Opinions Please

sgx2000

I am 65 (66 in March)
My required retirement income will be almost covered by State Pension and a DB pension (£3500) net shortfall.
I have a DC pension of £150k with Aviva

Aviva Pensions My Future Focus Consolidation (Pre-2024) S6

Should I leave the DC pension where it is (risk level 2) or transfer it to a Vanguard Life strategy 50/50 ???

Just info
I also have £33k cash isa
£20K in Bitcoin
£7k in Premum bonds 

JoeCrystal

Sorry.... £20k in Bitcoin? That is likely the highest riskiest and it makes up almost a tenth of your assets! 

Storcko14

JoeCrystal said:

Sorry.... £20k in Bitcoin? That is likely the highest riskiest and it makes up almost a tenth of your assets! 

Well it depends on the DB.  The OP has a shortfall of £3,500 - per annum I assume - so the DB sounds like it's quite significant in the overall.  In which case a £20k punt on crypto might not be unreasonable.

Also @sgx2000 note that there isn't a VGLS 50:50 - you'd need to blend two (the 60:40 & 40:60) if you go that road.

QrizB

sgx2000 said:

I am 65 (66 in March)
My required retirement income will be almost covered by State Pension and a DB pension (£3500) net shortfall.
I have a DC pension of £150k with Aviva

Aviva Pensions My Future Focus Consolidation (Pre-2024) S6

Should I leave the DC pension where it is (risk level 2) or transfer it to a Vanguard Life strategy 50/50 ???

In your position, if I had a £3500pa net shortfall I'd consider using ~£80k of the DC pension to buy an RPI-linked annuity.

You could get a £20k TFLS and the remaining £60k will then buy you a bit more than £3k pa (you'll need to check exactly how much for yourself).

https://www.hl.co.uk/retirement/annuities/best-buy-rates

sgx2000

JoeCrystal said:

Sorry.... £20k in Bitcoin? That is likely the highest riskiest and it makes up almost a tenth of your assets! 

Lol....
Yes 20k now.... only cost me approx  £5k over the last 7 years.....

A good tax free lump.....
Can take £3 k out each year before capitol gains tax.....

SVaz

You could move into an income fund that pays around 3% dividends.  

You could buy a fixed term annuity that will cover the shortfall + inflation.
You could create an index linked Gilt ladder for later on. 

I’m going to do a mix of 2+3 that starts when I’m 70, as that’s when our life cover ends. 
It depends on your circumstances,  I have a Wife who will only get half my DB if I die so the Gilts will provide her a guaranteed top up.

sgx2000

Thanks for all the replies.

I guess my main question is... Is it too riskyor just not worth it, moving my Aviva pension to Vanguard on a relatively small pot £150K???