The Retirement Thread
2 lurkers |
176 watchers
18 Apr
1:57pm, 18 Apr 2024
31,998 posts
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Johnny Blaze
Oh yes. I’ve finally finished all the FA stuff which I felt I needed to do to both get a validation of my retirement plans and also get the best possible deal on an annuity for my final personal pension plans. It took a bit of effort but it’s there now and I will never have to do it again. The die is cast, the cake is baked, that’s all she wrote etc. |
18 Apr
2:19pm, 18 Apr 2024
49,845 posts
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HappyG(rrr)
How did you choose an IFA JB and how much did you pay (no need to say £ values just a sense of scale if poss pls?) At mo I'm planning not to pay an IFA for paying into pensions, hoping I can work it out myself with HMRC. But re buying annuity argh, feel I might need help with that.  G
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18 Apr
2:38pm, 18 Apr 2024
27,283 posts
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Angus Clydesdale
Ah, so here you all are…..
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18 Apr
2:40pm, 18 Apr 2024
27,284 posts
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Angus Clydesdale
Probably time for me to start thinking about this, given I’ve just received mail from the Halifax about my personal pension and a forecast from the military pensions people. I'd sort of forgotten that becoming 55 was a milestone of some note. |
18 Apr
2:49pm, 18 Apr 2024
53,505 posts
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EvilPixie
Welcome AC! Lovely relaxed run home! |
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18 Apr
3:15pm, 18 Apr 2024
31,999 posts
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Johnny Blaze
Happy, I went on unbiased.co.uk and put in my details. I had a contact from him same day and he was the only one who replied, which normally I wouldn't go for, but as the initial consultation was free I thought "what do I have to lose?" It was a flat fee job and if you said 2k I would say about right. That seems like an awful lot of money but I figured I would make that back ten fold if he helped me get the best annuity or, at the very least, he confirmed I was making the right choices. Now then, what did I get? First of all I had to give him permission to contact my existing pension providers (four) as working on my behalf. Two of my providers are already providing but he said he needed to get info "from the horse's mouth" on existing valuations etc. Secondly I had to tell him everything about my existing pensions, my assets and liabilities, incomes and expenditures and future plans - holidays, large purchases, house moves etc. But why? Well, the two main deliverables were: 1 a very detailed forward cash flow projection to confirm whether my plans were realistic and achievable. This was a comfort. 2 He went through a portal to select the best annuities for me given my requirements: joint; guarantee period; enhanced or not; % paid to dependants; inflation link. Having picked the one I wanted he completed all the forms necessary, i signed them and off they went. His fee is taken out of the transferred pension by the provider so I don't directly write a cheque myself. I'm only saying how I did it and what I got to help other people who might be a bit at sea with what is, after all, possibly one of the biggest financial decisions you have to make. So far I think it's working well for me, although if other people took a different route fair play to them. I'll be happier when the cash hits the bucket though! |
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18 Apr
3:18pm, 18 Apr 2024
32,000 posts
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Johnny Blaze
Re annuities: you could go on the Money Helper website to get some indicative quotes and mess around with different scenarios. I will say mine worked out at about a 6% annual return, which historically is a good level and I wanted to lock it in. When interest rates start to fall I expect annuity rates will as well. |
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18 Apr
3:23pm, 18 Apr 2024
32,001 posts
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Johnny Blaze
inews.co.uk
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18 Apr
3:25pm, 18 Apr 2024
7,471 posts
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bigleggy
Anyone here got anything with St James Place Wealth Management ? I transferred a pension to them about 6 years ago. Apparently they've been charging clients for advice they've never received. There's compensation to be had apparently. Feel a bit silly I got duped tho :-/ |
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18 Apr
3:29pm, 18 Apr 2024
49,846 posts
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HappyG(rrr)
Thanks JB much appreciated. G
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Jigs Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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