The Retirement Thread
18 lurkers |
174 watchers
May 2022
5:32pm, 3 May 2022
2,431 posts
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Flatlander
I had a quite small with-profits bond with Equitable Life and after several years I eventually got back the capital but no interest. I didn't get caught by EL regarding my AVC pension fund. My non-occupational pension was an NHS linked AVC Stakeholder Pension with Standard Life which performed reasonably well, and when I retired and left the NHS I transferred it into my SIPP. I paid into my NHS pension from when I started and fairly early on I decided to make extra contributions to buy "extra years" so that I would get the full entitlement. For the amount I paid in, for the extra pension I am now getting, that was an excellent decision. |
May 2022
8:02pm, 3 May 2022
32,349 posts
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EvilPixie
Latest meeting tonight with IFA I’ve asked to see everything in writing to reflect before saying yes mr pix wanted to say yes straight away! My understanding is: Move both ISAs to better funds Move SW pensions Instead of paying into a private pension (ie the money we currently pay into SW) pay this money into our work scheme Stop life insurance Consider CII (I think NO) Then I may be wrong but it sounded like he was suggesting taking some of the work pension pots and investing this separately My old work stockholder policy (lifesight) up to me may be worth moving. Lots to reflect on I think. |
May 2022
8:07pm, 3 May 2022
21,286 posts
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Ness
That does seem a lot to think about!
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May 2022
9:02pm, 3 May 2022
1,385 posts
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arbster
EvilPixie it sounds very sensible to get the recommendations in writing, especially if you're unsure about any of it. A couple of things to look for in the write-up: 1. What is it about the new funds for your ISAs that makes them "better", and are they consistent with your attitude to risk? 2. Presumably the reason for investing additional funds into work pensions is that either there is additional employer matching contributions to take advantage of, or the fees are lower? 3. CII is a good idea if either of your incomes is required to support your chosen lifestyle, or if there's a risk that a CI diagnosis would result in significant additional costs you wouldn't be able to cover from other provisions. 4. Presumably he's looked into whether there are any guarantees or protected rights associated with your old pension, before recommending transferring? 5. What's the cost of the advice, or the ongoing cost of his services. It doesn't sound like he's taking your funds under his management, which is good, so there shouldn't be an open-ended, ongoing charge. |
May 2022
10:23am, 4 May 2022
36,290 posts
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Hills of Death (HOD)
I’ve a final salary pension 29 years in so far I’m 52 on Friday I’m aiming for 60 but things can change I’ve gone for a promotion if I get it another 15k a year on top. If not still looking good so I’m playing it by ear. Several managers have gone recently aged 54-62. I’ve started doing max AVCs about 3-4 years ago, mortgage will be paid off 5-6 years after a little bit of overpaying 😜. |
May 2022
12:14pm, 4 May 2022
57,821 posts
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Velociraptor
I'm still provisionally retired 
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May 2022
12:15pm, 4 May 2022
32,353 posts
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EvilPixie
LOL Hopefully you will get a proper answer soon |
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May 2022
12:24pm, 4 May 2022
21,314 posts
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Ness
Sounds good, Velociraptor 😁
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May 2022
12:26pm, 4 May 2022
25,335 posts
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TROSaracen
HOw long before Vrap decides 'this is the life' and it'll be too late even if they agree to the shifts.....
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May 2022
12:29pm, 4 May 2022
21,315 posts
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Ness
Good question, TRO.
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- How Much is Enough to Retire On?
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- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
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- Aviva guide to retirement planning
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- Make a Power of Attorney
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