Retiring

[sky tot]

Crickey my rent is over 9k year!! And will only go up

I was very similar to you . I had a free pension telephone interview with a government advisor. They won’t advise you what you should or shouldn’t do but they tell you your options . Glad I did it because the type of pension I have seems to have bonuses with it which she said I would lose if I took my pension now . Said they don’t do this type of pension anymore..

 

[Bluemanc100]

Thanks trouble is with me I dont understand it very well.

Just looked at buying an annuity for 100k and that gives me 1800 a year ! My rent is 800 per month !

I dont have any debt and am good with living within my means just dont understand how piss poor pensions seem to be, to me my pot seems massive ;) if I took it all out to live on I could live comfortably until I pop off ! ( I think lol )

Pensions are a minefield and I don't get the detail easily either

Personally I wouldn't go anywhere near an annuity... I am going drawdown after taking the 25% tax free...

 

[M18CTID]

Pensions are a minefield and I don't get the detail easily either

Personally I wouldn't go anywhere near an annuity... I am going drawdown after taking the 25% tax free...

I don't understand some of the detail either but I agree that annuities are shit. Once upon a time, they were the only option for many but since Osborne brought in pension freedoms in 2015 where we can access some or all of our pension from a certain age (as opposed to having it drip fed to us via a piss poor annuity), drawdown is surely the way to go. @give it to gordon - you may well need some financial advice but you can probably do a little bit of research into this yourself. Some sites have a pension drawdown calculator which you can play around with and gives you an idea of how long your pot may last based on various growth scenarios for what remains in the pot. Hargreaves Lansdown has a good one and has scenarios based on 2%, 5%, and 8% annual growth. I was dicking about with it the other week and put some rather optimistic figures in regarding my retirement pot, how much I would want to draw per year, and factored in 8% annual growth. In one fantasy scenario, I managed to turn a several hundred thousand pound pension pot into about £8 million by the time I reach 99!

 

[denislawsbackheel]

When it would be no use to you!

 

[Citizen of Legoland]

When it would be no use to you!

Might be able to attract a nice wife though ...

 

[denislawsbackheel]

At 99 you wouldn’t remember what do do, and if you could remember would not be able to do it!

 

[DenisLawBackHeel74]

Im looking to transfer an old DB scheme into a new pension. I don’t want to pay any upfront costs of doing this (Fidelity charge £1k upfront for advice and recommendation).....

Its a legal requirement to take advice and most investment mgmt companies charge about £3.5k for the advice and the transfer...(robbing twats).

Does anyone know companies that don’t charge upfront fees ?

 

[paulchapo]

Im looking to transfer an old DB scheme into a new pension. I don’t want to pay any upfront costs of doing this (Fidelity charge £1k upfront for advice and recommendation).....

Its a legal requirement to take advice and most investment mgmt companies charge about £3.5k for the advice and the transfer...(robbing twats).

Does anyone know companies that don’t charge upfront fees ?

This is the annoying thing about pensions the costs involved sorting something out. You pay into a pension fund for years yet if you want to do drawdown or similar you have to pay a financial advisor to set it up. I just presumed you could do it through the people you have paid your money in for years but that's not the case. It seems bonkers to me. It's like paying into an insurance company, then when you have a claim having to pay another company to process your claim.

 

[SWP's back]

Thanks trouble is with me I dont understand it very well.

Just looked at buying an annuity for 100k and that gives me 1800 a year ! My rent is 800 per month !

I dont have any debt and am good with living within my means just dont understand how piss poor pensions seem to be, to me my pot seems massive ;) if I took it all out to live on I could live comfortably until I pop off ! ( I think lol )

Do. Not. Buy. An. Annuity.

Since 2015 you don’t have to and you’d be mad to, the rates are fucking shite now as 15 year gilt yields are through the floor.

 

[SWP's back]

Im looking to transfer an old DB scheme into a new pension. I don’t want to pay any upfront costs of doing this (Fidelity charge £1k upfront for advice and recommendation).....

Its a legal requirement to take advice and most investment mgmt companies charge about £3.5k for the advice and the transfer...(robbing twats).

Does anyone know companies that don’t charge upfront fees ?

The fees are usually taken from the transferred amount so wouldn’t be an “up front” cost per se matey.