Pension/investment advice

AlanP_2

Trinity_Phil wrote: »

I have also joined NARPO (the National Association of Retired Police Officers) as tomorrow is retirement day and have just received their current newsletter which has an advertisement for a "metfriendly" Lump Sum stocks and shares ISA which has allegedly averaged 5.1% growth over the past 10 years. Is this good or are there better options...ie the Vanguard LS40 mentioned above ??
I am not sure if they are part of the Pru as well though because the small print at the bottom states that they are authorised by the Prudential Regulation Authority ??
They are also offering a £100 John Lewis gift card, for ISA's taken out before 31st March (a bit of a gimmick, I know), but is this ISA worth considering ??

I also bit the bullet on the Police Federation life insurance policy and have renewed my membership of that

And finally, in relation to potentially taking out a SIPP, our IFA suggested that this wasn't a good idea (I can't remember why), but there are also adverts on our local radio station stating that people can claim compensation if they were mis-sold a SIPP ??

An ISA is just a tax wrapper, it is the investments within it that generate the return so you need to open the box and have a look at what is inside, and, at what the charges are for it.

My guess, it will be an OK set of investments, probably with a UK bias and it will be relatively high charges.

It's like buying the ingredients and making your our own meal or buying a ready made version. You pay for that convenience and it is aimed at "middle of the road / suit all tastes" consumers, but there is nothing fundamentally wrong with it.

Mis-sold SIPP adverts that I hear are ambulance chasing those people who transferred a DB pension out because of the high CETV values and are now getting twitchy as they have realised that markets go down as well as up.

A SIPP may not be your best option so the IFA may be correct but it won't be because they are "dodgy" and nobody should buy one.

Trinity_Phil

Okay...thanks Guys

stup1973

Just started reading this thread and my brain was frazzled after the first page.
Anyway, best of luck in hopefully your long retirement..

Trinity_Phil

Welcome to The Frazzled Brain Club :eek:

redvalley

Hi. Any idea what income I should expect from a SIPP value of around £480k? I am 66 years of age.

Thank you

Trinity_Phil

You'd be better starting a new "thread", redvalley, rather than tagging on to the bottom of this one

enthusiasticsaver

Good that your wife can transfer her pension over to the LGPS. I did that myself with an old pension and bought myself almost 8 years service. Sensible choice not going with IFA. Not sure what to say about SIPP except as you already have a decent pension maybe going with an ISA is better for tax reasons. Or it could be because pension recycling not allowed? In other words you cannot use money taken out of a pension scheme to invest in a new pension.

Trinity_Phil

Hopefully we can transfer it over, they are currently looking into the feasibility of it and are going to get back to us.