Can others check out my plan please.

Yorkie1

@Trundlethwaite have both you and your wife double checked your state pension forecast?

https://www.gov.uk/check-state-pension

Trundlethwaite

https://forums.moneysavingexpert.com/discussion/comment/81860513#Comment_81860513

Hi yes I've done some research into the % withdrawal rate and I understand that it's a guide and not set in stone .

I am quite new to the whole pension thing and really enjoying learning about it all and my next thing on my list is how to best invest my pensions, they are currently in a low risk default investments and guess I'm a bit scared of changing them but I have found that the more I learn the more confidence it gives me , ignorance leading to inaction, but I want to do it one step at a time.

Thanks for your input and experience with pension investments.

Trundlethwaite

https://forums.moneysavingexpert.com/discussion/comment/81860569#Comment_81860569

Thanks for sharing your experience .

How to invest my pensions going forward is something I need to research , it's an area I know nothing about yet and it's made very clear by providers that you have full responsibility for how they are invested once in drawdown phase.

Cheers I really appreciate your opinion, good to run my plan by those more experienced on these matters.

Trundlethwaite

https://forums.moneysavingexpert.com/discussion/comment/81860662#Comment_81860662

Yes we checked recently both of us have full entitlement £230.25 I think from memory.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81860717#Comment_81860717

it's made very clear by providers that you have full responsibility for how they are invested once in drawdown phase

You also have full responsibility during the accumulation stage, although many people do not realise that either.

One good way to improve your knowledge is to read this forum, and the Savings & Investments forum regularly. Also there are some good experts dispensing info on YouTube. By giving you good free advice, they hope you will sign up for paid advice. Links are often posted in threads.

Trundlethwaite

https://forums.moneysavingexpert.com/discussion/comment/81862382#Comment_81862382

Yes totally agree and speaking as someone who has, much to my shame, taken no interest in my pensions until 2 years ago , I sorely wished I had done just two things decades ago, increased payments into the pensions and educated myself about investments .

But the one thing I did do right was to actually set them up in the first place something I'm extremely glad for.

plumb1_2

one thing I did with my 5 pension pots was to transfer them , into 2 pension companies. Makes life a easier going forward.

Transfers are free and sometimes there are cashback offers. But check on the ongoing fees of them.

Trundlethwaite

https://forums.moneysavingexpert.com/discussion/comment/81863272#Comment_81863272

I just started the process of transferring one of mine it's only a very small pot and I would have to draw it out in one go so transfering to a bigger one to avoid tax complications.