Made the decision

garrob

Many than any thanks for your replies. I will transfer the pot in June when I retire as I pay 10% of my salary and my workplace pays 15% I also pay £150 in AVC’s, they call it AVC’s but I think it is just extra savings as I don’t see a separate section for AVC’s when I log on my account. I do like the idea of the investment pathway’s and I have read a bit about Vanguard as well. Maybe I could split my pot between the 2?

Marcon

garrob said:

Many tanks for the information Abermarle I will have a look at that. The DC pension I am paying into at the moment is through my work and Barnett Waddingham have put it in to low risk funds as I approach retirement but I will need to move it when I leave the company in June, but saying that a colleague of mine was made redundant a month ago and BW told him he could leave his DC  going with them and there would be no charges, saying that I don’t know how much it would make.

I think you might be a bit confused. If Barnett Waddingham are the administrators (and unless you actually work for BW, that's what they will be), they will only have 'put it in low risk funds' if that's the option you have chosen. 

Why do you believe that will you need to move it when you leave the company in June?

A free, impartial chat with someone, rather than just posting here, might be very helpful: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/book-a-free-pension-wise-appointment

garrob

I just thought moving it would get a better return maybe? It’s invested in DC Threadneedle just now and I probably won’t be adding to it when I leave work. Still unsure what to do but I am not leaving until June. I will start my DB element when I leave.

LHW99

If the DB is reduced for drawing early why not use the DC for a few years, and get the DB at NRA?

cloud_dog

LHW99 said:

If the DB is reduced for drawing early why not use the DC for a few years, and get the DB at NRA?

I'll need to review the actual benefits or not nearer my own jumping off point, but this is currently how I envisage bridging the gap and taking our DB scheme at scheme NRA.

MEM62

garrob said:

I will be taking my lump sums for sure as I had a scare at the beginning of the year with COVID and ended up in Hospital with 2 massive blood clots in my lungs, so that is reason for taking the lump sums.

That is not a reason for taking the lump sums unless you (a) have a plan in terms of what you are going to do with the money and (b) that plan puts you in a better position than leaving the money where it is.