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  • FIRST POST
    • tightasafish
    • By tightasafish 12th Mar 18, 1:33 PM
    • 23Posts
    • 9Thanks
    tightasafish
    Pension advice please.
    • #1
    • 12th Mar 18, 1:33 PM
    Pension advice please. 12th Mar 18 at 1:33 PM
    I am 58 years old and for various reasons have not amassed much in the way of a pension pot so will probably need to work until I drop. I do however have three small plans (with Royal London, Prudential, and Equitable Life) totaling a value of around £51k. The predicted pension values resulting from these plans are paltry so I was thinking of accessing my 25% tax free lump sums. Having done some research I have concluded that the best way of doing this is to go down the 'flexi-access drawdown' route. I have been advised by at least two of the companies that they will only deal with me through a financial advisor.
    I have contacted MK Financial Planning (Bristol) and they have advised that they would charge 3% of the sum remaining after I had accessed my 25% ( ie 3% of 75% of £51k = £1150) plus an ongoing fee of 0.5% per annum.
    My questions are:
    1. Does anyone have any experience of MK?
    2. Are their fees the going rate?

    Thank you.
Page 1
    • BLB53
    • By BLB53 12th Mar 18, 1:48 PM
    • 1,304 Posts
    • 1,087 Thanks
    BLB53
    • #2
    • 12th Mar 18, 1:48 PM
    • #2
    • 12th Mar 18, 1:48 PM
    If you open your own SIPP it may be possible to transfer the 3 pensions and consolidate without the requirement for advice which would save you paying the fees...would be worth exploring with your pension providers.
    If you choose index funds you can never outperform the market.
    If you choose managed funds there's a high probability you will underperform index funds.
    • xylophone
    • By xylophone 12th Mar 18, 1:54 PM
    • 25,563 Posts
    • 15,098 Thanks
    xylophone
    • #3
    • 12th Mar 18, 1:54 PM
    • #3
    • 12th Mar 18, 1:54 PM
    You might consider exploring a transfer to a SIPP so as to consolidate all three.

    You might explore the possibility with HL?

    http://www.hl.co.uk/pensions/sipp
    • cloud_dog
    • By cloud_dog 12th Mar 18, 5:11 PM
    • 3,724 Posts
    • 2,215 Thanks
    cloud_dog
    • #4
    • 12th Mar 18, 5:11 PM
    • #4
    • 12th Mar 18, 5:11 PM
    I am 58 years old and for various reasons have not amassed much in the way of a pension pot so will probably need to work until I drop. I do however have three small plans (with Royal London, Prudential, and Equitable Life) totaling a value of around £51k. The predicted pension values resulting from these plans are paltry so I was thinking of accessing my 25% tax free lump sums. Having done some research I have concluded that the best way of doing this is to go down the 'flexi-access drawdown' route. I have been advised by at least two of the companies that they will only deal with me through a financial advisor.
    I have contacted MK Financial Planning (Bristol) and they have advised that they would charge 3% of the sum remaining after I had accessed my 25% ( ie 3% of 75% of £51k = £1150) plus an ongoing fee of 0.5% per annum.
    My questions are:
    1. Does anyone have any experience of MK?
    2. Are their fees the going rate?

    Thank you.
    Originally posted by tightasafish
    I don't understand what you are looking to achieve?

    You say you haven't amassed much of a pension pot but, are still working and will continue to work until NRA (or longer).

    You haven't stated that you need the 25% or that you need to start taking the pension (any/some) now so, why look to access it now?

    So, I don't understand why you want to access your pension now? Wouldn't it make sense to retain all your pension, as is, and continue as much as possible to add to it over the coming years?

    Do any of the existing pots have guarantees (S32, GMP)?

    By all means investigate if the charges on the existing plans are extortionate and take appropriate action but...
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • atush
    • By atush 13th Mar 18, 1:19 PM
    • 16,806 Posts
    • 10,488 Thanks
    atush
    • #5
    • 13th Mar 18, 1:19 PM
    • #5
    • 13th Mar 18, 1:19 PM
    I am 58 years old and for various reasons have not amassed much in the way of a pension pot so will probably need to work until I drop. I do however have three small plans (with Royal London, Prudential, and Equitable Life) totaling a value of around £51k. The predicted pension values resulting from these plans are paltry so I was thinking of accessing my 25% tax free lump sums. Having done some research I have concluded that the best way of doing this is to go down the 'flexi-access drawdown' route. I have been advised by at least two of the companies that they will only deal with me through a financial advisor.
    I have contacted MK Financial Planning (Bristol) and they have advised that they would charge 3% of the sum remaining after I had accessed my 25% ( ie 3% of 75% of £51k = £1150) plus an ongoing fee of 0.5% per annum.
    My questions are:
    1. Does anyone have any experience of MK?
    2. Are their fees the going rate?

    Thank you.
    Originally posted by tightasafish
    What is important is not the projections of future income, but what you propose to do at retirement. Why are you taking 25% now? Why not wait until later? Why not pay mroe into pesnions rather than taking out?

    What pension are you paying into today?

    Why move the pensions? what are the charges where they are, and the investments used?
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