Mid 50's, not much financial clue, need to sort future? That's me!

help50

cloud_dog wrote: »

Does this mean you are a Director of a Ltd company? If so, are your contributions being made by the company as opposed to personal contributions?

Hi, yes I am a director and the company is making the contributions to the SL pension.

SonOf

snowqueen555 wrote: »

Your RLP looks like to nightmare to review, have you considered consolidating into a select few funds?

What fees are you paying on your pensions pots?

Its not a nightmare to review as its part of a discretionary portfolio. RL control the funds and allocations. All the investor (or adviser) has to do is select the timescale and the risk profile and whether there is to be lifestyle risk reduction.

I had a retirement age set at 60 and so at the least I should probably change this to eg 65 or 67 or something.

This is important if you have lifestyling risk reduction as its based on the selected retirement age. So, you could be risk reducing too early.

help50

SonOf wrote: »

Its not a nightmare to review as its part of a discretionary portfolio. RL control the funds and allocations. All the investor (or adviser) has to do is select the timescale and the risk profile and whether there is to be lifestyle risk reduction.



This is important if you have lifestyling risk reduction as its based on the selected retirement age. So, you could be risk reducing too early.

Yes thanks I see that, I obviously should have kept up on that better, have contacted RL to ask about changing retirement date and also again ask about how to change monthly contributions if I chose to do that.

help50

hi all
Got a response back from RL which now says I can get in touch directly and change retirement date and change monthly payments. I am still not sure if I need to change where I am saving or what is the best place for extra payments - RL pension, SL pension or somewhere else?
Thanks for any advice.

jaybeetoo

What were your reasons for selecting Lifestyle Strategy? Are those reasons still valid?

help50

jaybeetoo wrote: »

What were your reasons for selecting Lifestyle Strategy? Are those reasons still valid?

Hi, I had a company pension with Scottish Life from my previous employer and when I resigned in 2009 to set up my own company, that pension was left hanging. So through an IFA at the time, he looked into options and recommended this new scheme with Scottish Life (who later became RL).

fronty

ffacoffipawb wrote: »

My SIPP is even more risky (over LTA so not crystallising until 75 in 2039) with equal investments in ...

Baillie Gifford Global Alpha Growth Class B - Income (GBP)
Baillie Gifford Global Income Growth Class B - Income (GBP)
Baillie Gifford Managed Class B - Income (GBP)
Baillie Gifford Responsible Global Equity Income Class B - Income (GBP)
BlackRock Consensus 100 Class I - Accumulation (GBP)
CFP SDL UK Buffettology General Income - Income (GBP)
EdenTree Higher Income Fund Class B - Income (GBP)
Fundsmith Equity Class I - Income (GBP)
HSBC Global Strategy Adventurous Portfolio Class A - Accumulation (GBP)
Jupiter Global Value Equity Class X - Income (GBP)
Legal & General Multi Index 7 Class I - Income (GBP)
LF Blue Whale Growth Class I - Income (GBP)
LF Lindsell Train UK Equity Class D - Income (GBP)
Lindsell Train Global Equity Class D - Income (GBP)
TB Evenlode Global Income Class B - Income (GBP)
TB Evenlode Income Class B - Income (GBP)
Troy Trojan Income Class X - Income
Vanguard Life Strategy 100% Equity - Income

The ride will be fun.

Seems to be quite a lot of duplication here, is it really necessary to have so many funds?

ffacoffipawb

fronty wrote: »

Seems to be quite a lot of duplication here, is it really necessary to have so many funds?

Probably not. However going for high growth as all this pot is going to incur an LTA charge when crystallised, bar £20k which will be my 2 remaining small pots.

Marcon

help50 wrote: »

Hi, I have mot touched the RL pension since it was set up, I assume it is managing the funds as I get older and near the retirement age.

How about finding out for certain?

help50

Marcon wrote: »

How about finding out for certain?

Well isn't that what these pensions do? You say when you want to retire, you say what your attitude to risk is and the pension provider puts you into a basket of funds which matches that, then shifts you into less risky basket of funds as you approach retirement?