement planning. A SIPP is an advanced investment product aimed at experienced investors. What is it about a SIPP that appeals to you? Why not any of the other alternatives?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
sorry fixed term annuity ....I have had a quote on this from retirement planning0
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no guarantees.....on bonus or annuity...no guarantees on anything.yes old 226 valued at 30k....trying to find info .....willing to leave until the age of 75 then decide.....just needed info ...on wioth profits I am 67 now0
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though with profits are failing and expensive to run.....thought may be could get higher returns from another product0
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You might want to book an appointment through Pension Wise and discuss your options.
https://www.pensionwise.gov.uk/0 -
sorry fixed term annuity ....I have had a quote on this from retirement planning
That is a decumulation product (i.e. provision of income). You currently have an accumulation product (building up the pot).
So, what you have and what you are looking at cover two different things. What is it that you are looking to achieve?willing to leave until the age of 75 then decide
So, why have this "retirement planning" company advised on a fixed term annuity?though with profits are failing and expensive to run.....thought may be could get higher returns from another product
It is a fund that is not really viable for new business but some legacy plans have some very good ones. Just because a fund is closed for new business, does not mean it is bad. It could be closed as it is unprofitable.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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