Increase to Minimum Pension age from beyond 57

honeststeveo

Hello

I ive read this huge thread regarding the raise in age from 55 to 57. It seems that some of you have locked in a SIPP with fidelity who it sounds like may have enact the protected age and allow you to obtain your pensions at 55 irrespective of the age rise.

I missed the boat on a fidelity account back then.

But i'm wondering if there is any point in opening a SIPP with them now in case the minimum age gets raised to 58 or beyond in a future retro-active move.

Mindful of the govs intention to keep private pensions within 10 years of the state pension age which is timetabled to rise to 68 in 2044-2046.

Keen to know of any recent developments for those with Fidelity pensions from the provider and whether anyone thinks its worth someone in my position opening an account with them even if its only for a years worth of pension money? 

Marcon

honeststeveo said:

Hello

I ive read this huge thread regarding the raise in age from 55 to 57. It seems that some of you have locked in a SIPP with fidelity who it sounds like may have enact the protected age and allow you to obtain your pensions at 55 irrespective of the age rise.

I missed the boat on a fidelity account back then.

But i'm wondering if there is any point in opening a SIPP with them now in case the minimum age gets raised to 58 or beyond in a future retro-active move.

Mindful of the govs intention to keep private pensions within 10 years of the state pension age which is timetabled to rise to 68 in 2044-2046.

Keen to know of any recent developments for those with Fidelity pensions from the provider and whether anyone thinks its worth someone in my position opening an account with them even if its only for a years worth of pension money? 

Stick a minimal amount in a Fidelity SIPP and you've not lost much if it doesn't pay off as you expected.

honeststeveo

Yes that's what I was thinking. Though having been through the hassle before of consolidating various old workplace pensions into a SIPP it's undoing some of this tidying up to start putting small sums with other providers. I guess I was looking for some reassurance that doing so is more than a wild punt and therefore worth the hassle.

Pat38493

There seems to be a lot of regular and knowledgable posters on these boards who have pots with a single provider much larger than 85K and they are not seemingly concerned.

I just follow their lead so I wouldn’t be concerned having my whole fund in one or a couple of pots.

Marcon

Pat38493 said:

There seems to be a lot of regular and knowledgable posters on these boards who have pots with a single provider much larger than 85K and they are not seemingly concerned.

I just follow their lead so I wouldn’t be concerned having my whole fund in one or a couple of pots.

Don't think OP is concerned about it either - it's the minimum pension age issue which seems to be on their mind.

Pat38493

Marcon said:

Pat38493 said:

There seems to be a lot of regular and knowledgable posters on these boards who have pots with a single provider much larger than 85K and they are not seemingly concerned.

I just follow their lead so I wouldn’t be concerned having my whole fund in one or a couple of pots.

Don't think OP is concerned about it either - it's the minimum pension age issue which seems to be on their mind.

Sorry got confused between two threads 

retiringtoosoon

Pat38493 said:

There seems to be a lot of regular and knowledgable posters on these boards who have pots with a single provider much larger than 85K and they are not seemingly concerned.

I just follow their lead so I wouldn’t be concerned having my whole fund in one or a couple of pots.

Not sure what the £85k reference is to do with. Have you grasped the wrong end of the stick?

honeststeveo

yes I'm not thinking of the 85K FSCS limit. The question is whether another SIPP with Fidelity (or indeed any other providers that are honouring the retirement age expected when they signed up to the scheme??) is worth the extra admin of another pot to keep tabs on.

Marcon

honeststeveo said:

yes I'm not thinking of the 85K FSCS limit. The question is whether another SIPP with Fidelity (or indeed any other providers that are honouring the retirement age expected when they signed up to the scheme??) is worth the extra admin of another pot to keep tabs on.

Depends how important it is to you to keep your options (possibly!) open. In reality, how much 'extra admin' is a SIPP sitting quietly with a few quid in it in case you need to lob in funds at short notice?

barnstar2077

The whole thing is pretty irritating.  If I knew for certain that I could access my pension at 55, instead of 57/58, I could well be able to retire two or three years earlier.

Instead, I am left waiting for things to go through so I can get written confirmation one way or the other from my pension companies when the smoke clears.  Plus, I had planned to merge two pensions, but what happens if I bring in funds from a non age 55 protected pension into one that has it?

I know I am just venting, but I do wish the government had just left it alone! 

honeststeveo

Marcon said:

honeststeveo said:

yes I'm not thinking of the 85K FSCS limit. The question is whether another SIPP with Fidelity (or indeed any other providers that are honouring the retirement age expected when they signed up to the scheme??) is worth the extra admin of another pot to keep tabs on.

Depends how important it is to you to keep your options (possibly!) open. In reality, how much 'extra admin' is a SIPP sitting quietly with a few quid in it in case you need to lob in funds at short notice?

Yes well it would need to be more than a few quid - at least a years worth of drawdown I'm thinking so that you could close it and then begin drawing from another pension with a higher age a year later.

Admittedly the amount is either going to be in there or the "main" pension so it doesnt affect how much you have stashed in pensions.

I only really need to keep options open to handle the financial uncertainty of retirement. Most of that eminates from the govs continual policy changing. Ie changes to state pension age, private pension age.....means testing on state pension....change to pension taxes etc etc. Unfortunately flexibility is expensive in money and effort!