In a Pickle

Kayserrant

Ok , thanks Dunstonh ... was just having an idle wonder!

Kayserrant

Ok, latest update. Have been to see a chartered ifa about all finances for first discussion.
Following this and with my own thoughts in mind, i am going to have to complain to the fcsc.
Its horrible. I’ve looked at the paperwork i was provided with, and i really have been led up the garden path, I dont believe the ifa intended to, i think they just got the wrong end of the stick...not surprising as the wording is misleading “ your fund will be no less than.... you will therefore be guaranteed x amount a year...
Anyhow, i am scared about a number of things, and wondered if anyone could hopefuy put my mind at rest...
1. If metlife run off somehow withy money, is that it then... have i lost everything as my advisers network has gone ? What would happen then

2. Should i draw my pension out now, fast and buy an annuity...at least i know its safe then

3. Should i/ could i move the money before my complaint is investigated with the fscs?

4. If i did move now, are there any nice, reliable boring companies who i could put it with so it would be safeish... i dont want to set the world on fire, I would be just happy to get a little bit on it.

Am in a right panic , dont know who to trust , where turn or what to do. This has really shaken my faith.
Thanks

Pension_Geek

Kayserrant wrote: »

Ok, latest update. Have been to see a chartered ifa about all finances for first discussion.
Following this and with my own thoughts in mind, i am going to have to complain to the fcsc.
Its horrible. I’ve looked at the paperwork i was provided with, and i really have been led up the garden path, I dont believe the ifa intended to, i think they just got the wrong end of the stick...not surprising as the wording is misleading “ your fund will be no less than.... you will therefore be guaranteed x amount a year...
Anyhow, i am scared about a number of things, and wondered if anyone could hopefuy put my mind at rest...
1. If metlife run off somehow withy money, is that it then... have i lost everything as my advisers network has gone ? What would happen then

2. Should i draw my pension out now, fast and buy an annuity...at least i know its safe then

3. Should i/ could i move the money before my complaint is investigated with the fscs?

4. If i did move now, are there any nice, reliable boring companies who i could put it with so it would be safeish... i dont want to set the world on fire, I would be just happy to get a little bit on it.

Am in a right panic , dont know who to trust , where turn or what to do. This has really shaken my faith.
Thanks

1 - Metlife are a reputable company. Very very unlikely to happen.

2 - Good decisions are seldom made on emotions. If you buy an annuity now then it'll not be a great rate you receive due to your age. The company may have to pay out for 35 + years.

3 - I am not 100% on the rules, best to ask them.

4 - It depends on a lot of things. What is the end goal? When will you take the pot? Are you looking for fixed income? Drawdown? The chartered IFA you spoke to is probably the best to advise you.

Obtain a state pension statement too, as mentioned earlier in the thread.

Kayserrant

Well, update on the update.
Have spoken to a chartered ifa, who will look after all my finances for an upfront fee and ongoing fee.
Seems really good, but for the money they may save me i cant make the figures stack up....5k and 400 a month.
This includes sorting my husbands pension etc out as well, but i would have liked to have sorted my pension claim out first, then looked at where to invest, then looked at his, then looked at savings etc

Sadly the adviser doesnt work like this. Think i may not be in the right league there.

They did mention about when looking at the pension ,about “turning off charges”....wonder how you do that!

Brynsam

Kayserrant wrote: »

Sadly the adviser doesnt work like this. Think i may not be in the right league there.

Then look elsewhere.

Kayserrant

Yes, i had planned to do that Brynsam

Kayserrant

Pension_Geek wrote: »

1 - Metlife are a reputable company. Very very unlikely to happen.

2 - Good decisions are seldom made on emotions. If you buy an annuity now then it'll not be a great rate you receive due to your age. The company may have to pay out for 35 + years.

3 - I am not 100% on the rules, best to ask them.

4 - It depends on a lot of things. What is the end goal? When will you take the pot? Are you looking for fixed income? Drawdown? The chartered IFA you spoke to is probably the best to advise you.

Obtain a state pension statement too, as mentioned earlier in the thread.

Thanks Pension Geek, i have seen the chartered ifa see below,
I intend taking the pension in 5 years time
Not sure whether annuity or drawdown or whatever yet.
Would like to take money from where it is as dont trust the, and put it into something really cheap to run, but really cautious- gilts and cash funds and the like.

Mutton_Geoff

Kayserrant wrote: »

something really cheap to run, but really cautious- gilts and cash funds and the like.

Then you will get beaten by inflation. Best to find and speak to a more reliable IFA.

Kayserrant

Ok thanks all. When putting in a complaint to the fscs is it best to get an ifa to do that too so you think?