Combine pensions or sipp or what?

savingholmes

I did investigate another company but they wanted a very large upfront fee plus a cut of the pension. It could have worked out cheaper if they recommended transfer but felt too big a risk otherwise. So I am paying £495 for a review of my pension with one who would take a bigger slice of my pension with a view to then transferring it if they accept me &/or the figures make sense. At least I am slowly building up my understanding. I'm still really hoping for a 'yes' but having experienced for myself CETVs going up I am slightly more relaxed about it especially given financial media reports suggesting that higher multiples may be needed to safeguard money in retirement and preserve a safe withdrawal rate.

The pension company have contacted my existing provider to ask some questions about commutation but I should hear back from them hopefully in the next week or so - when they will potentially take my £ and grill me and DH. I just want to have options. DH's pensionable salary went up £6-7K last year so that  will have upped his pension slightly too. We are continuing to clear down debt. We've been hampered slightly due to DS uni costs but other than a possible final £933 to pay that should now be behind us. I have bought less 'salary sacrifice' stuff this year which means my pensionable pay is due to be £2.5K higher than last year which will help a little. DD may want to go to uni in a year's time so uni costs could restart however she would also consider a degree apprenticeship. Our focus for 2020 is to repay as much debt as poss - with a view to from 2021 onwards paying massively into a SIPP or DH's existing DC pension.  

My dream is to move to a house with a generous garden / land. I am in the process of setting up a creative business - to sell my artwork and my writing. If that proves successful that could accelerate our plans. 

savingholmes

I managed to avoid paying the fee. They pointed me to a case study of a similar case where the person was told try again in 5 years - and buy life insurance to provide for spouse. Gutted but - with the regulator's actions - not completely surprising. Hopefully in 5 years time I will have better luck!