Advice For the Younger Generation

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Legacy_user
Legacy_user Posts: 0 Newbie
edited 14 July 2019 at 6:39PM in Pensions, annuities & retirement planning
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  • pramsay13
    pramsay13 Posts: 1,953 Forumite
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    I haven't heard of Sharks pension provider but I'll keep this in mind if I come across them.
  • jaybeetoo
    jaybeetoo Posts: 1,337 Forumite
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    You clearly have some specific issues with your pension arrangements and I’m sorry you e had a bad experience. Clearly, we don’t know the full details.

    I could not have retired early if it wasn’t for my pension. The best decision I ever made was taking out an AVC and putting annual bonus payments into it.

    Investing in precious metals is far too risky.

    If you stop one person from investing in a pension it is one too many.
  • Linton
    Linton Posts: 17,173 Forumite
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    Sorry about your p[roblems but I fear from your comments that you may not understand what is happening ...


    You seem to be complaining about medical insurance cover. This is nothing to do with pensions though employers may include it in the same benefit, particularly if it is a DB pension. Is your husband's pension DC where a pot of money is accumulated or DB ("final salary")?
  • happyandcontented
    happyandcontented Posts: 2,768 Forumite
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    Could you live off the SP?
  • Dorian1958
    Dorian1958 Posts: 238 Forumite
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    Didn't you already post the exact samepoints on another thread?
  • tempus_fugit
    tempus_fugit Posts: 1,189 Forumite
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    Not. Going. To. Feed. The. Troll.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
  • happyandcontented
    happyandcontented Posts: 2,768 Forumite
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    john_woods wrote: »
    Ahhh, silence....
    The truth speaks for itself, doesn’t it.

    You haven't answered my question.;)
  • Blackbeard_of_Perranporth
    Blackbeard_of_Perranporth Posts: 7,605 Forumite
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    john_woods wrote: »
    Hi. My husband 54 and two years ago I helped him cash in two pensions with the same company. One for £20,000 and the other for £7,000. He cashed in due to severe ill health.

    Recently we found out he had three small amounts in three separate pensions, two with one pension company and one with another- one is for £1300 (with first pension company) and the second is for £180 and the third £120. (second and third pension is with second pension company).
    ***They are all Work Place Pensions***

    They have sent out the relative forms but we have no idea what to tick.
    1/ Take as a "Cash Lump Sum"
    2/ Take as a "Small Pension Pot"
    I have researched no end and still none the wiser and even the pension companies don't seem to know when we have called them up.
    Totally confused with the whole thing and just feel like giving up with them but its my husbands money and we really could do with it.
    Any help and advice would be so welcoming- Thank You!
    I also have ill health since my ICD was fitted in 2012! Aged 50! Some context.

    I could take an enhanced pension, but do not as I continue to work. It appears that you wanted to cash out when your husband was 54. I am afraid that is the wrong thing to do. Too many people are taking cash from their pensions for that holiday or big thing then wonder why they have nothing. Not what you want to read, but cie la vie!
  • happyandcontented
    happyandcontented Posts: 2,768 Forumite
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    john_woods wrote: »
    Together with physical investments that have risen almost 1200% since 1979, instead of paper imaginary ones that put the people in suits £20 Billion richer every year while the rest of us give them our hard earned cash?
    Yes, no problem at all:) I definitely could live off SP, comfortable in the knowledge that I haven’t given a fund manager a £2,000,000 salary on the way.

    That answered your question?

    That is ok then. We couldn't anywhere near fund our retirement lifestyle off SP and so we chose early on to take out a PP. We are happy with our choice, as are you. No problems then. Horses for courses, and it will be the same for the younger generation. Your advice is not good for everyone.
  • Blackbeard_of_Perranporth
    Blackbeard_of_Perranporth Posts: 7,605 Forumite
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    edited 14 July 2019 at 3:02PM
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    No further comment, M'laud!

    For others, some common sense
    https://www.youtube.com/watch?v=dOyK4QqvhmU
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