BUYING a pension off the shelf

dunstonh

1. I want to receive an amount of money each month during my retirement, quite separate from any work based or state provided pension. If you don't want to call it a pension, feel free not to do so. I shall continue calling it that.

What if it is being paid from an ISA or unwrapped investments. It will not be a pension and it will not be classed as a pension by anyone. It is best to stick to what it is that you want. Which is a regular income. If you buy a pension to meet that objective then you have a pension. If you buy a different product to meet that objective, then you dont have a pension.

Think of it like this, if you had money in a savings account and took a regular monthly withdrawal from that savings account, does that make it a pension? no.

Can I buy this 'situation'?

Yes. Rarely good value as the market is so small and so few people do it. Most people use ISAs and investments instead.

marlot

Charlton_King wrote: »

If you don't want to call it a pension, feel free not to do so. I shall continue calling it that.

I can call a device for undoing screws a hammer if I like, but if I want to buy one the transaction will be easier if I ask for a screwdriver.

There are halfway houses. If I ask for a device for undoing screws, vendors will understand me.

craig1912

Charlton_King wrote: »

Sorry folks. Have not been able to reply owing to illness.

I'm not sure how much simpler I can state this but let's have a try:

1. I want to receive an amount of money each month during my retirement, quite separate from any work based or state provided pension. If you don't want to call it a pension, feel free not to do so. I shall continue calling it that.

2. To achieve this, I am willing to pay over a lump sum taken from my savings.

Can I buy this 'situation'? Use whatever terms please you.

When are you retiring? If it’s in a few years then perhaps you don’t mean an annuity? Are you looking to start a personal pension and pay in money from your savings rather than from your salary?

Charlton_King

Hi. To answer a question put by many on here, I am already in retirement and receiving SRP. I was wondering whether there was any regular income source available which I could match up against the path which I have generally followed so far, i.e. buy to let.

I'm aware that the latter has generally beaten other sources over the years but my existing 'portfolio', for want of a better name, is becoming a hassle to manage...

... and the thought of going through yet another purchase situation together with its attendant problems produced on a daily basis by vendors/estate agents/solicitors I can happily do without.

xylophone

Is your plan to sell the properties and use the cash to purchase an index linked annuity?

Charlton_King

xylophone wrote: »

Is your plan to sell the properties and use the cash to purchase an index linked annuity?

The situation amounts to having enough cash to buy one more property (below the stamp duty threshold), together with the associated purchase costs... and receive rent as a taxable, monthly income...

... or look at whatever else is available as an option for this cash...

Thrugelmir

Charlton_King wrote: »

I'm aware that the latter has generally beaten other sources over the years but my existing 'portfolio', for want of a better name, is becoming a hassle to manage...

Far less hassle then if you have the misfortune to have the tenant from hell renting your property. A species that's not uncommon.

Charlton_King

Thrugelmir wrote: »

Far less hassle then if you have the misfortune to have the tenant from hell renting your property. A species that's not uncommon.

Yep, that can certainly happen.

xylophone

or look at whatever else is available as an option for this cash...

Purchased life annuity or a stocks and shares portfolio from which you take an income or savings deposit account from which you take an income.......