ready to retire & need to know her to invest

eskbanker

Is it perhaps worth going back and reading through your thread from early last year, which appears to overlap quite significantly with this one?

https://forums.moneysavingexpert.com/discussion/6590785/ready-made-pension-advice

QrizB

That's interesting.

A year ago the OP had £330k and was expecting to have £400k by now.

Now they say they've got £500k. That's an unexpected £100k / 25% increase.

SW Pension Portfolio 4 looks to be mostly bonds, so I wonder where this extra has come from?

jimboger1

QrizB said:

That's interesting.

A year ago the OP had £330k and was expecting to have £400k by now.

Now they say they've got £500k. That's an unexpected £100k / 25% increase.

SW Pension Portfolio 4 looks to be mostly bonds, so I wonder where this extra has come from?

I have used the maximum I can over the last couple of years, my pension pot is now sitting at £436k and with the 60k in the next FY, it will take me to just under £500k - I hope this clarifies the situation 

dunstonh

jimboger1 said:

dunstonh said:

my current pension is with Scottish Widows and I'd like to invest what I have (around £500,000) to get around 5% growth and allow me flexible drawdowns 

The only way to get around 5% is to buy an annuity.    
Investing you will give you years you are way above that, years when there is virtually no return and other years when you have losses.

So, you if you want to do, if annuity is not your choice, is have your portfolio set up with an appropriate strategy that covers those negative and nothing years.

However, depending on your SW pension product, that may not be possible.  (SW's SIPP can do it, but it's not that cost-effective.  SW's retirement account can do it, but it's dated and probably going to be put out to pasture soon. SW stakeholders and PPPs can't do it).    So, it may need to be changed to something a bit more modern.

I find SW next to useless on giving any info tbh so maybe changing to something more modern is the answer - but where to start?

They are not authorised to give advice, suggestions or opinions.   They can only take instructions from you or your adviser.

Some people consider providers to be useless or difficult, but the reality is that they cannot go beyond their regulatory remit.  Other providers would be similar.

Albermarle

I would suggest booking an appointment with Pensionwise.
It is Govt run and will not try to sell you anything. However they can not offer personal advice, only guidance on the options.
Pension Wise: free pension guidance | MoneyHelper

In addition, £500K is a lot of money and your knowledge of pensions and investing seems a bit low.
So you should perhaps spend some time improving your knowledge ( this forum is a good resource), or alternatively employ an IFA, at a cost of course.

jimboger1

dunstonh said:

jimboger1 said:

dunstonh said:

my current pension is with Scottish Widows and I'd like to invest what I have (around £500,000) to get around 5% growth and allow me flexible drawdowns 

The only way to get around 5% is to buy an annuity.    
Investing you will give you years you are way above that, years when there is virtually no return and other years when you have losses.

So, you if you want to do, if annuity is not your choice, is have your portfolio set up with an appropriate strategy that covers those negative and nothing years.

However, depending on your SW pension product, that may not be possible.  (SW's SIPP can do it, but it's not that cost-effective.  SW's retirement account can do it, but it's dated and probably going to be put out to pasture soon. SW stakeholders and PPPs can't do it).    So, it may need to be changed to something a bit more modern.

I find SW next to useless on giving any info tbh so maybe changing to something more modern is the answer - but where to start?

They are not authorised to give advice, suggestions or opinions.   They can only take instructions from you or your adviser.

Some people consider providers to be useless or difficult, but the reality is that they cannot go beyond their regulatory remit.  Other providers would be similar.

ok, understood

jimboger1

Albermarle said:

I would suggest booking an appointment with Pensionwise.
It is Govt run and will not try to sell you anything. However they can not offer personal advice, only guidance on the options.
Pension Wise: free pension guidance | MoneyHelper

In addition, £500K is a lot of money and your knowledge of pensions and investing seems a bit low.
So you should perhaps spend some time improving your knowledge ( this forum is a good resource), or alternatively employ an IFA, at a cost of course.

ok thank you for your advice - I have little trust in IFA's tbh as any I have had dealings with have been pretty poor, hence the reason for using this forum

Storcko14

jimboger1 said:

Albermarle said:

I would suggest booking an appointment with Pensionwise.
It is Govt run and will not try to sell you anything. However they can not offer personal advice, only guidance on the options.
Pension Wise: free pension guidance | MoneyHelper

In addition, £500K is a lot of money and your knowledge of pensions and investing seems a bit low.
So you should perhaps spend some time improving your knowledge ( this forum is a good resource), or alternatively employ an IFA, at a cost of course.

ok thank you for your advice - I have little trust in IFA's tbh as any I have had dealings with have been pretty poor, hence the reason for using this forum

In my experience both personally - I know two IFAs - and professionally - having worked with an IFA outfit in my consulting days, there is significant variation in quality.  Don't assume they're all the same and this applies to both the firm and the individual.  Some are excellent so the trick is to find or be recommended a good one and before you engage, absorb as much as you can from this forum so you know the right questions to ask.

jimboger1

Storcko14 said:

jimboger1 said:

Albermarle said:

I would suggest booking an appointment with Pensionwise.
It is Govt run and will not try to sell you anything. However they can not offer personal advice, only guidance on the options.
Pension Wise: free pension guidance | MoneyHelper

In addition, £500K is a lot of money and your knowledge of pensions and investing seems a bit low.
So you should perhaps spend some time improving your knowledge ( this forum is a good resource), or alternatively employ an IFA, at a cost of course.

ok thank you for your advice - I have little trust in IFA's tbh as any I have had dealings with have been pretty poor, hence the reason for using this forum

In my experience both personally - I know two IFAs - and professionally - having worked with an IFA outfit in my consulting days, there is significant variation in quality.  Don't assume they're all the same and this applies to both the firm and the individual.  Some are excellent so the trick is to find or be recommended a good one and before you engage, absorb as much as you can from this forum so you know the right questions to ask.

understood, thank you again

jimboger1

dunstonh

ive had a look around at some funds and there are quite a few that say over a 5 year period have achieved well over 5%