Pension company not telling me what my pots worth

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  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    xylophone wrote: »
    Have you found a pension transfer specialist?

    Will your SIPP accept a transfer in if the PTS will not give a positive recommendation?

    What do you think?
  • Malthusian
    Malthusian Posts: 10,944 Forumite
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    singhini wrote: »
    The elephant in the room for me is the fact the pension fund is circa £588 million short and their intending to put £33million in to it until 2027

    I suspect the fund is going to collapse so I'm going to take the money out and stick it in my SIPP

    Perhaps when you've run out of money you could ask the sponsoring employer to top your SIPP back up, as they are doing with the defined benefits pension fund. Actuaries can always use a good laugh.

    The underfunding of the scheme is virtually irrelevant to you. Not a single payment has been missed and an "underfunding" problem can disappear with a few changes to the actuary's assumptions. The financial strength of the sponsoring employer is what matters. And even if they're about to go bust, most people are better off in the Pension Protection Fund, even after the 10% reduction, than taking the transfer value.
    I don't care if inflation errods its value
    If I give you my bank details could you send me 2.5% of your SIPP every year?

    If the answer's no, why do you care about the money I've asked for but not the money you're losing to inflation?
  • Terron
    Terron Posts: 846 Forumite
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    singhini wrote: »
    The elephant in the room for me is the fact the pension fund is circa £588 million short and their intending to put £33million in to it until 2027

    See you all in the casino

    Pension fund shortfalls are based on a prediction on whether their current funds will make enough if interest rates remain the same. Interest rates are likely to go up very soon, which will increase the predicted value and cut the amount they are short.

    I won't be in the casino. Only the house wins in the long run.
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    The elephant in the room for me is the fact the pension fund is circa £588 million short and their intending to put £33million in to it until 2027

    So, not really a problem there. Also remember that the assumptions that are used to measure funding levels are overly cautious nowadays. They have to effectively assume the worst.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • coyrls
    coyrls Posts: 2,432 Forumite
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    singhini wrote: »
    Well the paperwork came today (butch of w@£$%rs, the letter states the valuation for transfer purposes is only valid until 29th September. What use is that when I received the letter in October).


    Anyway the transfer value is now £105,000 with a annual pension of £4,500


    The elephant in the room for me is the fact the pension fund is circa £588 million short and their intending to put £33million in to it until 2027


    I suspect the fund is going to collapse so I'm going to take the money out and stick it in my SIPP


    I don't care if inflation errods its value (ive got £105,000 and I still start to draw off this pot along with all my other pots in the next 8 years)


    Thanks for everyone's comments and suggestions but I'm not waiting around for a fund to collapse.


    See you all in the casino

    As you've already said, you don't have a clue about pensions.
  • sandsy
    sandsy Posts: 1,720 Forumite
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    £588m, relative to what value of liabilities? What’s the DB deficit as a %?
    Has your CETV been reduced due to the deficit? Unlikely to be considered as an reason for transferring if not.
    How does £33m pa compare to the employer’s revenue and profits annually?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    singhini wrote: »
    Anyway the transfer value is now £105,000 with a annual pension of £4,500

    I suspect the fund is going to collapse so I'm going to take the money out and stick it in my SIPP


    Where do you plan to invest the money in order to return you with an indexed linked income of £4.5k per annum.
  • singhini
    singhini Posts: 553 Forumite
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    Keep_pedalling wrote: »
    i only see one w@£$%r here.



    Thanks for everyone's comments and suggestions but if taking the money out and holding it in my bank account makes me happy then I don't see what's wrong with that.


    Keep pedalling: I've been called much worse than that (I was born with brown skin in this country back in the 1970's), so please feel free to call me what you like
  • Silvertabby
    Silvertabby Posts: 9,024 Forumite
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    “ Anyway the transfer value is now £105,000 with a annual pension of £4,500. Thanks for everyone's comments and suggestions but if taking the money out and holding it in my bank account makes me happy then I don't see what's wrong with that. Posted by singhini
    Nothing wrong at all. If you are serious about transferring this pension to your bank account and are happy to pay at least £32K in tax then I, as a taxpayer, applaud you for your generosity.
  • singhini
    singhini Posts: 553 Forumite
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    I pay £26,000 annually in IT and NI anyway, what difference is another £32k going to make
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