MOD Pension looking at Investments to top up pension pot!!

Murphy81

Currently still serving in the Royal Navy with 8 years left of my 22 year contract looking at staying in another 5 to 10 years if they will extend me so my age at retirement after a extra 10 years would be 53. With a layout of 50k plus a monthly pension of just over a 1k until I got SP where it goes up. I have been looking at other option like a private pension to pay into and have been contacted by Beals wealth management who are trying to get me to invest and went on about annunitys and drawbacks this is all new to me. So I came on here to seek advice as am looking at increasing my monthly pension so my wife and I can enjoy retirement as everyone wants to. I would have around 300 pounds a month am willing to pay into a pension or invest but have no clue what's the best option. Any advice on the matter would be greatly appreciated.

dunstonh

and have been contacted by Beals wealth management who are trying to get me to invest and went on about annunitys and drawbacks this is all new to me.

You should be on guard with any firm that approaches you. You should pick the firm and that typically means a local IFA. (not an FA that contacted you - or an IFA that contacted you - Beals are an FA more commonly recognised on the mortgages and estate agent side)

We cannot tell you what is best on an internet site and there are so many variables to take into account it would not be possible to do so. It is great that you want to do something to improve your financials in later life but any suggestion based on what you have written cannot be considered reliable. We can cover some discussion points but that we would need far more to go on.

Murphy81

Thanks for the reply think I will contact a local IFA as you suggested.

xylophone

Which section are you in?

https://www.gov.uk/government/publications/armed-forces-and-reserve-forces-pension-schemes-guidance-booklets

There is information about increasing your benefits in the booklets.

https://forcespensionsociety.org/pensions-explained/afps-75/

You may find an IFA familiar with the needs of servicemen through the above.