Don't want to retire

Bikefar

I have a personal pension and a few employers pensions. I'm coming up to 65.
As I am socially isolated, I don't want to retire (what am I going to do - watch Jeremy Kyle all day?).
When my pensions mature, some or all of them attract no interest as they sit there.
I would like to move them all into a fund where they can attract growth while I continue to work.
What would this fund look like? ie SIPP? What are the tax implications of available fund options?
Thanks,

Voyager2002

The answer really depends on what sort of pensions you have exactly, and the scheme rules. If your occupational pensions are defined benefit then moving them elsewhere would be extremely unwise and also complicated, but by taking them later you might be able to increase the annual amount.

JoeEngland

Bikefar wrote: »

I have a personal pension and a few employers pensions. I'm coming up to 65.
As I am socially isolated, I don't want to retire (what am I going to do - watch Jeremy Kyle all day?).
When my pensions mature, some or all of them attract no interest as they sit there.
I would like to move them all into a fund where they can attract growth while I continue to work.
What would this fund look like? ie SIPP? What are the tax implications of available fund options?
Thanks,

What are you going to do when retired? Here's some obvious ideas which can involve interaction with other people:

Learn something new (a language, skill etc)
Do some kind of volunteering
Travel
Join a club or society of something you might be interested in

Retirement will be what you make of it.

Marcon

Bikefar wrote: »

When my pensions mature, some or all of them attract no interest as they sit there.

I think you may be wrong on that - your personal pension will remain invested until you draw on it; ditto any employer schemes which are 'defined contribution'. If you have any 'defined benefit' (aka final salary) benefits, and you have the option to draw them after the scheme's normal retirement date, they will attract something known as a 'late retirement factor'.

Might be an idea to double check all the schemes to find out exactly what's what before taking any decision on whether or not to mover/combine them.

You can, of course, draw some or all of your pensions and still work - and it would give you extra cash to play with to develop new hobbies and interests.

Thrugelmir

Bikefar wrote: »

When my pensions mature, some or all of them attract no interest as they sit there.

Draw them and enjoy the money.

I know a number of people who still work in some capacity (one is in their 70's). Spending their money on activities such as travel, theatres , music gigs etc.

Thrugelmir

JoeEngland wrote: »

Retirement will be what you make of it.

Why wait until retirement? Make the most of every day.

eastcorkram

Indeed! If the average lifespan is around 4,000 weeks, and I've already had well over 3,000 of them :rotfl:

dunstonh

When my pensions mature, some or all of them attract no interest as they sit there.

Why do you think that?

If they are money purchase pensions, they remain invested until you decide to mature them. Most pensions do not mature any more until you decide to mature them. The scheme ages are just there for statement projections.

What would this fund look like? ie SIPP? What are the tax implications of available fund options?

A SIPP is a product, not a fund. It is aimed at experienced investors wanting a more advanced investment selection than a personal pension or a stakeholder pension.

Before you look at potential solutions, I think you need to understand what you already have.

chucknorris

Bikefar wrote: »

I'm coming up to 65.
As I am socially isolated, I don't want to retire (what am I going to do - watch Jeremy Kyle all day?).

What did you expect to happen? What you should have done in life anyway was to find interesting things to do, but setting that aside because work has been the main focus of your life, why didn't you start doing things like joining clubs, gyms and activity groups when you reached your early 60's? Did Teresa May advise you on your retirement planning, based upon her Brexit planning?

I'm 61 and now I only work two days a week, but that still doesn't give me enough time to do all what I want to do. My main activities over and above the usual ones like friends, dinner parties, movies etc are running, cycling, swimming, hiking (a lot with my dog, obviously not swimming), also lawn bowls, indoor bowls, gym classes and weight training.

What you should do now (without delay) is start doing things outside of work.

bugslet

Thrugelmir wrote: »

Why wait until retirement? Make the most of every day.

I have to work to fund retirement. Work and commuting takes up 70 hours a week. I've mostly enjoyed it, but time for anything else is much reduced.

I'm hoping to have more day to make the most of when I retire:D

bostonerimus

If you have defined benefit pensions you could defer and get a bigger weekly amount later on. Or you could take the pension and enjoy the extra income; maybe invest it or use it for some holidays or to develop some hobbies or so that you can work a bit less. If you feel stopping work would be a bad idea why not just cut back your hours a bit and ease into eventual full retirement.

If your pension is in a DC pot you'll need to understand the drawdown options and then look at your transfer options.