Where would I go to get a forecast of all my pension options please?

Lismac

I am currently 30 with 3 pension pots totalling about £425K and I would like to look at all of my options for the future, I have no reason to believe I won't be able to add a further £25K per annum to my pension pot for the next 10 years and *might* continue to work after that but would like to consider retiring at 60 if there was enough for me to retire on. Are there companies that can provide a spreadsheet with all your options so it can help you decide what to do for the next 10 years and beyond? I also down understand the different pension options so would like that listed too. For example if I got to a £1M pension pot at 68 and drew down a monthly income based on an interest rate of 4% that would still leave the £1M pension pot so would I also draw down on that to get a bigger amount? 

Lismac

Sorry I am currently 50 (FIFTY) not 30...wish I was 30!!

xylophone

You could seek a preliminary discussion on options with Pension Wise.
https://www.pensionwise.gov.uk/en

But for specific investment/drawdown advice, you would consult an IFA.

https://adviserbook.co.uk
You would tick "confirmed independent" and "pensions and retirement" when the menu appeared.
You could then ring round for initial information on service and charges.

coyrls

Lismac said:

For example if I got to a £1M pension pot at 68 and drew down a monthly income based on an interest rate of 4% that would still leave the £1M pension pot so would I also draw down on that to get a bigger amount? 

If you are referring to a safe withdrawal rate of 4%, the withdrawal rate is calculated as a percentage of the initial pot which is then increased by inflation each year (not 4% of the total each year).  Success is defined as not running out of money after a fixed period (e.g. 30 years), it is not defined as having the value of the initial pot available at all times.  Many people would regard 4% as an aggressive withdrawal rate because studies do not deduct fees from their assumed returns, are not typically based on the holdings and inflation rates for UK investors and do not allow for future returns being worse than any 30 year period on record.  A more conservative rate would be 3 to 3.5%.

Albermarle

Are there companies that can provide a spreadsheet with all your options so it can help you decide what to do for the next 10 years and beyond? I

Yes , they are called 'Wealth Management Companies ' and they will be happy to send you a lot of spreadsheets in return for crossing their palms with silver .

In reality you should avoid the above and consider an Independent Financial Advisor ( still need paying but less than above ) or spending more time researching the topic ( especially about drawdown rates/strategies)

xylophone

And have you checked your state pension forecast?
https://www.gov.uk/check-state-pension

Lismac

Thank you all, I will go to an IFA as recommended. I was a bit nervous of that as didn't want to be "sold to" I guess and wanted to see what all my current options were on a simple spreadsheet based on the current information from the 3 providers (with caveats of course). Thanks for your help, looking for a suitable IFA now  

Albermarle

Lismac said:

Thank you all, I will go to an IFA as recommended. I was a bit nervous of that as didn't want to be "sold to" I guess and wanted to see what all my current options were on a simple spreadsheet based on the current information from the 3 providers (with caveats of course). Thanks for your help, looking for a suitable IFA now  

An IFA will of course 'sell' you their services but they are not allowed to get any commission anymore on any products they recommend. They will have their favourite platform /pension provider and will probably want to move your pensions on to that as they are familiar with managing it and will be able to get a low charge from the provider. That is if you want ongoing advice for a % annual fee  and an upfront one as well .
Alternatively you could pay for a one off discussion ( transactional in the jargon ) and then continue to manage your current pensions yourself.
You will normally get a free initial discussion where such things can be discussed and to see how you get along with each other .
Probably best to try out a couple at least.

Lismac

Thank you Albermarle, you have been really helpful! I have no clue what I am doing which is probably apparent Busy job, busy life and never really looked into my pensions and what it means, but turning 50 has made me think I need to get a grip and understand what my options are. 

OldMusicGuy

Before you go to an IFA or do anything, I would suggest you spend a bit of time educating yourself. An IFA will sell you services, and if you decide to go with an IFA, it is much better to go in from a position of understanding rather than ignorance. A great starting point is "DIY Pensions: A Simple Guide to Pensions, SIPPs & Retirement Planning" by John Edwards. There are other books and resources we can recommend as well but that is a great place to start.

You could also spend some time reading about "safe withdrawal rates". I read a post on here several years years ago about SWR and it completely opened my eyes (so search this site). You seem to have pretty good pension provision already, I think the best thing you can do is spend a bit of time educating yourself before you decide what to do. I am so glad I did (ok I started around age 55). Like you, I was "too busy" to read up on one of the most important aspects of my life.

HobgoblinBT

Google is your friend.  There are a number of pension calculators online.  A search brought up Nutmeg which have an anonymous pensions calculator, but what appear to me to be relatively high fees.  Hope that helps.