Pension Company vs Independent Financial advice stitch up !

Mnd

Why not have a look at bit coin. .I don't think that's a rip off :money::rotfl::money:

DJPench

Hi again I have calmed down and admit I know nothing. I bow to your superior understanding and have been having a bit of a read up.

At the moment I am considering just popping the max I can afford into my current pension so I don't need to see an IFA and at least something is being saved in a pension. I will up my existing contributions to between £250.00 to £300.00 a month. This is my easy solution which may not be the best solution but at least for 1 year I am pumping a bit more cash into it earlier rather than later.

I have had a look at Cavendish/Vanguard and Hargreaves websites and got a tad lost. As I am not sure once you have opened a SIPP with them how you get the wedge back at the end of the term...i.e. in 20+ years time. Without registering it is awkward to know how it works.. I imagine you can set up a DD each month for X amount and choose a fund with a risk that suits you.

I am eating a big slice of humble pie and apologize for the numptyism and am thankful for the links and suggestions :beer:

Mnd

Easy with HL. You can drawdown, you have to answer some questions that they have to ask to make sure you are aware of the risks (no right or wrong answers, it's just to make sure you are aware of the consequences ) then ask them on a form and they will carry out your instructions

coyrls

Mnd wrote: »

Easy with HL. You can drawdown, you have to answer some questions that they have to ask to make sure you are aware of the risks (no right or wrong answers, it's just to make sure you are aware of the consequences ) then ask them on a form and they will carry out your instructions

The HL process is described at the bottom of the page here: https://www.hl.co.uk/pensions/drawdown after a generic description of how drawdown works.

dunstonh

Do remember that whilst HL is perfectly fine, It can be twice the cost of what is available via IFAs. So, a transactional fee (one off) via an IFA may well result in lower charges. You don't need an IFA. However, not using one and picking a more expensive option that results in you paying more in charges defeats the purpose if your intention was to reduce the charges.

Bimbly

I suggest starting a new thread outlining your situation and what you want to achieve, as people may have drifted away from reading this one.

Say you have learnt some things from a previous thread and want to start afresh.

I'm glad you were able to calm down and look at some of the links provided.

coyrls

dunstonh wrote: »

Do remember that whilst HL is perfectly fine, It can be twice the cost of what is available via IFAs. So, a transactional fee (one off) via an IFA may well result in lower charges. You don't need an IFA. However, not using one and picking a more expensive option that results in you paying more in charges defeats the purpose if your intention was to reduce the charges.

I agree, you should choose a platform that is most appropriate for your circumstances. I provided the HL link because OP mentioned that they hadn't been able to find the details on HL's website.

DJPench

In short my goals are as follows:

I don't plan to retire early at this time so I estimate 65 years old being fine.(as far as you can think it will be fine)
I want to have circa £300.00 a month from private pension approx to top up state pension.
I want to pay some money £150.00 a month (or to a total of £300.00 with my existing pension which was stakeholders pension that I kept going now self employed) with a company that has low charges and has performed well the last 5 years or so. (I don't think the one I pay £150.00 into at this time has a great track record)

Whatever happens I want to act asap.. even if that means adding £150.00 to existing just to get it in there asap and then in say 1 year if/when I understand more about more lucrative online options I can reduce payments back down to £150.00 and put £150.00 into an online SIPP.

At this time I don't want any lump sum at retirement age..I want to buy and annuity or whatever it is that will then pay me circa £300.00 a month for the rest of my years alive.

At this time my current pension suggests that I might get about 120 a month so I need to start pumping cash in. I am in mid 40's

There is no way I can afford 1/2 age as percentage of income, it is simply not possible.

I have a couple of other pensions that are at this time just lying dormant, one for my opted out SERPS which is around £19,000.00 or so (I was told by company that is with I cannot pay into that personally and that in 2012 everyone who opted out was opted back in automatically by UK Gov.) and another one from when I worked else where aged 21-25 also at about £18,000.00 and dormant (no payments going in)

Current one I pay £150.00 a month in has a value of £44,000 I plan to maybe stick another £150.0 a month in.

I prefer if ok to keep the info here... despite my inital belligerence. (blush)

If correct I don't think this is particularly great a pension fund in total for my eage : ( But I can start wacking more money in now. I am imagining the more you can put in and sooner = better for compound interest reasons.

In total it seems my collective private pot is about £80,000 (I guess this is not great for mid 40's but I don't have big retirement goals) including the serps opt out part. I am a very frugal person, drive very old cars, have no big ambitions about holidaying every year in exotic locations etc. Just want to survive in basic form, pay my bills.

stoozie1

Because annuities are poor value at the moment, the advice seems to be to pay yourself £300/month on retirement, as it's more affordable than the annuity route.

Like you, I was favouring annuities (I only started posting and learning about pensions a year ago-ish) but reading the wise posts on here has shifted me away from them, assuming nothing remarkable changes before then. I'm mid 40s like you.

atush

DJPench wrote: »

Hi again I have calmed down and admit I know nothing. I bow to your superior understanding and have been having a bit of a read up.

At the moment I am considering just popping the max I can afford into my current pension so I don't need to see an IFA and at least something is being saved in a pension. I will up my existing contributions to between £250.00 to £300.00 a month. This is my easy solution which may not be the best solution but at least for 1 year I am pumping a bit more cash into it earlier rather than later.

I have had a look at Cavendish/Vanguard and Hargreaves websites and got a tad lost. As I am not sure once you have opened a SIPP with them how you get the wedge back at the end of the term...i.e. in 20+ years time. Without registering it is awkward to know how it works.. I imagine you can set up a DD each month for X amount and choose a fund with a risk that suits you.

I am eating a big slice of humble pie and apologize for the numptyism and am thankful for the links and suggestions :beer:

Thank goodness you came back from the brink. happy reading.


AS for etting yrou money out come retirement, you tell your provider you want to go into Drawdown. then start drawing down money.