Barclays Pension

redukdaz

Hey guys

I would like to know your views on my pension, yesterday I received a statement from Barclays:

Retirement Date: 07/06/2037
Possible Fund @ Retirement: 129,000
Current Contributions: 98.48 (+ Gov Gross to 132.57)
Total Payments to Date: 9,904.26
Current Value: 11,917.07 / 1,252 units
Current Growth: 7% unit-linked before charges and inflation

I started this pension when I first started work (around 2000) and haven't reviewed it since. It's time to get it sorted!

Should I:

• Keep it as is, and increase payments
• Transfer to another company
• Add a new pension?
• Do something with a sipp?

I'm happy to answer any questions!

Daz:T

dunstonh

Keep it as is, and increase payments

You arent paying much into it so paying more would do no harm. Although we dont know your income, age, other provision, retirement aims etc so its hard to say.

Transfer to another company

Barclays pensions aren't known for quality and can usually be improved upon with more modern options.

Do something with a sipp?

The fact you have to ask that question tells us the answer to that should be no. SIPPs are experienced investor products. They are also more expensive than stakeholder and many personal pensions. So, unless you utilise the features and benefits of a SIPP then it is money wasted.

barclaysguy

based on todays market you would get 700-800 per month. Could you live on that? plus state though

dunstonh

Which probably means about £200pm in real money terms.

redukdaz

Hey guys,

I'm 31

dunstonh

Do you intend to retire early or go with state retirement age? (67 in your case)

Does that fund value include contracted out "protected rights" or is it all non protected rights/ordinary rights?

Are you employed or self employed? (self employed get less state pensions so you need to make more provision to counter that)

EdInvestor

What is the money invested in? It's the performance of the funds inside the pension, not the pension itself -which is just a tax wrapper- which determine how much you end up with.

The importnat thing about the wrapper is its charges.

So find out about those 2 things first.

Also ask what alternative fund choices there are.

Then post back and it will be a lot clearer what you should do.

redukdaz

ok lots of questions

I'll give the bank a call tomorrow and get a meeting organised!

What other things should I ask?

I'm fully employed

Thanks for the help so far!

Daz