Urgent Advice Needed

manchesterlad

Ooops forgot another question!!!! As this was a contracted out scheme for N.I contributions, would a huge chunk of fund have to be given back to ensure I get state pension??

EdInvestor

Retired_I.F.A. wrote: »

Paying for the advice from an IFA wont mean you opening you wallet or writing a cheque as it comes from the transfer value. Unless you specifically tell the IFA to work on a fee basis outside of the fund

Typically IFAs take 3% -5% for moving a fund into drawdown. This is something you can do pretty easily yourself.

Have a look at the drawdown/SIPPs offered by

https://www.h-l.co.uk and
https://www.sippdeal.co.uk

Good value products. HL can also help you with a temporary pension for the protected rights if you need it. Sippdeal will be taking PR money into SIPP/drawdowns from October.

You can see the forms that have to be filled in on the Sippdeal website. Quite easy.

The only need for an IFA would arise if

a)The pension is a final salary scheme (and then you might not be able to get it out anyway)

b)The OP felt he needed help in investing the funds now in drawdown.

Retired_I.F.A.

Manchesterlad do yourself a favour and only half listen to Ed. She talks out of her backside more than her mouth especially going on about Self invested Personal Pensions being the only way to get into drawdown which they cant fully till October whereas a Personal Pension can and has had drawdown as an option for years.

All you need do for now is find an IFA authorised to conduct pension transfers whose fees are reasonable.

Yellow pages / The local phone book and https://www.unbiased.co.uk

EdInvestor

manchesterlad wrote: »

Ooops forgot another question!!!! As this was a contracted out scheme for N.I contributions, would a huge chunk of fund have to be given back to ensure I get state pension??

No - you were contracted out of the 2nd state pension, not the basic state pension.The contracted out money does have to be kept separate though - it's the "protected rights" money I refer to.

EdInvestor

Retired_I.F.A. wrote: »

whereas a Personal Pension can and has had drawdown as an option for years.

But only for funds worth more than 100k, and the charges are high.

Retired_I.F.A.

Better still add her to your ignore list . it's an option on this board allowing you to ban her effectively. Something many hundreds would like to see done officially.

And just in case you think she is telling the truth ask her who I personally have my drawdown plan with she knows full well I put only £7000 into my Personal Pension with Skandia Life.

manchesterlad

LOL! I don't mean to cause any arguments. There is also a note on last correspondence from Mercers stating that the company 'Retirement Pool' only continues until end of September 2008. Whatever that means. Retired, do you think there is any chances of me seeing a lump sum before October??

Thanks

Martin

Retired_I.F.A.

Your not causing an arguement she just does it 24/7 instead of taking up knitting or something more useful.

I admit I'm out of touch on quite a few things but she's on another planet half the time.

Yes 3 months I'd say is reasonable, but as I said earlier many IFA's steer clear of such transfers nowadays so maybe you need to make 10 maybe 20 calls to find one.

Good luck, Im going for a pint, coming Ed? I'm buying, just as long as you stand still long enough for me to pour it all over your head. :P

manchesterlad

Thanks I.F.A, enjoy your pint mate, any more help or advice anyone can give would be greatly appreciated

Martin

jem16

EdInvestor wrote: »

But only for funds worth more than 100k, and the charges are high.

Not true no matter how many times you say it Ed.