Need a pension

suzetim

Hi,
thanks to all who read this. First time for me?!
My husband at the moment has no pension, he is 48 yrs old.
He started of with a pension with British Rail, approx 7yrs, then had a personnal pension with the Prudential for ?12 yrs, then went to a works pension. This occupational pension stopped after 2years, as companies where sold. So for the last 2 years has paid into no pension.
What should he/we do???
His occupatioanl pension has been transferred to the Prudential funds.

Our youngest child will be 20yrs when he is 60. So think we will still need some cash to live on for a few years.

Sorry if this is to long.

dunstonh

What should he/we do???
His occupatioanl pension has been transferred to the Prudential funds.

He transferred a british rail final salary pension scheme into the Pru?

Did he do that off his own back or on the advice of someone? Has that been under a pension review yet?

What should he/we do???

It depends on what options his employer currently gives him regarding works pensions. It also depends on how much he wants to save and how he wants to spend the money in retirement. Thats a bit of a wishy washy response but we cant offer suggestions without knowing what is available.

Also, is all the planning in his name or do you have some pensions for yourself? Ideally retirement planning should be balanced equally between the two of you. It saves you more tax that way. Plus, if the worst happens and one of you dies, all the pension planning isnt all in one name and doesnt die with them.

Sorry if this is to long.

You havent seen half my posts then

EdInvestor

Hi suzetim

I echo Dunstonh's concern about the idea that a final salary BR pension was moved to the Pru - if this happened, you may well have a misselling case.

What's the value of this Pru fund? What is it invested in?

And what is the position with both of your state pensions?If you don't know, you should get a forecast from the Pensions Service.

Has your husband been contracted in or out of SERPS/S2P?

Sorry it's all so complicated

suzetim

Thanks for replying.

He left British Rail so left the pension scheme. That was not transferred to the Prudential.

I work within the NHS so have had a pension with them for the last 17 years or so, but am contacting the pension advisor for an update and advise etc.
Just don't really know what to ask. Will ask for a reveiw and predications.

Am hasseling my husband to get his act together re his pension....but he needs prodding...alot. He finds it so complicated, like you said.

Would it be a good idea to see an independent advisor???

Thanks for all your time and advise...much appreciated.

EdInvestor

suzetim wrote:

Hi,
My husband at the moment has no pension, he is 48 yrs old.
He started of with a pension with British Rail, approx 7yrs, then had a personnal pension with the Prudential for ?12 yrs, then went to a works pension. This occupational pension stopped after 2years, as companies where sold. So for the last 2 years has paid into no pension. His occupatioanl pension has been transferred to the Prudential funds.

Hi suzetim

So if I underwstand you correctly your husband has
1) a frozen final salary pension with BR
2)a personal pension with the Pru with 12 years conts plus 2 years worth of later works pension money in it
3)Has he been "contracted out" of the second state pension?

Since your husband is coming up to 50, now might seem a good time to find out exactly what all this is going to produce at retirement in the way of an income.

If you don't already know, I would write to BR and ask, and then obtain an up to date "transfer value" of the Pru pension (what fund is it invested in BTW?)

I would also get a state pension forecast from the Pensions Service, which should show what you need to know about the 2nd pension as well.

Then you can see what extra money your husband will need to save/invest in the rest of the years before retirement.As he already has a considerable amount of money locked up in pensions, and no employer contribution at his present job, he may be better to salt away extra money in ISAs rather than pensions, as theywill give him more flexibility.

Post back when you have some info and we can have a closer look.

suzetim

Thanks so much for you radvise...I want to pass this on to Tim, but he never gets round to doing anything...so I will chase all this up...but going on holiday first.

So will get back to you when I know more.

Thanks again, it is appreciated.
Suze