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Pension advice.


Popuplights
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Popuplights

As you may know, I am being made redundant. I need to compare the value of taking my company pension right now, which I am entitled to do, or transferring it to a SIPP. I got a transfer quotation today, and it looks like a lot of money to me, bug I am not qualified to judge. Can anyone recommend an advisor, or themselves? 

Cheers. 

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Popuplights

I am 52. I can take my company pension immediately, as I was in the plan before 6th April 2006. 

I would like to pay as little tax as possible. I don't think I will work full time again.

I am happy to share exact numbers by PM, but not on the open forum. 

I have written quotes for both scenarios.

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Democorruptcy
37 minutes ago, Popuplights said:

I am 52. I can take my company pension immediately, as I was in the plan before 6th April 2006. 

I would like to pay as little tax as possible. I don't think I will work full time again.

I am happy to share exact numbers by PM, but not on the open forum. 

I have written quotes for both scenarios.

Transfers are getting harder now because the FCA are clamping down a bit. I am happy with the IFA I used to transfer a company pension to my SIPP. A lot of other IFAs will want to manage the money themselves. If you want his details PM me and then it's your own fault if it goes pear shaped, you asked for it! :ph34r:

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Frank Hovis

@Popuplights

You can book your free appointment with Pension Wise - a government body.

https://www.pensionwise.gov.uk/en

 

You can do your own workings out on a spreadsheet - projecting forward - to see your likely return from each.

I had a pension review because I had heard of some massive sums being quoted as transfer values from private sector DB schemes but mine was not that impressive.  Public sector DBs usually offer poor transfer values so I was going to leave those anyway but did get transfer values which confirmed my thinking.

My decision was that given that I wasn't offered any massive transfer values then I would let them run as DBs though I have currently no intention to take them before the normal age which is 65.

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Chewing Grass
47 minutes ago, Democorruptcy said:

Why?

You can draw your pension at anytime from this date at the moment so if you are over 55 you can use your pension as a perverted savings account.

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Democorruptcy
10 minutes ago, Chewing Grass said:

You can draw your pension at anytime from this date at the moment so if you are over 55 you can use your pension as a perverted savings account.

I just wondered what relevance it had to the opening post, that was asking for transfer advice. There aren't any age rules for a transfer.

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Chewing Grass
2 minutes ago, Democorruptcy said:

I just wondered what relevance it had to the opening post, that was asking for transfer advice. There aren't any age rules for a transfer.

No but you may want to leave it where it is and pay into a new pension.

Remember Diversity is Strength

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Democorruptcy
25 minutes ago, Chewing Grass said:

No but you may want to leave it where it is and pay into a new pension.

Remember Diversity is Strength

Age 55 has no relevance to that either

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Chewing Grass
1 minute ago, Democorruptcy said:

Age 55 has no relevance to that either

Perhaps I have the wrong end of the sheepy stick.

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Democorruptcy
Just now, Chewing Grass said:

Perhaps I have the wrong end of the sheepy stick.

I just wondered if you had read something new, about age with reference to pension transfers. The FCA are definitely clamping down on it. Though it's not taking your pension early, it's only deciding to use someone else to manage the money, including yourself via a SIPP.

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Chewing Grass
1 minute ago, Democorruptcy said:

I just wondered if you had read something new, about age with reference to pension transfers. The FCA are definitely clamping down on it. Though it's not taking your pension early, it's only deciding to use someone else to manage the money, including yourself via a SIPP.

I have a small government superannuation one I froze in 1997/8, they make it extremely difficult to transfer out as the equivalent sum is large, in my case I'm leaving it as part of my diversity fall back strategy if my other money purchase ones go TU. It will mean I can afford decent baked beans and seeded bread when I retire.

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One percent
1 hour ago, Frank Hovis said:

@Popuplights

You can book your free appointment with Pension Wise - a government body.

https://www.pensionwise.gov.uk/en

 

You can do your own workings out on a spreadsheet - projecting forward - to see your likely return from each.

I had a pension review because I had heard of some massive sums being quoted as transfer values from private sector DB schemes but mine was not that impressive.  Public sector DBs usually offer poor transfer values so I was going to leave those anyway but did get transfer values which confirmed my thinking.

My decision was that given that I wasn't offered any massive transfer values then I would let them run as DBs though I have currently no intention to take them before the normal age which is 65.

I’ve followed the link Frank and it says they can only advise if you have a defined contribution pension.  I think mine is defined benefit?  

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Democorruptcy
3 minutes ago, Chewing Grass said:

I have a small government superannuation one I froze in 1997/8, they make it extremely difficult to transfer out as the equivalent sum is large, in my case I'm leaving it as part of my diversity fall back strategy if my other money purchase ones go TU. It will mean I can afford decent baked beans and seeded bread when I retire.

It's a big decision whether to transfer or not, though in my case it seemed a no brainer. I transferred because if I died before I got to pension age, all my estate got was my £2.6k contributions instead of the £124k pot. Plus I have no dependents so it was lost if I died, while now I can will it to anyone inheritance tax free.

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Frank Hovis
2 minutes ago, One percent said:

I’ve followed the link Frank and it says they can only advise if you have a defined contribution pension.  I think mine is defined benefit? 

From what I could see you have to step through all the option steps before it becomes clear.

With my varied work history I have three DB public, one DB private, one (tiny) DC public, one DC private and a SIPP so I tick every box!

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Bornagain

My first job after graduating was with BNFL that in its recent history had been more-or-less the civil service.

They had two workforces;-

 (a) The industrial workers (blue collar)

 (b) the non-industrial workers ( white collar)

 

Each workforce had its own pension scheme;-

The Principal Industrial Superannuation Scheme (PISS)

The Principal Non-Industrial Superannuation Scheme (PNISS)

And I am not making this up.

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Chewing Grass
12 hours ago, Bornagain said:

Each workforce had its own pension scheme;-

The Principal Industrial Superannuation Scheme (PISS)

The Principal Non-Industrial Superannuation Scheme (PNISS)

And I am not making this up.

I heard that the management, who worked on the 5th floor and had their own Bar were in the Enhanced scheme or the PENISS.

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