Wifes pension options.

gadgetmind

Happy to tell you but it won't help that much. She's got her SIPP with BestInvest, which is where my SIPP and our S&S ISAs are. We use a deal not available now that let's us hold equities (including ETFs) for a flat annual fee.

Where's the best home for your SIPP/ISA depends on size of pot, trading frequency, what you want to hold, and much more. Monevator has a calculator (or just summary?) that gets updated every so often.

BTW, don't discount personal pensions. You can access these at low cost (via Cavendish is one option) and they have some good "all in one" funds.

bigadaj

gadgetmind wrote: »

Happy to tell you but it won't help that much. She's got her SIPP with BestInvest, which is where my SIPP and our S&S ISAs are. We use a deal not available now that let's us hold equities (including ETFs) for a flat annual fee.

Where's the best home for your SIPP/ISA depends on size of pot, trading frequency, what you want to hold, and much more. Monevator has a calculator (or just summary?) that gets updated every so often.

BTW, don't discount personal pensions. You can access these at low cost (via Cavendish is one option) and they have some good "all in one" funds.

Monevator has a summary, updated reasonably frequently but not gospel, for example self trade is just I creasing it's fees currently which they haven't picked up on yet.

Comparefundsplatforms has a more detailed assessment of platforms based in investment size and trades, assumed growth, length of holding etc but again companies are varying their options as they decide they aren't making commercial sense.

atush

maxie014 wrote: »

The wifes lgps is 65,i thought atush was on about my pension,theres no way i am going beyond 62 in my present job on shifts,all these pie in the sky work till your 70 must have been dreamt up by someone who has sat on their fat a**e for a living.id rather be skint for 5 years than that.

I wanted to know, and you have not said, what age you can take your pension w/o reductions. Of any kind. Some people might be happy to give up 15% or more of their pension taking it at 62, when the age is 65. I was telling you there are other options.

No one was saying you have to work the job after 62, but saying there is a way to fund retirement that doesnt mean reducing your main pension.

Dont base a pension decision on informal discussions about other people and their tolerance for loss of pension. Get the FACTS. Of your Scheme. Which will be in your Scheme booklet.

maxie014

Yes sorry for getting a bit overexcited lol.
When i am 62 i will have 37 years in the scheme,which has a maximum of 40 years.I also have a small pension from a previous job think its worth about 3k in total.Plus 10 years of avc payments.
The mrs is 4 years younger than me so will probably work on past my retirement date.
What are the ways to not reduce the main pension atush,as id like a plan i could go forward with.

atush

Still not getting it.

It doesnt matter how many years you are credited with. what matters is the normal scheme retirement age. Which is most cases, will not be 62. More like 60, 65, or state pension age- many are 65.

If your scheme age is 65, and you want to retire at 62, you can. But if you take your pension 3 years early, they will reduce it- many are 5% a year, so 15%. so you would lose 1500 of every 10K that would have been paid to you.

You NEED to find out your scheme age.

AS to not have to reduce your pension, you could open a PP or Sipp and pay into it. Instead of AVC going forwards. You could use this fund to live on for ages 62 to when your DB pension pays out in full.

This tends to be the wise way to go, unless you have a less than normal LE.

maxie014

Yeah atush i need it spoon fed sometimes! i am on my days off now so will try and find out the scheme age on friday when im back in.
There is lads there who have a full 40 years pension in and choose still to work on but can pay no more pension,i would have to stay on to 65 to get the 40 years in though.

Thanks for your patience its much appreciated,ive only recently started to look into pensions i just used to see the deductions and get a yearly statement,its like anything else takes a bit of figuring out your options.

atush

Ok, well let us know when you know more.

And look into PPs and Sipps on cavendish/HL in the meantime. You need to open one for the mrs andyway, so you will do the research for yourself at the same time.

gadgetmind

Am I odd?

Mrs GM now has a LGPS job. Even before she started, I was using online date to do basic pensions projections and investigating AVCs, she then requested scheme rules, which took ages as they kept sending ones for pre 2014 starters and not her, and I've then captured everything relevant in spreadsheets.

She'll get at most £500 pa due to low pay and just a few years, but no way can I match this by investing elsewhere.

This stuff matters and is worth a few hours of work IMO.

maxie014

I agree gadgetmind it does matter.
But trying to get my head round it all takes a wee bit of time,nobody i work with has any interest in pensions,they just pay the avc and thats it.
Most of my friends are the same,no interest.
So ive got to learn myself and if i ask some daft questions along the way so be it,if you dont ask you dont find out as the saying goes.

gadgetmind

maxie014 wrote: »

Most of my friends are the same,no interest.

So their retirement age and income in retirement is of no concern to them? That comes as a surprise to me, but I guess that's down to choice. Of course, if they later complain about their position then my sympathy will be zero. If they can't be bothered, well why should I care?