pensions ?

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pensions ?

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AERO 06 Jul 19 11.40am
Does anyone else find pensions a bit of a minefield ? I know people say get a financial advisor but they cost money, and some pensions are are not worth a lot anyway without incurring other costs . I’ve got a small pension maturing soon 40k , do I transfer to my work scheme? Or take a small income now ? Any advice?
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AERO

06 Jul 19 11.40am

Does anyone else find pensions a bit of a minefield ? I know people say get a financial advisor but they cost money, and some pensions are are not worth a lot anyway without incurring other costs . I’ve got a small pension maturing soon 40k , do I transfer to my work scheme? Or take a small income now ? Any advice?

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YT Oxford 06 Jul 19 12.12pm
First question: what do you mean when you say that it's "maturing"? What type of pension is it? Happy for you to PM me if you want to say anything non-generic. PS. I've just ended a career in pensions spanning 40 years, so I personally don't find them a minefield, but I appreciate that they can be as complicated as cricket is to girls. Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes)
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Oxford 06 Jul 19 12.12pm

First question: what do you mean when you say that it's "maturing"? What type of pension is it? Happy for you to PM me if you want to say anything non-generic.

PS. I've just ended a career in pensions spanning 40 years, so I personally don't find them a minefield, but I appreciate that they can be as complicated as cricket is to girls.

Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes)

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JohnB 06 Jul 19 12.30pm
Originally posted by YT First question: what do you mean when you say that it's "maturing"? What type of pension is it? Happy for you to PM me if you want to say anything non-generic. PS. I've just ended a career in pensions spanning 40 years, so I personally don't find them a minefield, but I appreciate that they can be as complicated as cricket is to girls. If you have 2 or 3 pensions with different providers as you've paid into private pensions that the company offers and then changed jobs, how easy is it to put them all into the pot you're currently paying into and would you be able to do that yourself?
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JohnB

06 Jul 19 12.30pm

Originally posted by YT

First question: what do you mean when you say that it's "maturing"? What type of pension is it? Happy for you to PM me if you want to say anything non-generic.

PS. I've just ended a career in pensions spanning 40 years, so I personally don't find them a minefield, but I appreciate that they can be as complicated as cricket is to girls.

If you have 2 or 3 pensions with different providers as you've paid into private pensions that the company offers and then changed jobs, how easy is it to put them all into the pot you're currently paying into and would you be able to do that yourself?

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AERO 06 Jul 19 12.37pm
Y T pm you
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AERO

06 Jul 19 12.37pm

Y T pm you

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YT Oxford 06 Jul 19 1.18pm
Originally posted by JohnB If you have 2 or 3 pensions with different providers as you've paid into private pensions that the company offers and then changed jobs, how easy is it to put them all into the pot you're currently paying into and would you be able to do that yourself? It should be quite easy. You would need to contact whoever provides/runs the CURRENT pension and explain to them that you have a pension pot with A, a pension pot with B etc, and that you are interested in transferring them into your current pot. They should then explain how to proceed. Just a thought though. Assuming all your pots are 'defined contribution' - that is, each is an investment fund rather than a salary-related pension - then having them in different places can actually be good in terms of diversification of investment risk. It all depends what your current pot is invested in, I guess, compared to what the previous ones are invested in. If any of your previous pensions were salary-related, then I would be very wary of transferring them to a defined contribution plan. The rule of thumb advice is to leave them be. With knobs on. Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes)
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Oxford 06 Jul 19 1.18pm

Originally posted by JohnB

It should be quite easy. You would need to contact whoever provides/runs the CURRENT pension and explain to them that you have a pension pot with A, a pension pot with B etc, and that you are interested in transferring them into your current pot. They should then explain how to proceed.

Just a thought though. Assuming all your pots are 'defined contribution' - that is, each is an investment fund rather than a salary-related pension - then having them in different places can actually be good in terms of diversification of investment risk. It all depends what your current pot is invested in, I guess, compared to what the previous ones are invested in.

If any of your previous pensions were salary-related, then I would be very wary of transferring them to a defined contribution plan. The rule of thumb advice is to leave them be. With knobs on.

Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes)

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YT Oxford 06 Jul 19 1.34pm
Originally posted by AERO Y T pm you I've replied. Generic answer for the benefit of others is that there is no "magic" in a defined contribution pension (ie investment pot-type-pension plan) having a maturity age or retirement age attached to it. That doesn't mean that you are obliged to take the benefits at that age if you don't want to or need to. Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes)
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Oxford 06 Jul 19 1.34pm

Originally posted by AERO

Y T pm you

I've replied.

Generic answer for the benefit of others is that there is no "magic" in a defined contribution pension (ie investment pot-type-pension plan) having a maturity age or retirement age attached to it. That doesn't mean that you are obliged to take the benefits at that age if you don't want to or need to.

Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes)

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chris123 hove actually 06 Jul 19 1.45pm
Originally posted by AERO Does anyone else find pensions a bit of a minefield ? I know people say get a financial advisor but they cost money, and some pensions are are not worth a lot anyway without incurring other costs . I’ve got a small pension maturing soon 40k , do I transfer to my work scheme? Or take a small income now ? Any advice? Contact your penion provider and ask them to provide you with options over a range of scenarios - like now, 5 and 10 years hence. The longer you defer the more you'll get, but your circs and health may drive options once you see the results. Also get a quote from the state pension to make sure you're fully paid up in accordance with expectations.
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chris123

hove actually 06 Jul 19 1.45pm

Originally posted by AERO

Contact your penion provider and ask them to provide you with options over a range of scenarios - like now, 5 and 10 years hence. The longer you defer the more you'll get, but your circs and health may drive options once you see the results. Also get a quote from the state pension to make sure you're fully paid up in accordance with expectations.

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.TUX. 06 Jul 19 2.02pm
Originally posted by YT It should be quite easy. You would need to contact whoever provides/runs the CURRENT pension and explain to them that you have a pension pot with A, a pension pot with B etc, and that you are interested in transferring them into your current pot. They should then explain how to proceed. Just a thought though. Assuming all your pots are 'defined contribution' - that is, each is an investment fund rather than a salary-related pension - then having them in different places can actually be good in terms of diversification of investment risk. It all depends what your current pot is invested in, I guess, compared to what the previous ones are invested in. If any of your previous pensions were salary-related, then I would be very wary of transferring them to a defined contribution plan. The rule of thumb advice is to leave them be. With knobs on. Agreed. Everyone should hold 'x' amount of Bitcoin imo. Buy Litecoin.
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.TUX.

06 Jul 19 2.02pm

Originally posted by YT

Just a thought though. Assuming all your pots are 'defined contribution' - that is, each is an investment fund rather than a salary-related pension - then having them in different places can actually be good in terms of diversification of investment risk. It all depends what your current pot is invested in, I guess, compared to what the previous ones are invested in.

If any of your previous pensions were salary-related, then I would be very wary of transferring them to a defined contribution plan. The rule of thumb advice is to leave them be. With knobs on.

Agreed.
Everyone should hold 'x' amount of Bitcoin imo.

Buy Litecoin.

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cryrst The garden of England 06 Jul 19 4.28pm
Originally posted by .TUX. Agreed. Everyone should hold 'x' amount of Bitcoin imo. Good boy
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cryrst

The garden of England 06 Jul 19 4.28pm

Originally posted by .TUX.

Agreed.
Everyone should hold 'x' amount of Bitcoin imo.

Good boy

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cryrst The garden of England 06 Jul 19 4.46pm
I had 4 different pensions and rolled them into my largest because it was performing the best. A financial advisor is free as they are paid by the investment firm I believe. Well it used to be like that. Also remember that a FA cannot give you bad advice by law so if you ask say "is it a good idea to roll into one" they're likely to shoulder shrug. If you say "I want to put them together" conversation can go ahead. Weird I know but how it is. When I cashed an endowment way back I had to rephrase the question to be an instruction. This was for repairs on a communal roof failure where I lived. Dont forget that your 40k will be a very low monthly return if put into an annuity.unless your 87 Also once done you only have 28 days to change your mind. It is also part of your taxable earnings. I'm no FA but I would take your 25% tax free and either sit on it in a bank account,take tux advice or put it under your bed for a rainy day. Dont forget investments can go down as well as up. Alternatively with the remaining 75% you can draw down amounts whenever you want but again dont forget it is part of your annual taxable income. This way it is still accruing any returns on the investment still in the pension scheme.
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cryrst

The garden of England 06 Jul 19 4.46pm

I had 4 different pensions and rolled them into my largest because it was performing the best.
A financial advisor is free as they are paid by the investment firm I believe. Well it used to be like that. Also remember that a FA cannot give you bad advice by law so if you ask say "is it a good idea to roll into one" they're likely to shoulder shrug.
If you say "I want to put them together" conversation can go ahead.
Weird I know but how it is.
When I cashed an endowment way back I had to rephrase the question to be an instruction.
This was for repairs on a communal roof failure where I lived.
Dont forget that your 40k will be a very low monthly return if put into an annuity.unless your 87
Also once done you only have 28 days to change your mind. It is also part of your taxable earnings.
I'm no FA but I would take your 25% tax free and either sit on it in a bank account,take tux advice or put it under your bed for a rainy day.
Dont forget investments can go down as well as up.
Alternatively with the remaining 75% you can draw down amounts whenever you want but again dont forget it is part of your annual taxable income.
This way it is still accruing any returns on the investment still in the pension scheme.

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cryrst The garden of England 06 Jul 19 4.49pm
Originally posted by chris123 Contact your penion provider and ask them to provide you with options over a range of scenarios - like now, 5 and 10 years hence. The longer you defer the more you'll get, but your circs and health may drive options once you see the results. Also get a quote from the state pension to make sure you're fully paid up in accordance with expectations. Good point Chris. I think you need 35 years or so NI payments.
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cryrst

The garden of England 06 Jul 19 4.49pm

Originally posted by chris123

Good point Chris.
I think you need 35 years or so NI payments.

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chris123 hove actually 06 Jul 19 4.53pm
Originally posted by cryrst Good point Chris. I think you need 35 years or so NI payments. Getting a statement is an easy process.
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chris123

hove actually 06 Jul 19 4.53pm

Originally posted by cryrst

Good point Chris.
I think you need 35 years or so NI payments.

Getting a statement is an easy process.

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