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  • FIRST POST
    • Starbrite
    • By Starbrite 11th Jul 18, 2:04 PM
    • 627Posts
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    Starbrite
    Seem to be collecting pensions....
    • #1
    • 11th Jul 18, 2:04 PM
    Seem to be collecting pensions.... 11th Jul 18 at 2:04 PM
    I currently have 4 pensions!


    State Pension - balance who knows! (I do have a forecast)

    The peoples pension via old employer - total 174.37

    Smart pension via old employer - total 199.69

    Scottish widows my personal pension - nice side of 10k but under 20k


    My question is, do I keep the peoples pension and the Smart pension as separate pots or transfer them over into my Scottish widows pot or even choose the better provider out of the two and have that?
    Saving 2,000 in 2013!
Page 1
    • dunstonh
    • By dunstonh 11th Jul 18, 2:17 PM
    • 93,401 Posts
    • 60,912 Thanks
    dunstonh
    • #2
    • 11th Jul 18, 2:17 PM
    • #2
    • 11th Jul 18, 2:17 PM
    My question is, do I keep the peoples pension and the Smart pension as separate pots or transfer them over into my Scottish widows pot or even choose the better provider out of the two and have that?
    If its better to then yes. If its not then no.

    Most SW PPPs are largely out of date. So, unless you have one on special terms, it may not be a great option and one of the other two may be better or a brand new option for all three.

    State Pension - balance who knows! (I do have a forecast)
    It is not a funded pension and has no balance.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Starbrite
    • By Starbrite 11th Jul 18, 2:27 PM
    • 627 Posts
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    Starbrite
    • #3
    • 11th Jul 18, 2:27 PM
    • #3
    • 11th Jul 18, 2:27 PM
    If its better to then yes. If its not then no.

    Most SW PPPs are largely out of date. So, unless you have one on special terms, it may not be a great option and one of the other two may be better or a brand new option for all three.
    Originally posted by dunstonh

    Ooo interesting, so it might be worth looking into swapping the SW pension?




    [/QUOTE]It is not a funded pension and has no balance.[/QUOTE]


    Was a throw away remark... who knows anything about the state pension, they keep changing the goal posts on it, might not even be there at all when I hit 68 my currently age to receive it!
    Saving 2,000 in 2013!
    • lisyloo
    • By lisyloo 11th Jul 18, 4:04 PM
    • 22,022 Posts
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    lisyloo
    • #4
    • 11th Jul 18, 4:04 PM
    • #4
    • 11th Jul 18, 4:04 PM
    who knows anything about the state pension, they keep changing the goal posts on it, might not even be there at all when I hit 68 my currently age to receive it!

    You are correct that we can not know how things will change.
    However it's politically infeasible to remove the state pension altogether.
    It's much more likely to be reduced/mean tested and ages increased, but gradually and affecting people close to retirement age less.


    You have very little at the moment. I don't know your age but it'll be difficult for you to disregard it completely.
    For a comfortable retirement I am looking at 600K minimum.
    That might sound like a lot but bear in mind it might have to last 40 years (depending on when you retire of course).
    • Starbrite
    • By Starbrite 12th Jul 18, 7:08 PM
    • 627 Posts
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    Starbrite
    • #5
    • 12th Jul 18, 7:08 PM
    • #5
    • 12th Jul 18, 7:08 PM
    You are correct that we can not know how things will change.
    However it's politically infeasible to remove the state pension altogether.
    It's much more likely to be reduced/mean tested and ages increased, but gradually and affecting people close to retirement age less.


    You have very little at the moment. I don't know your age but it'll be difficult for you to disregard it completely.
    For a comfortable retirement I am looking at 600K minimum.
    That might sound like a lot but bear in mind it might have to last 40 years (depending on when you retire of course).
    Originally posted by lisyloo

    I am fully aware I have very little, alas I started late, I have 100% more than a lot of my friends/family and have been in/out of work last 5 years so paying in has been hard/impossible.
    Saving 2,000 in 2013!
    • lisyloo
    • By lisyloo 13th Jul 18, 12:52 PM
    • 22,022 Posts
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    lisyloo
    • #6
    • 13th Jul 18, 12:52 PM
    • #6
    • 13th Jul 18, 12:52 PM
    I wasn't judging your contributions for which there could be multiple valid exaplantions, merely that you should re-consider making throw-away remarks about the state pension.


    Agree with you about moving goalposts.
    Really hacks me off when I'm trying to plan.
    • kidmugsy
    • By kidmugsy 13th Jul 18, 3:49 PM
    • 11,066 Posts
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    kidmugsy
    • #7
    • 13th Jul 18, 3:49 PM
    • #7
    • 13th Jul 18, 3:49 PM
    There has been a State Pension since before the First World War. The idea that it will be done away with is ludicrous, unless you expect some disaster of such proportions that the whole welfare state will have to be swept away.

    I can believe that they might means test it (the original one was means-tested, I think) though if - say - they restricted the means-testing to people who pay higher rate income tax in retirement it would probably save precious little money. I can imagine that they might abolish the Triple Lock and simply link the pension to the earnings index. But even then the age balance in the population suggests that it might be politically unwise.
    Free the dunston one next time too.
    • AndyAdams
    • By AndyAdams 13th Jul 18, 9:12 PM
    • 43 Posts
    • 37 Thanks
    AndyAdams
    • #8
    • 13th Jul 18, 9:12 PM
    • #8
    • 13th Jul 18, 9:12 PM
    ...I can believe that they might means test it...
    Originally posted by kidmugsy

    I'm am a little concerned about that statement. If they do means test it, it would severely impact me. Currently I am 53 and hoping to retire soon. I think the most likely option is to keep moving the state pension retirement age out. A lot cheaper to administrate and fairer as everybody who has made NIC contributions will get something in return (as long as they live long enough)
    Last edited by AndyAdams; 13-07-2018 at 9:43 PM.
    • kidmugsy
    • By kidmugsy 13th Jul 18, 9:28 PM
    • 11,066 Posts
    • 7,625 Thanks
    kidmugsy
    • #9
    • 13th Jul 18, 9:28 PM
    • #9
    • 13th Jul 18, 9:28 PM
    If they do means test it, it would severly impact me.
    Originally posted by AndyAdams
    If it has to reduce somebody's income I'd prefer it be somebody who can write "severely impact" without a dismissive snort.
    Free the dunston one next time too.
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