Pension advise.

[abu13]

Thanks for the advise, it is a close member of the family who this affects who is in his early 70's.

He isn't in a state to sort things himself at the moment and I am trying to look out for him.

 

[casualdeyna]

Get the family member to grant you authority with the pension firm, either by phone or mail, and they will discuss all options with you. They just won't do it until whoever's pension it is has granted authority. If that is a problem you can still speak to the firm and ask them general questions, they just can't give you anything specific about the pension without authority because of data protection

 

[frothy]

I am retiring next July. I have got a good final salary pension that I was in for 25 years and The current one is doing OK, so going to take that as draw down to take me till I am 66. When I get my state pension. 62 now

 

[TheBlueDune]

Get proper advice. Sure, it carries fees, but they normally come out of the pot of money. Something like 2% with a minimum of £2,000.
They should ask you about financial plans (buy a porsche, box at city, etc) and tell you when or if you'll be skint/comfortable.
Annuity - die and it's gone unless has built-in spouse insurance which means you get less per month.
Drawdown - you can take 25% tax free for porsche and city box, pot is reinvested and should grow, maybe 5% net, fees would apply, maybe 1-2%. If die then spouse gets whatever is left.

But get proper advice. First meeting normally free and should give you basic idea where you stand.

 

[ganganvince]

Anyone else looking to convert their pot into cash for a while to protect at current value

 

[denislawsbackheel]

Get the family member to grant you authority with the pension firm, either by phone or mail, and they will discuss all options with you. They just won't do it until whoever's pension it is has granted authority. If that is a problem you can still speak to the firm and ask them general questions, they just can't give you anything specific about the pension without authority because of data protection

Without power of attorney that advice will get you nowhere.

 

[stonerblue]

OK heres one for the clued-up.

My daughter has inherited her Mothers pension(s) and needs advice.
Should she cash in, draw down or keep them going?

She's also inherited a lot of cash and a house so wont be struggling for money in her old age. Married with 2 kids.

 

[hampshireblue]

OK heres one for the clued-up.

My daughter has inherited her Mothers pension(s) and needs advice.
Should she cash in, draw down or keep them going?

She's also inherited a lot of cash and a house so wont be struggling for money in her old age. Married with 2 kids.

Too many variables and too little information for on here I suspect. Immediate things that come to mind are:

What are the pension scheme rules-I'd be surprised if she can keep it going.

Drawdown may depend on her age?

What tax does she pay already-will drawdown have an impact on her tax situation?

Was the pension already in drawdown?

There are a couple of IFAs on here who may be able to help you. I think taking professional advice is a no brainer.

 

[stonerblue]

Too many variables and too little information for on here I suspect. Immediate things that come to mind are:

What are the pension scheme rules-I'd be surprised if she can keep it going.

Drawdown may depend on her age?

What tax does she pay already-will drawdown have an impact on her tax situation?

Was the pension already in drawdown?

There are a couple of IFAs on here who may be able to help you. I think taking professional advice is a no brainer.

Ta. I'll post details when i have them. She's speaking to the pension firm this affy.
And yes, also looking for a good IFA

 

[calumdown]

*advice