Transfer out or leave in, thoughts please

jimjames

flaneurs_lobster said:

For an enhanced annuity to be paying £18k/yr for a payment of £150k there must be some serious health conditions that the OP has only alluded to.

I was thinking the same. After 10 years the provider has paid out £180k plus the £50k lump sum. Even after 5 years it's quite close to the amount you'd pay for the annuity so virtually no profit margin if it cost £150k. Something doesn't add up. 

FIREDreamer

jimjames said:

flaneurs_lobster said:

For an enhanced annuity to be paying £18k/yr for a payment of £150k there must be some serious health conditions that the OP has only alluded to.

I was thinking the same. After 10 years the provider has paid out £180k plus the £50k lump sum. Even after 5 years it's quite close to the amount you'd pay for the annuity so virtually no profit margin if it cost £150k. Something doesn't add up. 

An 80 year old would do well to get a rate like that.

BlackCat68

Hi, thanks for the comments so far.  I know little about pensions, so I'm sorry if I've used the wrong terms.  I am 57 years old.  have had several discussions with a regulated financial advisor (Clearwater Wealth Management, St James Place) they are regulated, have the required training/certificates are listed on the relevant registers and had decent reviews on various platforms.  I approached them for one session of free advice when I first started looking into my pension planning a couple of years ago.  I am due to have a session with an impartial financial advisor, paid for by my scheme.  There are no death benefits in the scheme (confirmed by the scheme).  The figures given  of pension of £6k and £45k lump sum are in my pension forecast which was prepared last month.  The larger figures are from the pension forecast tool on the pension company website.  Whilst not at death's door, I have multiple chronic health conditions which each typically knock several years off life expectancy, plus a long family history of cardiac problems on both sides.    I have another DB scheme with my current employer which I have been in for about 20 years.  

MallyGirl

I am not sure where you came across decent reviews for SJP but it would not have been on here. A quick search would offer a very different opinion.They are one of the more expensive firms and are not Independent so they can only sell their own products - which are not deemed to be the best for most people 

LHW99

Make sure there are no exit fees, which I believe can occur on some SJP pensions if you need to move them / withdraw.

Albermarle

MallyGirl said:

I am not sure where you came across decent reviews for SJP but it would not have been on here. A quick search would offer a very different opinion.They are one of the more expensive firms and are not Independent so they can only sell their own products - which are not deemed to be the best for most people 

The advisors/sales people tend to come across as very personable and professional, which is what some people like, even if they are getting taken to the cleaners at the same time.

Bostonerimus1

I would never have any dealings with SJP or any of it's affiliates. They get many negative reviews. So I would not talk to them again and basically discount what they have said to you.

DRS1

BlackCat68 said:

Hi, thanks for the comments so far.  I know little about pensions, so I'm sorry if I've used the wrong terms.  I am 57 years old.  have had several discussions with a regulated financial advisor (Clearwater Wealth Management, St James Place) they are regulated, have the required training/certificates are listed on the relevant registers and had decent reviews on various platforms.  I approached them for one session of free advice when I first started looking into my pension planning a couple of years ago.  I am due to have a session with an impartial financial advisor, paid for by my scheme.  There are no death benefits in the scheme (confirmed by the scheme).  The figures given  of pension of £6k and £45k lump sum are in my pension forecast which was prepared last month.  The larger figures are from the pension forecast tool on the pension company website.  Whilst not at death's door, I have multiple chronic health conditions which each typically knock several years off life expectancy, plus a long family history of cardiac problems on both sides.    I have another DB scheme with my current employer which I have been in for about 20 years.  

You'll have seen the reactions to mention of SJP.  Hopefully the financial adviser paid for by the scheme (your old employer?) is INDEPENDENT (Impartial is nice but not a term of art).  If you name them you might get some better reactions.

If you have life limiting medical conditions then you may be in the small minority who could get positive advice in favour of a transfer out.

BlackCat68

The annuities suggested to me are with Aviva, Canada Life and Scottish Widows, not SJP.  Origan/Origen (sp?) are the other adviser I'm waiting to speak to.

dunstonh

Origen is owned by Aegon and is a restricted FA.

The annuities suggested to me are with Aviva, Canada Life and Scottish Widows, not SJP. 

Hopefully, that list is longer, as it's missing several annuity providers who consistently offer the best annuity pricing.