The Retirement Thread
5 lurkers |
176 watchers
Jun 2022
7:34pm, 23 Jun 2022
1,415 posts
|
arbster
I agree, in principle. If you invest through a company that genuinely can outperform the market then they deserve to be rewarded. The problem is that their fee structures don't reward performance, in practice. They don't really even incentivise it. And because it's your money you really wouldn't want them to take a lot of investment risk because it's your money - if they make bad investments and lose money, they've not really lost anything. If they're taking 1% fees, and lose £100k of your investments it's cost them £1k, but it's cost you £100k. If you add to this the fact that almost all actively managed funds fail even to match the performance of a passive, low-cost index tracker, it's hard to see what an IFA will do to earn their fees. Most IFAs simply invest in passive, low-cost trackers for their clients. They don't produce returns that beat the market, and don't pretend to try to. If your IFA is promising to do so, that would be a big red flag for me. What IFAs are good for is ensuring that you are disciplined in your investment approach, and don't panic when the market is down. They're good at helping you mitigate the effect of the lifetime allowance, and ensure you have a drawdown plan that works for your desired pension income. They help you invest tax-efficiently if you have large pension pots and large incomes. They ensure your exposure to IHT and CGT is managed. In summary, IFAs can almost never justify their fees through investment returns alone. They do offer huge value in other areas, but passively paying them £5000-£10000 per year over an extended period is something people should do with their eyes open. |
Jul 2022
8:38am, 1 Jul 2022
33,617 posts
|
EvilPixie
paperwork received from Aviva for new accounts and SW say they have authority to move things are happening getting hold of the work scheme to increase that contribution is proving more difficult! |
Jul 2022
8:39am, 1 Jul 2022
136,680 posts
|
GregP
I still haven't had my annual LGPS statement from my current employer. Considering I got the one for my teeny deferred LGPS pension in mid-May this is, erm, disappointing.
|
Jul 2022
8:43am, 1 Jul 2022
947 posts
|
stilldreaming
GregP My employer (before I retired) had stopped sending out annual LGPS statements and you had to go online to see your info. Could this be the case with your employer?
|
|
Jul 2022
8:47am, 1 Jul 2022
136,683 posts
|
GregP
OOOOOOH! Right. Thanks so much for that. Will waddle off and investigate. Back later hopefully. |
Jul 2022
8:54am, 1 Jul 2022
15,206 posts
|
Sigh
Great news, EvilPixie !
|
Jul 2022
8:54am, 1 Jul 2022
22,950 posts
|
Bazoaxe
Mine was posted online last week but I did get an email to tell me it was there.
|
|
Jul 2022
9:00am, 1 Jul 2022
22,951 posts
|
Bazoaxe
In theory, in 21 days time I could hand my notice in and take retirement from my 55th birthday which is a nice feeling to know thats possible, even if it wont happen. My most recent pension statement does show I have a nice DB income. However my DC pot continues to get hammered and is worth less than it was in January, despite me having made significant contributions. This means I just need to keep going and wait for the recovery Mrs Axe sadly has 3 x DBs but on each because she is no longer there, they seem to get next to no annual increases and so we neeed to factor that all in to our calculations. I still hope I only have maybe 15-18 months to go |
|
Jul 2022
9:00am, 1 Jul 2022
136,685 posts
|
GregP
I just phoned them - they were very nice, answered the phone after a couple of rings. Statements will be sent out at the end of August. Yikes. I've got a PDR in September when I planned on 'officially' saying I was going to stick my ticket in in December. |
Jul 2022
9:09am, 1 Jul 2022
42,768 posts
|
HappyG(rrr)
Wow, retiring at 56 or 57 is still early Bazo. Very jealous! I'm 53 but will be working until at least 60 but probably 65 or even beyond!  Was never very good at saving or investing! Pretty much got confirmation that I had a 3 year of no contribution 1995-98. Old employer has no records, but confirms who pension was with (NPI). That is now definitely managed by Phoenix and they find nothing for me in that scheme, dates or with any name, address, dob and NI number details. So I think that's the end of it. Doesn't matter. Still pleasantly surprised that I had a few pots elsewhere that are more than I might have. Need to hope that our property is a sort of nest egg, that when we retire we might be able to downsize from and find a bit of equity that way. G
|
Marmite 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
Related Threads
-
Any pension experts out there?
Oct 2024
-
Writing a will.
Nov 2022
-
Energy Bills
Jan 2025
-
Saving Money Tips
Aug 2023
-
Any benefit geeks can help me?
Mar 2023
-
Selling things
Feb 2023
-
Anyone here freelance or self-employed?
Jan 2024
-
Accounting Question
Oct 2017
-
How do I declare extra income to the HMRC when I've always been on PAYE?
Oct 2016
-
Home book keeping for the compleat Fetchie
Mar 2024
